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Executive Summary
The nanopatch should become the leading vaccination method in the healthcare realm especially for individuals that are apprehensive about of using common needles. The company seeks to grow its reputation in the healthcare industry by introducing an innovative product that diminishes pain during vaccination. Its objectives of producing a cost effective and painless vaccine include improved immunology, no cold chain, and painlessness during vaccination as it is made of micro-projections that deliver vaccines to immune cells on the outer layer of the skin. Moreover, it reduces needlestick injuries, and it is cost-effective because a physician uses less vaccine when compared to traditional injection techniques. Furthermore, costs are saved because minimal vaccine is used as the innovative micro-projection ensures equal distribution of the vaccine to immune cells.
Nanopatch will change the vaccination experience for children, minimize needlestick injuries, and provides an ambient temperature stability of the vaccine. The Nanopatch is pain-free since it does not project deep enough to make contact with nerve endings in the skin. In fact, in the recent product testing stage using animals, the Nanopatch proved to be reliable, as it delivered flu vaccine with a significant success rate when compared to the normal syringe. The Nanopatch technology will reduce chances of cross-contamination of needle-borne diseases such as hepatitis and HIV, which will improve not only patient satisfaction but also the corresponding hospital experience.
To sell the product and ensure consistency as per the set objectives, the Nanopatch will first target parents with children below the age of six years in the vaccination market segment, then, it will be expanded to the entire hospital structure. For the children’s vaccination segment, the product uses the notion that parents and children do not like painful needles. Also, the strategy seeks to capitalize on the high number of vaccinations that children below the age of five are subjected to; as such, they will form a huge market segment for the product. The product will be availed for both high and low-end markets with a one-fit-all pricing strategy to ensure the available market is not discriminated and ensure uniform brand performance in the industry.
Given that the major target consumers are parents with children below the age of six years, marketers will target pediatric hospitals and clinics as niche markets using a focus strategy. However, there will be parallel marketing activities in adult hospitals, especially those offering care to the elderly. Another target market includes convenient drug stores that sell self-administered drugs such as insulin and supplements that require the use of a syringe. The pricing strategy will combine both the penetration and skimming techniques to enter the market. The penetration pricing strategy will take into consideration existing competition and cost of innovation. Depending on market reception, the firm will decide on the maximum price of the product; however, a premium price will be charged if demand during the test phase exceeds expectation. Based on the psychological selling point of the Nanopatch syringe, the company is projecting a positive consumer reaction that might increase sales volumes during the initial product launching stages. The Nanopatch will be sold at a discount rate to customers based on purchase volume and repeat buys. Emphasis will be placed on word of mouth marketing and mass print media advertising especially in pediatric healthcare centers and innovation fares. Key features such as painlessness, cost effectiveness, zero-disease infection, and use of low quantities of vaccines will be the main selling points of the product.
