Market Analysis Example 2: The Need and Approach

Summary

Julie Papanek, a professional at Canaan Partners, discusses her background in life science and tech venture capital, as well as her previous experience at Genentech and Stanford’s biodesign program. She provides insight into the challenges of choosing a healthcare need to address, emphasizing the importance of market assessments in decision-making. Using lung cancer tissue collection as an example, she outlines four key steps for market assessment: stakeholder analysis, gap analysis, market segmentation, and market size analysis, highlighting the significant unmet need for better diagnostic solutions in oncology.

Takeaways

• 😀 Julie Papanek works at Canaan Partners, a life science and tech venture capital fund.
• 😀 Before joining Canaan Partners, Julie participated in the Biodesign program at Stanford and worked at Genentech for six years.
• 😀 Julie’s experience includes working in new product marketing at Genentech and launching a cancer product.
• 😀 One key challenge in the early biodesign process is choosing the right need to address and identifying the larger unmet medical need.
• 😀 A key decision-making factor in market assessment is identifying which opportunity has the bigger unmet medical need.
• 😀 Conducting a market assessment can be daunting, but there are structured approaches to help with the process.
• 😀 Four important exercises in market assessment are: stakeholder analysis, gap analysis, market segmentation, and market size analysis.
• 😀 Stakeholder analysis helps identify who the customer is for the product being assessed.
• 😀 Gap analysis focuses on understanding the current practice and identifying the unmet need.
• 😀 Market segmentation looks at relevant differences in products and customer needs, while market size analysis assesses whether the market is worthwhile.
• 😀 An example of a market assessment focuses on the need for safe tissue sample collection in lung cancer patients to inform clinical decisions, which is an important issue in oncology.

Q & A

What is Julie Papanek's current role and where does she work?

Julie Papanek currently works at Canaan Partners, a venture capital fund specializing in life science and technology investments.

What program did Julie Papanek participate in at Stanford?

Julie Papanek participated in the biodesign program at Stanford in 2012.

What was Julie's role at Genentech before she joined Canaan Partners?

Before joining Canaan Partners, Julie Papanek worked at Genentech for six years, focusing on new product marketing and participating in the launch of a cancer product.

Why is choosing the right need to address in the biodesign process challenging?

Choosing the right need to address is challenging because it requires identifying which opportunity has the larger potential and addresses the bigger unmet medical need, which can be a tipping point in decision-making.

What is one of the key difficulties when starting a market assessment?

One of the key difficulties in starting a market assessment is that it can seem intimidating and confusing, especially when determining how to size the market and assess demand for a product.

What are the four key exercises to conduct a market assessment according to Julie Papanek?

The four key exercises to conduct a market assessment are stakeholder analysis, gap analysis, market segmentation, and market size analysis.

What is the purpose of stakeholder analysis in a market assessment?

The purpose of stakeholder analysis is to identify who the customer is and understand their needs, which helps guide the market assessment process.

What does gap analysis involve in the market assessment process?

Gap analysis involves understanding the current practice in the market and identifying any unmet needs, providing insight into areas where there is an opportunity for improvement.

How does market segmentation contribute to market assessment?

Market segmentation helps identify relevant differences in products and customers, allowing a more targeted approach in addressing specific needs within the market.

What example does Julie Papanek give for conducting a market assessment?

Julie Papanek uses the example of assessing the need for a safe way to access and collect tissue samples from lung cancer patients, which is necessary for making informed clinical decisions.

Why is there a need for better tissue sampling in lung cancer patients, according to Julie Papanek?

The need arises because oncologists often require tissue samples to make genomic decisions on which drug to prescribe, but sometimes they are unable to obtain sufficient tissue, creating a significant unmet need.