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MenuHow to find a price and market share for much improved replacement for a disposable medical device?
The current device is used about 1.5 billion times annually, at a retail cost of about $1.3B. The replacement does not cost any more to manufacture or distribute.
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Hi, Andy Jacob here....I haven't heard you mention that people want the product? I would make sure people actually will replace what they are currently using first..
Wow, this is exactly like a market r
To determine the price and market share for the improved replacement for the disposable medical device, you could start by conducting market research to understand the demand for such a product and the willingness of customers to pay for it. Additionally, analyzing the competitive landscape and potential barriers to entry can provide valuable insights.
Considering the current device's usage frequency and retail cost, the potential savings with the improved replacement could be substantial. However, it's crucial to carefully consider pricing strategies to maximize profitability while remaining competitive in the market.
As you navigate this process, you might find this article on medical device integration insightful: https://www.cleveroad.com/blog/medical-device-integration/]. It offers valuable perspectives on leveraging technology to enhance healthcare delivery, which could be relevant to your research.
You can start with the US market and get the statistics from either paid services such as https://www.atozdatabases.com/home or you can go to https://library.doc.gov/company/research#:~:text=The%20EDGAR%20database%20provides%20free,company%20makes%20with%20the%20SEC. where you can select the appropriate data base. I ususally go here first: https://www.census.gov/
For pricing I suggest you cost your product from the bottom up with current data and labor to get to a COG number and from there build it up based on your goals for profit, marketing and overhead to reach your FOB distributor price.
Best of luck!
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