Triad Life Sciences Companies Join Forces to Improve Product Market Viability
Two Piedmont Triad companies have joined forces to launch a new methodology to assess product marketability, targeting animal health and other life sciences sectors.
Greensboro-based Scullion Strategy Group (SSG) and High Point-based Trone Research + Consulting (TRC) have launched Propelligence, a four-stage methodology that combines scenario planning with research to assess and improve a product’s market potential.
The new methodology is the result of years of collaboration between the two companies. It combines SSG’s experience developing and launching new products in the animal and life sciences markets with TRC’s custom research and analytics services.
“Propelligence has proven very successful for a number of our clients,” said SSG President and CEO Sherry Scullion. “Some of our clients have utilized it as an independent third-party assessment for investment pitches, some have leveraged it for commercial partner negotiations, while others have used it to determine the viability of a product concept to justify R&D investment and clear guidance on their clinical development strategy.”
Scullion and TRC Founder and CEO Doug Barton anticipate that Propelligence will become the industry standard for determining the value of new products, as well as a tool used by investors to validate product concept prior to investment.
The methodology will allow companies and investors to determine if a product concept will be accepted in the market and become profitable by providing information such as attributes that will increase the product’s value, guidance on studies to be conducted to ensure product safety and efficacy and potential market share and earnings.
Companies are currently using Propelligence for third-party validation, product viability justification, roadmap for clinical development and support for commercial partner negotiations.
According to SSG and TRC, the methodology has already benefitted companies seeking to enter non-regulated markets, increase their market value through additional clinical studies, identify market acceptance of pricing and third-party assessment of revenue potential.
SSG was founded in Greensboro in 2016 and helps companies commercialize their animal and life science products. TRC specializes in quantitative market research to support brand health audits, marketing claims validation, market potential evaluations and retention optimization.