The Brainbridge is the link between inventors and the market
Many medical and pharmaceutical companies are extremely adept at developing new products and make the most of their own innovations. However, their ability to market and sell these products is not as good. There seems to be a gap between the development stage and the commercial market. The challenge takes two forms. In the first scenario, the innovation does not reach commercialisation at all. In the second scenario it does, but sales are not living up to expectations. Innovation consultancy company Brainbridge acts as a mediator between inventors and the market.
Based on extensive experience in the medical and pharmaceutical industries Alvar Larsson and Magnus Hallberg founded Brainbridge 2.5 years ago. The company is located at the Sahlgrenska Science Park in Gothenburg.
Helps customers see the big picture
Brainbridge works with both large and small companies in the medical and pharmaceutical industry. For large companies, Brainbridge can provide assistance in launching new products. The company can also add other values throughout the development process. As an external consultant Brainbridge has the ability to see the business from several angles, regarding each business as a whole and thus being able to suggest value-added features to new products that help to increase competitiveness.
“Ideally, we help our customers see the big picture and focus on added value in each product. It may sound like a very commonplace thing to do, but it can be very difficult to manage in practice. The outcome is often a refined business model which in the end helps our clients to maintain or even increase their profitability and market shares”, Alvar Larsson explains.
What end-users really want
Larsson underlines that Brainbridge’s mission is to teach clients how to find out what their customers really want. “We have worked with a company that offered some 25 value-added services for each product. After a market investigation it was made clear that the customers, i.e. the end-users of the product, only needed a few of these value-added services. Of course everyone has different needs, but it was still only a few services that were used. By finding out what customers really need and which services they are prepared to pay for, any product can be largely improved”.
Methodology – careful market analysis
Alvar Larsson outlines the methodology used by Brainbridge, guiding clients through the different steps to promote the development from innovation to market. “What are the driving forces of the target market? And what can our client offer? Is there a need for the product or service? These are important questions to analyse before we introduce new products to market. We are a partner all the way from market analysis to commercialisation by offering services such as strategic planning, business development, market research, creative agency related work (graphical production, event marketing, websites, e-commerce and iPad applications), and a variety of deployment support such as coaching and recruitment”.
Another scenario presents a well-established product that requires re-introduction as the market for the product is at a standstill. “There is much that can be done to stimulate the market, and we help our customers to locate and use whatever advantages are available”.
A lot to offer
Brainbridge has a broad network of partners and external contacts. Healthcare demands high measureable values of products. The products must be proven to be useful beforehand; otherwise most healthcare providers are not willing to invest in them. In addition, modern healthcare providers are very cost conscious.
“We have worked in the pharmaceutical and medical technology industries for many years. We have learnt that there are no given answers, so we do not provide standard answers we focus on how to ask the right questions to the right stakeholders by using our Value proposition auditTM methodology. During 2013, we will continue to expand our business. Our customers are active across the country and some are global players, we have a lot to offer our clients and the life science cluster in Gothenburg at large”, Alvar Larsson concludes.