Planning to Enter the Canadian MD&D Market? – The most important questions you should think about.
(An opinion piece by Sean Chaudhry, President & Principal Consultant – CanSummit™ Canadian Medical Devices & Diagnostics Consulting)
The Canadian market, I believe offers a very compelling choice to any globally inclined MD&D manufacturer. If you get it right, the rewards of doing well in the Canadian market can be highly lucrative! Having said this, we have also seen again & again that ‘Failing to plan is planning to fail’ is a very true statement that differentiates who wins in our market from those who don’t. MD&D firms that take the time to do their homework on the Canadian market and understand what drives it and how to penetrate it, reap very rich rewards on a sustained basis.
We also know that the Canadian MD&D market can also be quite complex and convoluted for anyone who is not intimately familiar with it. Therefore, to help our current and prospective clients with their market entry plans, I have distilled insights from our >25 years of MD&D and Canada market expertise and experience with >50 MD&D projects, into a compact list of the most important questions that any MD&D manufacturer planning to enter the Canadian MD&D market, should ask themselves:
How big & attractive is the Canadian market for your medical device(s)? What are the most important trends shaping your market opportunity?
What’s the Canadian business case for your medical device(s)? How to launch your medical device(s) for maximum success in Canada?
What Health Canada requirements are applicable to your medical device(s)? What’s the most efficient and least expensive way for you to comply with the Health Canada regulations?
Who are the buyers, payors, users, and influencers for your medical device(s) in Canada? How do they buy? How should you segment the market? Which segments should you target? How?
What are the most important customer requirements for your medical device(s) in Canada? How good is the fit between your medical device(s) and Canadian market requirements? How can you address any potential objections?
What hard evidence can you produce to demonstrate your medical devices’ clinical and economic value in Canada? How should you position your medical device(s) for maximum success in Canada? How should you tailor your global strategies to penetrate the Canadian market?
How will your product be paid for? Is it or can it be eligible for reimbursement?
How would you distribute your product in the market? Who are the distributors that can do justice to your market potential in Canada?
What should be your pricing strategy for the Canadian market? At what price can you compete most effectively in the market while maximizing your profits?
Who are your biggest competitors in Canada? How do you beat them?
At CanSummit, we specialize in answering these questions and any other questions you might have about the Canadian market entry for your specific medical devices. To learn more, schedule your no charge introductory consultation, explore our CanSummit™ Canadian MD&D Market Entry System, register for our educational webinars, on the Canadian market, learn more about us, or contact us.
What do you think? Share your thoughts below. I look forward to hearing from you …