Secondary Market Research Presented by The Rehabilitation Engineering Research Center on Technology Transfer Secondary Market Research 1 T2RERC • Rehabilitation Engineering Research Center on Technology Transfer • Funded by the National Institute on Disability and Rehabilitation Research (NIDRR) -- US Department of Education • grant number H133E980024 Secondary Market Research 2 Secondary Research takes advantage of the work performed and published by other researchers. Secondary Market Research 3 Sources of Secondary Research • Internet • Company catalogs • Data base • Product Literature • Industry buyer guides • Trade show exhibitions • Industry/profession al journals • Retail outlets • Conferences (presentations) Secondary Market Research 4 Secondary Research is less expensive and saves time when compared to performing primary research activities. Secondary Market Research 5 Get to Know the Customer • Who will use the product? • Who is involved in the purchase process? • Under what circumstance will the product be used? • Are there additional products that are required to interact with the new device? Secondary Market Research 6 Populations & Markets • U.S. Bureau of the Census – www.census.gov • Center for Disease Control & Prevention – www.cdc.gov • American Demographics – www.demographics.com • Consumer Spending Trends – www.consumerspendingtrends.org Secondary Market Research 7 Once the primary customer is clearly defined, identify others who may be involved with the product. and/or Find new populations that may also benefit by the product or service who are not part of the primary market. Secondary Market Research 8 Professional Association & Other Useful Websites: • American Occupational Therapy Association – www.aota.org • American Physical Therapy Association – www.apta.org • RESNA – www.resna.org • RERC on Technology Transfer (T2RERC) – http://cosmos.ot.buffalo.edu Secondary Market Research 9 AT Industry Publications • HomeCare Magazine – www.homecaremag.com • Home Health Care Dealer Provider – www.hhcdealer.com • Home Health Products – www.hhponline.com • New Mobility – www.newmobility.com Secondary Market Research 10 Visit the local home medical equipment (HME) dealer or attend trade shows and conferences. Secondary Market Research 11 Industry & Government Regulations • Food and Drug Administration – www.fda.gov • Underwriters Laboratory – www.ul.com • Health Industry Manufacturers Association – www.himanet.com • Health Industry Distributors Association – www.hida.org Secondary Market Research 12 Payment Information Resources • Medicare and Medicaid are the industry leaders for setting standards of pricing and coding of products in the health care field. – www.hcfa.gov • Third Party payer companies such as Blue Cross & Blue Shield, Independent Health etc. – Check local listings for offices. • United Communications Group provides business consulting information, such as pricing policies. – www.ucg.com Secondary Market Research 13 Be honest with yourself. False information to make a market appear larger will only make the product look as though it has failed when it reaches the market. Secondary Market Research 14 The answers may not always be where first expected! Secondary Market Research 15 Be curious! Think outside the Box! Secondary Market Research 16 Secondary Research and issues to consider . . . • Bringing a product to market or transferring technology/products to the marketplace -- doing it on your own. – Know the consumer – Know your competitor – Identify distribution channels Secondary Market Research 17 Useful Websites: • AbleData – www.abledata.com • Health Care Finance Committee (HCFA) – www.hcfa.gov • National Center for the Dissemination of Disability Research (NCDDR) – www.ncddr.org • National Institute on Health – www.nih.gov Secondary Market Research 18 • National Institute on Disability and Rehabilitation Research (NIDRR) – www.ed.gov/offices/OSERS/NIDRR/index.html • Small Business Administration – www.sba.gov • U.S. Department of Commerce – http://home.doc.gov Secondary Market Research 19 Concluding remarks Secondary research provides: • Information gathered through the expertise of others, • Data that is less expensive than performing primary research, • Valuable information in relatively short period of time, and • A greater breadth of information than a single source. Secondary Market Research 20 T2RERC Center for Assistive Technology University at Buffalo 515 Kimball Tower 3435 Main St., Buffalo, NY 14214--3079 Telephone: (716) 829-3141 Fax: (716) 829-3217 Website: http://wings.buffalo.edu/ot/cat/ Secondary Market Research 21