Recently, Frost & Sullivan organized an insightful webinar exploring the theme of Leveraging Downstream Perspectives for Medical Technology New Product Development. This engaging discussion featured industry experts highlighting actionable growth opportunities and essential strategies for effectively commercializing healthcare technology.
The following experts collectively brainstormed to craft transformative perspectives: Charlie Whelan, Growth Expert and Senior Vice President of Consulting at Frost & Sullivan; David Ribble, Growth Expert and Senior Consultant at Frost & Sullivan; Skylar Talley, Co-Founder and CEO at MedScout; and Mark Mescher, Vice President of Sales at MedScout.
Gain valuable perspectives from these experts by clicking here to access the recorded session of this Webinar.
Identifying Promising Customers and Early Adopters: In the competitive landscape of medical technology, instead of solely targeting large medical centers, disruptive players are exploring mid-sized or burgeoning healthcare systems where collaboration and adoption potential are higher due to the need to differentiate their practices.
Are you reevaluating your strategic approach to customer targeting and adoption in the medical technology realm?
Harnessing Data for Successful Commercialization: Leveraging a diverse array of datasets, ranging from historical product launches to referral patterns and diagnosis codes, empowers companies to pinpoint ideal customer profiles and fine-tune their targeting strategy. This approach allows for the identification of crucial customer requirements that are currently unaddressed.
Are your data scientists extracting valuable perspectives to leverage disruptive technologies for competitive success in the healthcare industry?
Collaborating with Key Opinion Leaders: Key opinion leaders, particularly those driven by a commitment to advancing healthcare and developing their own peer networks, play a pivotal role in the commercialization process. Rather than solely focusing on high-volume, well-known physicians, it’s advantageous to seek out up-and-coming practitioners who embrace new technology and actively contribute to the adoption of new medical innovations.
Is your team effectively garnering support from key opinion leaders, with successful commercialization as the ultimate goal?
Aligning Sales, Marketing, and Product Development: The synergy between key organizational functions is paramount in addressing customer needs cohesively. This alignment fosters effective communication, facilitates feedback loops, and enables data-driven decision-making throughout the product lifecycle.
Is your company reassessing internal collaboration and fostering team cohesion to bridge the growth gap in the medical technology domain?
Catering to shifting Customer Needs: There’s a growing demand among customers for medical technology solutions that deliver meaningful clinical outcomes, offer tangible cost savings, and provide a competitive edge. Additionally, solutions that enable providers to deliver care more efficiently are being highly sought after.
“When introducing a new technology, it is not always about going after the provider that has the highest volume of cases. You might want to latch onto an early adopter who may have experienced a faster growth rate over the last couple of years. They’re aggressive, hungry, and have a growing practice. You can help grow their practice and grow with them. So, it’s about looking at that historical growth rate that’s trending over time.”
Charlie Whelan, Growth Expert and Senior Vice President of Consulting at Frost & Sullivan
