When we talk about the medical devices industry, the first thing that comes to mind is the demand that surged during the past couple of years. The unprecedented outbreak really took the industry by storm, disrupting it inside out. However, besides the pandemic, there are several other Opportunities and Challenges in the medical devices industry
If you are also looking to venture into the sector, we believe this is the right time to do so. The industry, despite the transitions, is constantly going upwards on the growth curve. To help you, here are the top 4 Opportunities and Challenges in the medical devices industry.
Here are the top 4 Opportunities and Challenges in the medical devices industry;
1. Loss of Revenue: Extend the Device’s Value
Challenges in the medical devices industry:
Challenges in the medical devices industry Medical device cessation of elective procedures and decline in the usage of the healthcare system for non-emergency illnesses have led hospitals to lose hundreds of millions of dollars and lay off tens of thousands of healthcare professionals. And although postponed non-emergency procedures will be rescheduled, the floodgates will not suddenly reopen, and it is probable that patients will require some time to feel comfortable returning to the hospital.
Thus, already-tight finances will be reduced to the greatest degree feasible. Hospitals will aggressively seek out new cost-cutting measures, resulting in increased price pressure and an increase in requests for proposals (RFPs).
Opportunities in the medical devices industry:
Medical device industry businesses have the chance to assist hospitals in overcoming these problems that are greater than the cost of the equipment. Medical device businesses may position themselves as vital partners by providing hospitals with the value-added services and assistance they need to solve issues such as infection control, patient throughput, and emergency department wait times.
2. Increasing Role of Procurement: Consider Their Needs and Make Them a Target
Challenges in the medical devices industry::
The hospital procurement department’s importance has increased over the last several years, but it is now more than ever. The capacity to achieve savings goals may determine the survival or demise of the organizations for which they operate. Traditionally, marketing teams in the medical devices industry have avoided procurement, interacting with them only as part of a value analysis committee discussion at product introduction or contract renegotiation.
Opportunities in the medical devices industry:
Marketers of medical devices might limit the possibility of a price war by proactively devising alternative pricing structures—renting capital equipment instead of requiring an outright purchase—or by using performance- or outcomes-based contracts and/or risk-sharing agreements.
In addition, medical devices industry businesses must make procurement a core customer, identify procurement’s pain areas, and build messaging and marketing tactics tailored to procurement. Medical device businesses will not begin to alter their value offer unless they regard procurement as a genuine target and do the same kind of customer segmentation and voice of customer research as they have historically with clinical audiences.
3. Transition in Care: Rethink ASCs and Telemedicine in a Positive Light
The ASC Challenges in the medical devices industry::
In the last several years, there has been a surge in the number of surgical operations performed outside of hospitals and in the United States more than 9,000 operational ASCs. As people begin to make healthcare choices post-COVID-19, ASCs may become an increasingly appealing alternative. A patient may think that having a treatment done in an ASC is safer, more convenient, and less costly.
However, historically, many medical device firms have concentrated their sales and marketing efforts exclusively on hospitals. Those that do have a sales and/or marketing team devoted to the ASC sometimes restrict them to a secondary or support role, drastically decreasing the allocation of resources and marketing funds.
Opportunities in the medical devices industry:
ASCs are an important client target for medical device manufacturers, who must modify their business and sales processes as well as their product ranges to meet their demands. Consider giving less expensive solutions and a simplified product range that takes into consideration the processes conducted in a particular institution. Due to the infrequency with which this group is contacted, time and consideration are much more valued, and need not be given face-to-face. Digital customer engagement activities that build connections over time may have a big influence on businesses.
The Telemedicine Challenges in the medical devices industry::
The significant increase in telemedicine use caused by COVID-19 presents an intriguing dilemma. Since most of the instruments sold by medical device firms are for surgical procedures that cannot be done remotely, telemedicine does not represent much of a threat to these businesses (at least at this time).
As hospitals, physicians, and patients get more experience with telemedicine, and as providers continue to enhance the quality and efficiency of the systems, it may be difficult to turn back.
Opportunities in the medical devices industry:
As the use of screens increases and one-on-one communication as a talking head becomes the new standard, marketers have the chance to move conversations online and in front of screens. Alternative methods of marketing to physicians and communicating with consumers, such as eDetailing, which has never taken off for many medical device manufacturers, are considered by businesses. But maybe it can now.
4. When Sales Reps Can’t Get in the Door: Make Digital Marketing Paramount
Challenges in the medical devices industry::
Six to twelve months from now, the job of sales and marketing in a post-COVID-19 world will be drastically altered. The majority of trade fairs and conventions have been postponed, so big data releases, podium speeches, product rollouts, and chances to connect with a large number of consumers simultaneously have essentially evaporated overnight.
Meetings with influential opinion leaders and advisory boards have been canceled, putting influencer marketing on hold. And we fully anticipate that hospitals will continue to restrict access, maybe limiting rep engagement to product and supply delivery.
Opportunities in the medical devices industry:
When the sales crew is truly denied entry and other in-person marketing strategies are unavailable, digital marketing steps up to the plate. Recognizing the significance of digital marketing, medical device businesses have launched websites, email newsletters, and product announcements, and posted to LinkedIn and Twitter.
Nonetheless, businesses have a fantastic potential to expand their digital strategies. Due to the restricted availability of in-person interactions, it is vital that marketers move discussions and engagements online. Marketing groups may invest in digital assets such as films, webinars, and eDetailing applications.
They may utilize these assets to target clients with the most relevant information via face-to-face online conversations and sophisticated automated marketing campaigns, assess and monitor the outcomes, and alter programming depending on the data.
Bottom line
The Opportunities and Challenges in the medical devices industry marketing teams face are undeniably significant, and the repercussions of the COVID-19 epidemic will be difficult to manage. Marketers can turn a pandemic into a platform for change by providing valuable services to hospitals that go beyond the device, considering procurement and the ASC as key customers, shifting the sales conversation from the hospital to the screen, and supplementing with digital and ongoing customer engagement strategies.
