Assessment of service contracts in India for imaging and ultrasound

For healthcare technology providers, service contracts are key to shaping innovation and patient care. More than agreements, they promise reliability and top-notch performance. A subsidiary of a prominent American multinational conglomerate sought to navigate the intricacies of service contracts associated with imaging modalities, ultrasound systems, and ventilator systems. By partnering with us, they were able to gain strategic insights into customer needs, market trends, and new opportunities. Explore how they refined their offerings by gaining a detailed assessment of the landscape.

Objectives

A healthcare technology and diagnostics stalwart partnered with Netscribes to conduct an extensive evaluation of service contracts associated with imaging modalities, ultrasound systems, and ventilator systems within the Indian market. The primary objectives were:

• Gain insights into customer perceptions regarding various entitlements offered by competitors in their service contracts across India
• Assess the service and pricing models provided by competitors for specific target equipments

Solution and approach

To assist the firm with in-depth market insights, we deployed a meticulous two-pronged approach:

1. A comprehensive report of the target equipment was delivered. The key components of our solution included:

• We conducted a detailed comparative analysis of service contract prices and entitlements to provide a holistic view of the market landscape.
• We highlighted the inclination of customers towards additional services, particularly digital offerings, to understand evolving market trends.
• Factors influencing the decision-making process for contract purchases was investigated, providing valuable insights for strategic decision-making.
• To identify potential revenue streams we helped determine additional services for which customers were willing to invest more.
• Gaps in existing service contracts as well as the unmet needs and expectations in the market were identified.

2. Next, we conducted an in-depth primary research to accomplish the entire research.

• This included Computer-Assisted Telephone Interviews (CATI) with key stakeholders, including heads of biomed engineering and procurement.
• A total of 60 interviews were conducted, with interview durations ranging from 60 to 75 minutes, depending on respondent availability.
• The target groups encompassed mid and large-sized hospitals, diagnostic centers with over 100 footfalls per month, and industry experts.

Results delivered

Our comprehensive report encompassed the following key outcomes:

1. By focusing on customer perspectives, contractual details, and benchmarking against the client’s own contract to understand the competitive positioning, we developed a comparative analysis of contract price and entitlements:

• Detailed analysis for CT systems (16 slice, 32 slice, and 128 slice)
• Insights into MRI machines (1.5T and 3T)
• Evaluation of Cath Lab systems
• In-depth assessment of Ultrasound systems
• Examination of Ventilator systems

2. Propensity for additional services:
An understanding of the market’s inclination towards digital services and the potential for additional offerings was delivered

3. Key factors influencing contract purchases:
We provided valuable insights into the factors influencing decision-makers in the purchase of service contracts.

3. Experts’ Inputs:
We enriched the findings by integrating expert opinions and industry insights.