3 Mistakes Medical Device Companies Make and How to Overcome Them

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3 Mistakes Medical Device Companies MakeWithin the medical device industry, companies are constantly innovating and the market is always moving. Tracking the movement along with the competitive landscape can be challenging. As a result, many companies are making the same mistakes due to the lack of awareness, information, and ability. Because of this, we decided to provide some solutions to three of the largest market issues that medical device companies face.

1. IGNORANCE: NOT BLISS

Let’s face it, competition is always present, and therefore understanding the competitive landscape within your industry should be second nature. However, many companies are not actively checking in on their competitors, their success, and their failures. Those who are not utilizing this information will not be able to position themselves to achieve success. Strategy is essential in a market as dense and competitive as the medical device industry. Therefore you always need to keep your friends close and your enemies closer.

Some of the key questions to ask are:

What are the competitive products/technologies/services currently available?

What success have my competitors experienced, and what did they do to achieve this?

Where are my competitors’ weak spots, and what can I do to profit off of these?

If you can’t form a detailed answer to any of the above questions, detailed market reports can enhance your market position. Whether you are in dentistry, gynecology, cardiology, orthopedics, or something else, iData has a report for it. Our analysts meticulously research specific markets and utilize government and private databases, hospital records, and primary and secondary data. In entirety, our reports offer qualitative coverage on the competitive landscape with SWOT analysis for the top competitors, recent mergers and acquisitions, company profiles, and entire product portfolios. Essentially, we have all the information you need.

2. BIGGER ISN’T ALWAYS BETTER

Checking your surroundings before crossing the street is a habit for many at this point. Nevertheless, when bringing a new device or product to market, many just run across and risk getting hit. Spoiler, this technique does not work and is something that many companies struggle with to this day. Medical devices are used globally by individuals in healthcare to perform procedures/treatments/exams, etc. Therefore, many believe that broadly marketing their product to the entire world is the best idea. These companies will spend countless hours planning a general campaign to reach every single person that may require this device. When really, targeting is key.

Before launching a new product, ask yourself:

How many procedures are performed using my device/product annually, and where in the world are they being used?

What hospitals/surgeons/healthcare professionals are performing these procedures, and where are they located?

Will the number of procedures using my device increase or decrease over time, and where in the world is this occurring?

Unlike any other market research company, we offer extensive information surrounding procedure volume. iData’s MedPro reports and procedure tracking solution provide answers to all of the above questions with procedure volume analyses by segment and region. These also include procedure trend analyses and procedural growth rates over a vast forecast period. This information provides you with all of the necessary insights to target your products to those that want what you are offering. Essentially procedure data is the traffic light, there to help get you across the street without having to look both ways or get hit.

3. THE DEVIL’S IN THE DETAILS

Details truly are everything, and if you don’t pay close enough attention to them you will miss out. Many companies believe that they have detailed insights into the market, but they are only skimming the surface. Understanding overall market shares and growth is inarguably significant, but so is understanding the monthly, quarterly, and annual shifts within these segments. Often companies overlook these changes and as a result, lose out on important insights.

Look for answers to the following questions:

What were the monthly, quarterly, and annual changes in ASP, units sold, and revenue?

Which distributors are selling the most of any given SKU?

How does user-end pricing vary by distributor, facility, size, and detail?

If you are finding yourself in a position where you need extra information to see the movement of market shares, pricing, or unit sales at the level of your competitor’s brand or SKU, we have the solution. Our MedSKU solution uses a sample of 1700+ reporting hospitals and ambulatory surgery centers (ASCs) to gather purchase order data and sales information. After combining this with rigorous primary research, ongoing for over a decade, MedSKU can deliver a cross-verified and highly accurate depiction of the market, unlike any other. Making strategic decisions at the brand level with confidence can be challenging, but we’re here to help.

WANT TO SEE OUR SOLUTIONS FOR YOURSELF?

Check out our Healthcare Market Reports 

Get a sample of the Procedure Tracker Solution and the MedSKU Solution 

Emma Matrick3 Mistakes Medical Device Companies Make and How to Overcome Them