Blog

19May 2024 by cesare ferrari

How customer interviews can help you in defining the price of your new medical device

A few years ago, I attended a product test where a KOL used a product developed by a start-up to provide feedback. At the end of the test of the highly innovative medical device, a member of the team asked, “How much would you pay for this product?”. Although the intention was laudable because I agree with collecting data from customers for pricing a new medical device, unfortunately, the question was wrong. Therefore, do not ask this question during customer interviews about the price of new medical devices. So, if you’re thinking about contacting your potential customers to ask them about pricing of your new medical device, you should read this post to avoid making some of these mistakes. Why “How much would you pay for this?” is a…

27Apr 2024 by cesare ferrari

The 4 Types of Medtech Innovation

Upstream marketing

In the medical device business, the capacity for innovation is commonly regarded as a key competence and a powerful response mechanism for companies operating in our complex and highly competitive environment. Innovation is generally recognized to be a complex and multi-dimensional phenomenon and understanding how it works continues to be a challenge. The purpose of this post is to help MedTech professionals to better understand the different types of innovation. As a professional, you'll find this guide useful, so please follow along. Innovation: The definition Peter Drucker defines innovation as: “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of…

13Apr 2024 by cesare ferrari

Are you launching, soft-launching or just releasing your new product?

Downstream marketing

Every year, new medical devices are introduced to the market by means of a “product launch”. As the market becomes saturated, it is increasingly difficult for the launch to make an impact on the market and the company's bottom line. Although the term used for market entry is always “product launch” the reality is that there are different sorts of product launches. I’ve already discussed the success factors of a new product launch and itemized the new product classification and its consequences. Today, I would like to cover the types of product launches and help you understand their differences. Different kinds of product launch The different types of product launches have strict ties to the various kinds of products the company developed and their characteristics. The strategic decisions taken at…

03Apr 2024 by cesare ferrari

Factors That Affect The Success Of A New Medical Device Launch

Downstream marketing

We can all agree that a successful product launch does not happen accidentally, as it is the direct result of understanding the measures and factors that influence a product's success. Since new product launches are a vital part of a medical device company, it's appropriate to know how to do it right, and that's what this article seeks to address. So please follow along. Factors that affect medical device product launch Let's start with the most highly regulated products (like high risk medical devices and drugs). Notice that they require a long and complex process to reach the market, and when the regulatory approval is obtained, the launch then begins. Particularly, pharmaceutical products need a very long time to reach the market making the launch critical. Having worked in…

15Mar 2024 by cesare ferrari

The ugly truth of new medical devices

Upstream marketing

All the companies active in the MedTech industry, especially the big ones, launch new products regularly. Every year, millions are invested in R&D in this industry worldwide to support the creation of new products. Often, we see these new products marketed as game changers or disruptive innovations; however, the reality is that most of these new products belong to a different category of innovation, which is the ugly truth. Knowing that the success (or failure) of the new medical devices will significantly impact a company’s financial results, let's examine the characteristics of a new medical device and its classification. Product innovation classification If you follow me, you should know that creating a new medical product involves meeting the customer's needs, bearing in mind that customer needs are always evolving, and…

01Mar 2024 by cesare ferrari

Value proposition design for medical products (Part 4)

Upstream marketing

After discussing value proposition in general and with respect to the customer and the product, in this post, I would use the value proposition canvas to analyze the value proposition of a medical product and its product market fit. Inclusively, I'll evaluate the value proposition of hyaluronic acid injections with a specific customer segment in a defined context. Let’s start with only one customer type. Customer profile The customer profile is an orthopedic surgeon consulting a patient suffering from knee osteoarthritis. In this context the customer has the following "jobs to be done": Providing a treatment to reduce pain and increase mobility Being recognized by the patient Producing patient satisfaction Identifying patients needing surgical treatment Creating patient loyalty Performing a medical act (prescription or procedure) Making money Pains The orthopedic…

17Feb 2024 by cesare ferrari

Value proposition design for medical products (Part 3)

Upstream marketing

Welcome to the third article about value proposition design for medical products. As a quick recap, we analyzed the various customers and gathered insights on what jobs they are doing, identifying their pains and gains. You can access part one here and part two here for more details. In this third part, I'll show you how to craft a compelling offer using the left part of the value proposition canvas, and share more insights on the value map. So don't skip any part as you read on. The value map First, let me remind you that your value proposition primarily comprises products and services that are the base of your offering. Products and services Defining the products and services - it is that which allows your customer to do the…

03Feb 2024 by cesare ferrari

Value proposition design for medical products (Part 2)

Upstream marketing

If you found value in Part One of this series, I can assure you that this next part will make a more significant impact on your understanding of this subject of value proposition design for medical products. As a fellow practitioner, I am firmly convinced that by understanding our customers and empathizing with them, we can design products that customers will "love". It is the same reason why the customer side of the canvas is the focus of this post, so you do not want to miss any part of this, especially the concluding notes. The customer The starting point of every value proposition canvas is the customer and is why you should create customer profiles for each customer segment. You should also ensure that all the…

19Jan 2024 by cesare ferrari

Value proposition design for medical products (Part 1)

Downstream marketing, Upstream marketing

Introduction The market success of a drug or medical device is strongly determined by its value proposition. It is why designing and communicating a compelling value proposition to all the stakeholders is one of the most vital medical marketing activities. The role of the product manager (whose responsibility is to lead a cross-functional team to develop the value proposition and ensure its communication at every interaction with the stakeholders) is a significant part of this process. Reason being that the different stakeholders, healthcare professionals, patients, providers, and payers can have different or even divergent value perspectives, increasing the complexity of developing an effective value proposition for all the stakeholders. This article is one of four series, and I'll start here with the definition of the value proposition of a drug…

16Dec 2023 by cesare ferrari

Holiday Season

Downstream marketing, Sales, Upstream marketing

The holiday season is a hectic time for many people. Between holiday shopping, holiday parties and holiday cooking, it can be difficult to find the time or energy to read during this busy time of the year. This is the reason I normally take a pause during the holyday season. This is my last article of 2023, and I would like to re-share a few posts on important topics for medical sales and marketing professionals. Business plans I have a pragmatic position on business plans and business cases. I do not consider realistic plans and planning useless. However, before starting to write a long and detailed business plan any entrepreneur or intrapreneur should focus on building and testing the product and the business model. I have analyzed in detail the…