Unveiling the Blueprint for Medtech Success. Take on the US Market with Cutting-Edge Strategies in R&D, Digital Integration, and Agile Commercial Models.
To succeed in the US medtech market, companies need to align their strategies with the latest industry trends. This includes focusing on R&D excellence, which is a fundamental driver of business growth. Effective R&D is not just about the allocation of funds but also involves managing an R&D portfolio that aligns with the needs and preferences of the US market. Medtech companies should consider adopting agile development practices and leveraging digital and analytical tools to enhance their speed and effectiveness.
The integration of software has become a crucial growth driver in medtech. Companies entering the US market should shift their product development approaches to function like software firms, building robust tech stacks and adopting best practices in software development. Additionally, playing an active role in digital health ecosystems can provide competitive advantages. Utilizing devices and data assets to improve care outcomes can be a differentiating factor in the US market.
To successfully launch and commercialize products in the US, medtech companies need durable commercial models. This involves establishing foundational capabilities to identify strategic customers and opportunities. Creating an omnichannel customer experience and personalizing engagement are key components of a modern commercial model. Utilizing ecosystem selling as part of the go-to-market strategy can act as a force multiplier in the digital-first market environment.
The future of medtech sales in the US is moving towards hybrid models, combining remote and field sales. This approach can be particularly effective for reaching diverse accounts, including smaller physician offices or rural areas. Companies should focus on talent acquisition and development to build a strong commercial team. Implementing a data-driven hiring process and providing comprehensive product training and remote-selling skills are essential for a successful go-to-market strategy.
Creating a seamless omnichannel experience is critical. This involves defining a clear vision for how the company will meet the needs of healthcare professionals (HCPs), patients, and nonclinical stakeholders. Embedding design thinking into the engagement model helps identify unmet needs and pain points. Setting up agile, cross-functional implementation squads can aid in developing and implementing the engagement model effectively. Additionally, building an analytics engine to coordinate engagement across channels is crucial for a successful omnichannel strategy.
With the shift towards digital channels for product launches and lead generation, medtech companies should focus on leveraging digital marketing. Utilizing email campaigns, social media, and online conferences for product launches can be effective. Implementing ‘next-best-action’ analytics can enhance digital marketing campaigns and improve coordination with other marketing and sales channels.
Medtech companies face various challenges, including margin pressure, digital and AI-based offerings, and supply chain resilience. Recognizing these challenges and adapting the go-to-market strategy accordingly is vital. This includes focusing on portfolio management, embracing ESG initiatives, and innovating in R&D to stay ahead of product commoditization.
For medtech companies entering the US market, a successful go-to-market strategy involves aligning with industry trends, integrating software and digital ecosystems, building a next-generation commercial model, embracing hybrid sales models, implementing an effective omnichannel engagement model, focusing on digital marketing, and adapting to the industry's challenges and opportunities.
