For a chance at survival in a post-COVID-19 scenario, pioneering MedTech companies are restructuring their approach to getting business back on track and attaining growth in the long-term. Increasingly more health providers are reconfiguring the way they deliver patient care, especially now that physical interaction has been limited between all stakeholders – patients, providers, suppliers, and physicians. In light of everything that has happened, business models are in dire need of a new growth strategy.
Rethinking commercial models in favor of the changing needs of the customer
As the competition accentuates across the MedTech market, leaders are compelled to restructure their strategies when addressing customer needs and wants. One of the most notable aspects of the new approach involves differentiating portfolio value proposition and sales strategy, with the end goal being on improving winning chances as vendors employed prior to COVID-19 are no longer needed.
Building commercial capabilities that can effectively complete in areas such as office-based labs and ASCs is yet another viable approach to attain sustainable growth. Outpatient centers will rise and increasingly more medical procedures will relocate from hospitals. Apart from remote sales strategies, just-in-time distribution and flexible contracts are tactics worth considering, too, as non-medical care sites lack inventory space.
To make sure costs don’t go up, MedTech leaders will be compelled to consider a complete makeover of their commercial model design. In simple terms, they might be required to better define roles for account execs, sales representatives, and tech support. This way, physicians will be offered access to support when required.
Switching from in-person selling on to the virtual
COVID-19 has had a major impact on sales, inevitably forcing leaders in healthcare to swap in-person interactions with virtual communication. The key to making sure collaboration is done efficiently even from a distance lies in the ability of organizations to opt for a virtual commercial strategy. This is where companies should reap the benefits of iterating virtual selling tools to different go-to-market approaches.
Digital tools targeting the channels at the right time in the customer journey are becoming the “new normal” in healthcare operations. As soon as specific goals are properly defined and set to handle virtual sales coverage, health facilities and organizations at large can move on to redesigning their framework and making sure that the new approach provides optimal client efficiency and coverage. Putting technology to good use in sales is critical because it enables all stakeholders to deal with virtual world factors (e.g. digital platforms to ensure customer engagement, collaboration with all teams involved, and internal training).
Revamped product portfolios
Relocating to adjacent care sites like modular hospitals and ambulatory surgery centers, together with the widespread use of connected devices and digital health capabilities are forcing MedTech companies and health organizations to embrace digitalization. Innovative products powered by new commercial models, supply chains, and user interfaces pave the way for the creation of new products to cater to the needs of the patients.
From connected devices that can handle live tracking and location monitoring all the way to data-enabled technologies, the time to invest in the future of healthcare is now. It is the only viable way to gain and preserve market share, and boost leadership via organic acquisitions and growth. The key to developing a successful growth strategy lies in the power to develop efficient cost structures.
By aligning teams with the new post-COVID-19 strategy, leaders will have a better chance of providing outstanding care for patients; and at the same time survive in a world threatened by an unprecedented financial crisis. Healthcare ecosystems at large have been disrupted by the pandemic. Surprisingly, it is the same pandemic that is creating opportunities for proficient leaders capable of reframing strategic portfolios and adapting to the “new normal”.