After discussing value proposition in general and with respect to the customer and the product, in this post, I would use the value proposition canvas to analyze the value proposition of a medical product and its product market fit.
Inclusively, I’ll evaluate the value proposition of hyaluronic acid injections with a specific customer segment in a defined context.
Let’s start with only one customer type.
Customer profile
The customer profile is an orthopedic surgeon consulting a patient suffering from knee osteoarthritis.
In this context the customer has the following “jobs to be done”:
- Providing a treatment to reduce pain and increase mobility
- Being recognized by the patient
- Producing patient satisfaction
- Identifying patients needing surgical treatment
- Creating patient loyalty
- Performing a medical act (prescription or procedure)
- Making money
Pains
The orthopedic surgeon might experience some pains performing the jobs to be done. This could include:
- Ineffective treatment
- Side effects of the treatment
- Longer consultation
- Losing the patient
- Patient paid treatment (not reimbursement)
Gains
The orthopedic surgeon might also experience some gains performing the jobs to be done, such as:
- Delighting the patient
- Increased patient retention
- Being considered an expert by peers
- Increased patients’ reputation
The value map
There are therapeutic opportunities available to perform the jobs of our customer profile. Using the orthopedic surgeon, as mentioned before, we will analyze the use of hyaluronic acid injections.
Product
The hyaluronic acid injection allows the customer to do the functional job which is to reduce pain and increase the patient’s mobility. It also allows the customer to fulfil other jobs like satisfying the patient, creating loyalty, being recognized by the patient and performing a procedure.
This “last job” can be considered more interesting, simply because in some countries, the injection is more lucrative for the doctor compared to a prescription and orthopedic surgeons normally prefer procedures to prescriptions.
Pain relivers
There are a few elements of the hyaluronic acid injection that allow to reduce customer pains. The effectiveness and low side effects incidence reduce overall patient dissatisfaction. Moreover, the long-lasting effect weaken the risk of losing patients.
Gain creators
Gain creators of the hyaluronic acid injection, for example, are related to the fact that the treatment is not an oral daily medication.
Another important point regarding creating gain of the hyaluronic acid injection is the efficacy in terms of pain relief and increased mobility. These two factors correlate with patient satisfaction and retention, thus producing desired gains for the orthopedic surgeon.
It should be understood that gains and pains are frequently related, but gains are not the opposite of pains. For instance, lack of efficacy is clearly a pain, but the expected efficacy is not a gain since it is a continuum. To really identify the gains, you need to set the levels between inefficacy, expected efficacy, and extraordinary efficacy.
Final remarks
These series of articles have hopefully clarified how to develop a value proposition around the themes that produce real value for the customer.
I’m convinced that the value proposition is essential, and it forms a big part of what is needed to compete in the medical market.
With a well-designed value proposition, you can go into the market confidently and convince customers about your product and service.
Do you agree with me on the importance of the value proposition? Have you ever tried the value proposition canvas?
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