C-Suite Challenges in Medtech's New Normal.

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Date: Jan-Feb 2021
From: Medical Product Outsourcing(Vol. 19, Issue 1)
Publisher: Rodman Publishing
Document Type: Article
Length: 1,336 words
Lexile Measure: 1390L

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Every year, there's a lot of discussion about healthcare's constantly changing dynamics. In 2021, market opportunities like the growth in digital health, robotics, artificial intelligence, and telemedicine are sure to be among the top trends. We undoubtedly will be expanding on these topics throughout the year.

The same matters took center stage in 2020, with certain market opportunities actually enhanced by the health crisis (telemedicine and digital health, most notably). These particular segments will experience significant growth this year as COVID-19 continues to force a physical divide between doctors and patients.

Although a "new normal" has emerged in medtech--the virus will certainly loom large over the industry for quite some time--many of the usual C-Suite management topics that are key to organizational success will remain the same this year, though they'll have to be regularly fine-tuned. Priorities are likely to include "organic" functional disciplines (i.e., sales and marketing, supply chain, regulatory, manufacturing, and employee engagement) as well as inorganic strategies for properly timing potential M&A deals.

Let's examine the organic topics in further detail.

Sales

Medical technology companies that sell directly to hospitals will continue to grapple with the immediate challenge of customer access. Put simply: It's going to be difficult at best for sales teams to physically meet with customers as long as the virus is still a threat. Large firms are mostly embracing the restrictions barring sales representatives from hospitals for three main reasons. The first involves "leverage and bundling," a process by which these entities leverage their market share and bundle their products to make it easy for hospitals to continue using their products. The second is directly related to finances. Since the pandemic began, many large companies have reduced the size of their sales force and saved significant money on travel since there have been no in-person customer visits or industry events. Finally, large organizations have quickly pivoted to create digital customer engagement experiences, thanks largely to their investment funding (this will also lower sales costs for the foreseeable future)....

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Gale Document Number: GALE|A652003851