Top Five Highlights From the 2017 MedTech ConferenceBy: Craig Ackerman Medical Device, Revenue Growth Strategy
Is your company aligned with today’s medical device industry trends? Is your commercial model efficiently working to increase revenue growth? How do you optimize and align your portfolio to the appropriate revenue motions?
In September, the Alexander Group was a sponsor at the MedTech Conference by Advamed. Through great speakers and networking among the nearly 2,000 business executives and industry leaders in attendance, the Alexander Group uncovered the answers to these questions.
Here are five key takeaways from the event:
- Medical device companies focus on the patient’s journey
Historically, medical device companies focus on products, benefits and features. Now, they must also focus on a continuum of care and the treatment processes of their patients.
- The number of decision-makers has doubled
Companies that primarily utilized only doctors to make decisions are expanding the decision-makers to include clinical and economical personnel.
- There is increased agility in the commercial model
Commercial models are in transition. Medical device companies are increasing agility and teaming in their commercial models, and moving more to B2B selling, especially in large hospital systems.
- One-size-fits-all model doesn’t work anymore
The cookie cutter one-size-fits-all models no longer work. The medical industry requires different value propositions for the different hospital types and systems.
- Companies must add depth to their portfolios
Medical device companies need to differentiate their products and be more innovative to provide the depth to their portfolio in each specialty category.
All of these takeaways align with the preliminary findings from the Alexander Group Medical Device Go-to-Customer Study. Medical device companies must develop a more efficient deployment of products and services. The go-to-customer models need more complexity and purpose. Commercial organizations are now team-based versus the individual territory models of the past.
If you missed our booth at the conference or would like to learn more about our survey findings, please contact one of our practice leaders.
Visit the Alexander Group’s Medical Device practice page to learn more about best practices in the industry and how we can help improve your company’s revenue growth.