In our annual deep-dive into the medical device industry, Launch Team collaborates with technical documentation and training company Novatek, which serves medical device and other regulated industries. Read their take on MEDTECH 2016 on the Novatek blog.
This year’s MedTech conference in Albany provided interesting insight into the direction of the medical device industry. While the impending election holds the fate of things like the Affordable Care Act and medical device tax, other changes are clear. Defining a value proposition is more important than ever for medical device companies, and buying power is steadily shifting to consumers.
5 Takeaways from MEDTECH 2016
With an exceptional round-up of speakers and practical guidance for both entrepreneurial and established medical device companies, here’s what we heard:
- On entrepreneurship: “The best advice for startups? Start.”
Your business or product can’t remain an idea forever. At some point you have to show people your plans and be open to critique. Some inexpensive ways for startups to get early feedback and data before a product launch include interviews, new prototyping technologies, and pilot testing. - On asking for help: “Don’t be afraid of the price tag. You can’t do this alone.”
There are certain areas of your business where you can’t afford to make a mistake. Consultants can offer your company vital expertise in these areas, so you get it right the first time. - On talent: “Never let your nephew design your website.”
While it might be tempting to hire a family member or Fiverr to design your logo or website, it won’t benefit your brand in the long run. Refer to takeaway #2, and invest in an experienced marketing and branding partner. - On target customers: “It’s a totally different environment today. The idea of you pitching your product has flipped—consumers are shopping us now.”
Innovation pipelines are getting thinner. Increasingly, consumers are doing their own research on medical devices and treatment options before seeking their doctor’s expertise. This shift in customer base requires a more patient-centered approach to innovation and changes in the messaging and marketing tactics used to reach potential buyers. - On success: “Data is where it’s at. Prove it.”
In today’s healthcare landscape, there are many barriers to innovation, including regulatory risk, budget constraints, and an ingrained resistance to change. Medical device companies need to establish a clear, quantifiable value proposition as well as metrics of success. (Download our Marketing KPI Worksheet to start defining your metrics and goals for product launch.) Building a strong patent portfolio is another important way to prove the credibility and value of your business.
Planning a product launch or entering a new market? Want help defining your value proposition? Download our Positioning Guide, or contact us for a free consultation.
