The MedTech Association’s Annual Meeting in Albany this week brought forth interesting insight as to how medical device companies can grow business and better meet the changing needs of the medical device community. Here are some takeaway points from a few of the conference’s top contributors:
GE Healthcare: Customer engagement is key
A big challenge that many medical device companies face is that they aren’t close enough to their customers. GE found that when they implemented a new innovation model that expanded customer engagement, they were able to speed time-to-market by two years.
When we begin working with a high tech company, we make it our first priority to connect with and understanding their target audience. Often this involves interviews or surveys of their current customers. Once we have a better idea of what these customers want and expect, then we can start to develop a marketing plan and customer persona that helps reach the right customer with the right message.
Corning: Success comes from a clear vision
The development of Corning’s game-changing, low-loss optical fiber might not have been possible with today’s common business models. There is no substitute for company leaders who truly believe in a vision.
Launch Solutions has been privileged to work with some visionary business leaders over the years. Two of our clients celebrated significant milestones this year – a 50th anniversary and a rebranding – which we wrote about here. Achievements like these are realized when leaders are committed to innovation and to serving customers.
Keynote speaker John Babitt (Ernst & Young LLP): A value dossier is needed in order to sell a differential product
The question today is not simply, “Is this technology better?” It’s, “Is this technology better and is it worth it?” A new product has to be presented in a way that makes its necessity apparent. Companies need to recognize not only who would use their device but also why they’d use it, and why they’d choose it over someone else’s.
At Launch Solutions, we help customers define their key differentiators and messaging, and where they best fit in the market. Learn more about positioning for success.
John Babbit: Medtech companies are challenged to follow the money
In the ever more complex medical device market, it's increasingly difficult to identify the payer or customer. "Everyone's a payer!" Babbit said, including individual patients, employers, insurance companies, physicians, and hospitals. Medical device marketing and sales strategies must be revisited.
Dr. Kaushal Nanavati (Upstate Medical University): It’s about immediacy and interaction
“The info has got to come to me – all on one screen. Don’t make me go look for it,” Dr. Navarti said. The communication of medical information today is increasingly more prompt, portable, and personal. Whether marketing or training and documentation for the medical device market, think mobile, multi-layer and on-demand.
The challenges and trends were loud and clear at MedTech. We've partnered with medical device training and documentation experts at Novatek to bring you new strategies for successful medical device product launch. Watch for our blog series in October!