27Apr 2024 by cesare ferrari No Comments
The 4 Types of Medtech Innovation  

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…
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15Mar 2024 by cesare ferrari
The ugly truth of new medical devices

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…
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01Mar 2024 by cesare ferrari
Value proposition design for medical products (Part 4) 

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…
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17Feb 2024 by cesare ferrari
Value proposition design for medical products (Part 3)

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…
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03Feb 2024 by cesare ferrari
Value proposition design for medical products (Part 2)

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…
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19Jan 2024 by cesare ferrari
Value proposition design for medical products (Part 1)

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…
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16Dec 2023 by cesare ferrari
Holiday Season

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…
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22Oct 2023 by cesare ferrari
Customer Orientation In The Medical Business

Customer Orientation In The Medical Business

Sales, Upstream marketing
I recently met an ex-colleague and we discussed for a couple of hours several decisions made by the management of a MedTech company that we both felt were not focused on the customer. We agreed that those decisions were evidence of putting the business needs over what was best for the customer.     For this reason, after this eye-opening conversation about how far small and medium-sized medical device companies are from being customer-centric, I decided to return to this topic.    If you follow this blog regularly you should already know that I’m a strong advocate of customer centricity and customer orientation. Read on to find my takes and solution to building a customer-centric medical business.  What is customer orientation?   Customer orientation is a business philosophy that puts the needs of the customer at the center of the…
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06Oct 2023 by cesare ferrari
How do you find customers to talk to? (Part 2) 

How do you find customers to talk to? (Part 2) 

Upstream marketing
Remember the first post on customer interactions where I shared essential tips on how to find customers to talk to? Great! Here’s the follow-up and I’ll be talking about how to effectively find customers to interact with.  Just in case you missed the first post (part 1), you can go over it here. It’ll help you understand how to define the profile of a customer and the general strategy to approach them.  Let’s move right into the focus of this content, which is customer interactions.  5 ways to generate fruitful customer interactions    Once the profile of the customer and the approach strategy is well defined the next step is to find an appropriate number of customers to speak with.   Here are 5 practical examples that show you how.  1.…
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23Sep 2023 by cesare ferrari
How do you find customers to talk to? (Part 1) 

How do you find customers to talk to? (Part 1) 

Upstream marketing
From my writings, you can tell that I believe meeting, talking, and observing the customer are critical steps in any new product development. I’ve also shared with you the importance of customer interactions.   However, for example, when discussing with some healthcare start-up founders, I found out that many still have some difficulties accessing “customers.” And that’ll be the focus of this article.   You’ll learn more as you read on.  Possible challenges with accessing customers  Here are a few, yet common examples where access to customers can be challenging:  You are a start-up or small company   You have an extremely limited budget   You are addressing a completely new segment  You are targeting new stakeholders  You need customers in a new geographic area  You have no KOL network  In these situations, for…
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