In the fast-paced and fiercely competitive healthcare sector, maintaining a competitive edge is essential for achieving success. One of the key tools that organizations, especially Group Purchasing Organizations (GPOs), must leverage is market research. This practice involves the systematic gathering, analysis, and interpretation of data related to the healthcare market. In this blog, we’ll explore why GPOs need market research.
Tracking Industry Trends:
The healthcare industry is dynamic, with emerging technologies, evolving treatment methodologies, and changing regulations. Market research enables GPOs to stay informed about the latest trends, market drivers, market limiters, and competitive landscape to ensure that they can adapt their strategies to align with market demands.
Example: iData Research’s Market Reports
iData Research’s market reports serve as a beacon of insight, identifying the latest technologies, trends, and treatments shaping the healthcare industry’s future. By incorporating these reports into their decision-making processes, GPOs can make informed choices that position them ahead of the competition.
Strategic Decision-Making and Product Selection:
GPOs must engage in strategic decision-making, and market research is instrumental in furnishing the essential data for proficient planning. The capacity to evaluate the excellence, attributes, and pricing of diverse products, brands, and stock-keeping units (SKUs) guarantees that GPOs can offer recommendations or facilitate access to products that align with the requirements and preferences of their members.
Example: MedSKU Solution
iData Research’s MedSKU solution is a game-changer when it comes to offering a comprehensive brand and SKU-level analysis solution. MedSKU allows GPOs to save time and resources by avoiding unnecessary data sifting and ensure that their decisions are based on accurate, relevant information. GPOs can track, compare, and analyze specific companies, brands, and SKUs on a quarterly basis to reaffirm their strategic planning.
Demand Forecasting:
GPOs necessitate a deep understanding of procedure volumes to accurately anticipate the demand for particular medical supplies, equipment, and services. Furthermore, insights into procedural volumes empower GPOs to fine-tune and enhance their supplier contracts for optimal efficiency.
Example: Procedure Tracker Solution
iData Research’s Procedure Tracker Solution empowers GPOs to build a comprehensive book of business. By understanding facility-level procedures and diagnosis volumes, GPOs can strategically prioritize their efforts, track suppliers, and project sales based on market potential.
Performance Measurement:
GPOs need to assess their performance in the market continually. Market research provides the analytics necessary to measure performance by hospital or ambulatory surgery center (ASC), offering insights into the effectiveness of strategies and areas for improvement.
Example: Procedure Analytics
iData Research’s Procedure Analytics enable GPOs to measure their company’s performance at a granular level. This data-driven approach ensures that GPOs can refine their strategies based on real-time insights and market feedback.
Customized Research Scope:
Every GPO is unique, and their research needs may vary. For this reason, GPOs would benefit from customized market research because it enables them to gain a deep understanding of the specific needs and preferences of their members or clients. By tailoring research to the unique demands of their industry or sector, GPOs can identify cost-saving opportunities, negotiate better contracts with suppliers, and provide more targeted and valuable services to their members.
Example: Custom Consulting
With iData Research’s Custom Consulting, GPOs have the flexibility to tailor research according to their specific needs. This ensures that resources are allocated efficiently, and the insights gained are directly applicable to the organization’s goals.
Conclusion:
In conclusion, the healthcare landscape is complex, and GPOs must navigate it with precision and insight. Market research is not just a tool, but a strategic imperative. By incorporating accurate data, industry trends, and expert opinions into their decision-making processes, GPOs can not only survive but thrive in the ever-evolving healthcare market.
