Market Access Plan in Latin America
We can conduct market research for your medical device and formulate a tactical market access plan to ensure your long-term growth in Colombia, Mexico, Brazil, and other countries in Latin America.
Successful commercialization of your medical device in a particular market depends a lot on the type of distributor you choose as a partner and on your market access plan.
We can assist you with market research and with the formulation of a comprehensive market access plan to ensure your long-term sales growth in Latin America.
Many foreign medical technology companies are dependent primarily on local distributors to sell into the Latin American countries. Most of these distributors are thinly capitalized; they may be good at accepting orders and service clients but are unable to invest in demand creation.
Furthermore, finding a distributor on a trade show or through LinkedIn or through referrals is usually a failed strategy. Relationships that start rosy with distributors, usually end up in disillusionment when they do not meet their sales goals at the end of the year.
Having a distributor only addresses one pillar of a successful market access plan for each country in Latin America. It is important that foreign medical device companies create a market access plan for each Latin American country it plans to enter. This market access plan should addresses several pillars: Distribution, demand generation, regulatory affairs, and reimbursement.
bioaccess.™ has worked with global medical device companies that have been in Colombia and other countries in Latin America for about 10 years, have several distributors, and their sales are laughable (less than $200,000/year). Their sales are insignificant due to poor planning and lack of a solid market access plan. bioaccess.™ has been able to create successful market access plan for these companies.
Proven methods to deliver results
The execution of a market access consulting engagement must incorporate proven methodologies, extremely qualified personnel, and a highly responsive approach to managing deliverables.
In order to achieve your objectives in a new market, we strongly believe that we need to obtain insights from multiple stakeholders. This will allow us to evaluate and validate multiple access alternatives in each target market that will contribute to a stronger market access plan with more probability of being implemented with a successful outcome.
In order to gather the information needed to create your market access plan, we must diligently take action under the following framework:
Research: Creation, validation or re-formulation of your current business model by way of interviews and the creation of an advisory board.
We will use interviews with relevant stakeholders, and we will assemble an advisory board with at least five (5) key members (e.g., Delphi method). This will give us the opportunity to obtain valuable insights so that we can discuss and validate them.
Planning: Formulation of strategies and tactics to solve your market access problem.
Implementation: Operationalization of the strategies and tactics as solutions to your market access problem.