Table 1 Market viability assessment guide
From: Market viability: a neglected concept in implementation science
Topic | Questions from an entrepreneurial perspective |
|---|---|
Problem or condition | What medical or public health or social problem does your innovation address? How many people are afflicted with problem? How great is the public health burden or health burden of the condition your innovation addresses? |
The innovation (new treatment, diagnostic procedure, protocol, device) | How ready is your innovation for adoption in the real world? What is its readiness for adoption? How strong is the empirical evidence supporting its effectiveness? |
Innovation benefit | How many people could benefit from your innovation? How soon would the benefit be realized? What is the reduction in adverse outcomes from your innovation? |
Adopters | Who would use your innovation (who would put it into practice)? Who or what is the adopter group? (individual providers? Hospitals? Health systems? Patients? Communities? |
Market opportunity, size, and demand | What indication do you have that your innovation is wanted? Who wants it? What is the scale and level of demand? |
Comparative advantage | Do other solutions to this problem exist, and how does your innovation compare to other available solutions? What are the barriers or challenges to the adoption of your innovation? |
How viable is the innovation in the adopter market? | Is the product you want to implement what the market is willing to pay for? How much will your innovation cost to develop, deliver, and market to users? (Cost) Who would pay, and why? (payer) |
Innovation sustainment | What is the “invest-ability” threshold? (input/return) What is the internal rate of return (IRR) potential and potential % reduction in adverse outcomes attributable to your innovation? What will make the innovation sustainable over time? |
Marketing strategy | Who is the initial target audience? How much market share can you capture? |