If you cannot clearly outline how your device will help a hospital meet its goals, like improving quality performance , your point of contact is unlikely to understand the true benefit and impact of your device. In crafting your value proposition, you can point out device applications and care outcomes that your prospects might not have considered—thus increasing the value of your product.
You can improve your medical device selling strategy by highlighting specific metrics that support provider focus on patient care and improved outcomes, like:. Additionally, it could also reduce day readmissions and prevent secondary diagnoses and other complications like restenosis.
By detailing the multitude of ways in which your device can improve care quality and reduce costs, you increase your likelihood of closing a deal. Identifying the pain points of a particular hospital or care facility shows your prospect that you understand their unique challenges and have catered a solution just for them. When selling to hospitals, some of the most vital metrics to know are:.
Some facilities may struggle with readmissions, while others report high rates of healthcare-associated infections. The most common quality metrics that hospitals focus on include HCAHPS patient satisfaction scores, hospital-acquired condition scores, and value-based purchasing reimbursement adjustments.
A supplier offering a prosthesis with unique joint cushioning that improves implant longevity could reduce long-term care costs and decrease the risk of complications and secondary surgical procedures—preventing hospital revenue loss and CMS penalties.
The FDA is now recommending that Magellan Diagnostics customers discontinue the use of all affected test kit lots identified as part of the recall and quarantine remaining inventory. Venous blood confirmation levels are performed with higher complexity testing such as inductively coupled plasma mass spectrometry ICP-MS or graphite furnace atomic absorption spectroscopy GFAAS and are generally considered more accurate. FDA Recall Notice. The tests were recalled due to a significant risk of falsely low results:.
Use of these devices may cause serious injuries. The Drugs and Medical Devices Unit is responsible for ensuring medical device manufacturers and distributors comply with minimum licensing standards established to protect the health and safety of the citizens of Texas. To accomplish this objective, inspections of medical device manufacturers and distributors are conducted. Anywhere during the product development cycle, it may make sense to discuss your medical device with potential acquirers.
Licensing implies that you will still control the company that the technology was developed under and ONLY the intellectual property is transferred to the acquirer. A license can be exclusive 1 company or non-exclusive you can license the same idea to multiple companies, sometimes limited in number. The terms technology, device, idea, Intellectual Property IP are used interchangeably.
They can mean a patent, an FDA clearance, a good working design, or just an idea. Some projects are started with the intent to license or a plan to commercialize a device before licensing. As I mentioned in an earlier article, no matter what your end goal, the further you can take your idea in the development process mitigating risk the better return you should expect. For information on NDAs checkout the link below. Often times, great ideas fail to be acquired because they are simply not presented well.
To generate interest in your IP you need to demonstrate its credibility and value in a clear and concise manner.
Here are the things you need to do: 1. Make a clinical case for your IP — Better surgical outcomes, saves time in surgery, user testimonials, etc. With an ever-changing complex healthcare system, you have to be able to adapt your selling strategies to meet the demands of multiple stakeholders.
Gone are the days where you can capture the attention of your buyers by presenting them with printed one sheets and brochures. Not only do you run the risk of sharing outdated content, but it can be hard to effectively showcase your complex products. You need to clearly and interactively show what your product looks like in their organization, and the value in it for them. To get a physician or hospital administrator on your side, you need to show them your product.
These powerful visualizations make your complex product come to life in the minds of medical professionals. As they engage with the content, it gives them a clear picture of what it would look like in their organization and how it will benefit patients. But, how engaged are you as a sales rep? One of the impactful things you can do as a medical device distributor is provide constant communication, support, and guidance to your customers and prospects.
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