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Medical devices market

Transforming Marketing and Sales Capabilities in the Medical Device Sector

Medical device sectorThe recent trends and transformations are creating an inflection point for the global medical device sector. Medical device manufacturers are now gradually moving away from being aggressively product -focused to gauging opportunities and impact in device-adjacent value pools. Amidst major changes in the sector, experts at Infiniti Research posit that medical device companies that are experiencing declining growth or narrowing margins may have to rethink their commercial models. A commercial transformation can decisively move the competitive balance of power in the medical device industry. So, what does it take for companies in the medical device sector to seize the benefits of a commercial transformation? We have listed out are four core requirements for success.

Leading a commercial transformation requires true leadership and comprehensive knowledge about market changes. Request a free proposal to know how our medical device sector experts are helping companies across the globe to successfully drive change and commercial transformation.

Organize for the change

To enable transformation and to demonstrate investment and commitment it is essential for companies in the medical device sector to create a well-designed transformation team structure, clarify roles and responsibilities, and inject fresh talent into the system. These changes must be aimed at creating new and better growth opportunities for the best talent. This also encourages people to develop by working across functions in the organization.

Create a refined culture

Top performing organizations in the medical device sector that demonstrate strong commercial capabilities often provide increased customer focus and have a collaborative problem-solving mindset. Change leaders in the organization must be identified through network analysis to lead implementation teams in their respective areas of expertise. Leaders must act as role models to encourage team members to embrace change.

Successfully executing and scaling solutions will be challenging with rapid changes in the medical device sector. Get in touch with us to know how we can help your business strategize for change.

Acknowledge success

Companies in the medical device sector must ensure that their employees are aware in case of any breakthroughs and help them understand what exceptional commercial capabilities can produce when correctly applied. Medical device sector companies can establish a communication strategy to communicate success and galvanize change leaders in the organization to demonstrate commitment to the tasks that have been assigned.

Measure impact

Measuring the leading and lagging indicators are vital, given the longer lead time in delivering the marketing and sales impact. Leading indicators such as sales-pipeline health have the ability to provide an early window into a strategy’s effectiveness. Lagging indicators that include profit shares and revenue are the ultimate test of a transformation’s success for medical device companies.

Learn more about Infiniti’s solutions for the medical device sector

medical device market

Gaining Ground in China’s Medical Device Market

The developments in China’s medical device market is taking place at a breakneck speed. This makes the Chinese medical device sector a highly lucrative market that top medical device companies cannot afford to ignore. The medical device market in the region consists of several tiers, ranging from high-end to mass-market equipment. High-end equipment consists of the latest diagnostic and treatment technologies, which are usually contained only in imported products, while mass-market equipment incorporates older technology used for basic screening and treatment. The ongoing healthcare reform in China is expected to reform and reshape the market in fundamental ways. The medical device industry will largely be dominated by three significant changes over the next couple of years. This includes:

  • Rising importance of the midmarket
  • Growth of local companies
  • Revamping ways in which medical device products are sold

Although these changes will create huge opportunities for medical device companies, they also come with a set of challenges that could affect both MNCs and local players in the medical device market. In order to thrive, international medical device manufacturers must defend their leadership position at the premium end of the market against stronger local rivals while expanding their reach in the fast-growing midmarket. On the other hand, local companies in China’s medical device market must focus on developing the products, skills, and talent required to succeed at the upper end of the midmarket and some premium segments as well.

In this article, our healthcare industry experts reveal some key strategies to survive in China’s medical device market.

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Strategies for MNCs’ in China’s medical device market

Focus more on midmarket

To be in head to head competition with local medical device companies, it is vital for MNCs’ to capture share in the midmarket. To achieve this, companies must start by developing a mid-market portfolio that meets the demands of patients and healthcare providers in China. They can choose to opt for an organic new product development, joint ventures, or acquisitions. Furthermore, building a go-to-market model that is not only sufficient but is also highly efficient can also prove to be helpful. Making changes to the go-to-market model, manufacturing, and sourcing, with a focus to lower costs is paramount for winning in the midmarket.

Stronger skills and strategies in government affairs

Although some top medical device companies have established strong relationships with central and local government agencies in China, it is not so across the board. Stronger skills sets and well-defined strategies in government affairs is paramount to shape regulatory policies on product registration, pricing, and compliance.

The changing landscape in China’s medical device market will create immense opportunities for companies in the sector. Get in touch with our industry experts to gain detailed insights on how we have helped top companies across industries to improve their key capabilities and capitalize on the right opportunities.

Strategies for local companies in China’s medical device market

Make strategic investments

Companies in China’s local medical device market that want to establish their position in the middle and premium ends of the market must upgrade the quality of their existing products and emphasize on developing new and innovative offerings. Local players can also consider partnering with R&D centers or setting up joint ventures with MNCs’ in the medical device industry to gain access to advanced technologies.

Enhance skills and processes

Venturing into the premium products market will require local medical device companies to have a more sophisticated sales and marketing operation than the existing ones in place. The excessive reliance on distributors in many cases must be reduced, instead, direct relationships can be built with key accounts through their own salesforce.

Want to know more about venturing and investing into new markets? Learn more about how our market entry solutions can help your business.

Medical device packaging

Infiniti’s Demand Management Solution Helped a Company in the Medical Device Industry to Achieve Average Savings of Over $5.2 Million

Medical Device Industry Overview

The US medical device industry is one of the largest industries and is constantly being driven by the emerging technologies and innovative manufacturing methods. Though medical device manufacturing companies have witnessed unprecedented growth in the last decade, such dramatic advancements have also given way for several challenges that loom over companies operating in the medical device industry. Owing to the increasing challenges in the market, companies in the medical device industry are increasingly leveraging demand management solutions to manage and allocate capacity to meet the markets’ increased demands.

Accurate demand planning and management can help businesses deal with issues such as analyzing and estimating customers’ demands and requirements. Request for a FREE proposal today!

Business Challenge

The client is a medical device manufacturer based out of the United States. The company is well-known for manufacturing a wide range of healthcare devices.

Inconsistency in the product demand, owing to fluctuations in the market, made capacity planning quite challenging for the client. Also, due to their inability to meet the rising market demand, the client was unable to maintain the right balance between supply and demand, which resulted in reduced profit margins for the company. This necessitated the client to capitalize on these market changes through better forecasting and demand planning.

The key objectives the client was looking to achieve by leveraging Infiniti’s demand management solution were:

Medical device industry challenge #1

Enhance product forecast accuracy – By leveraging Infiniti’s demand management solution, the company in the medical device industry wanted to accurately forecast the product demand and better plan production, warehousing, and shipping schedules.

Medical device industry challenge #2

Identify long-term savings opportunities – By employing an effective demand management process, the client wanted to effectively manage the supply-demand shortages. With this, they wanted to enhance sales and efficiently cater to the needs of the increasing population.

Medical device industry challenge #3

Create efficient cash flow management – By accurately forecasting the product demand, the company in the medical device industry wanted to predict shortfalls in sales and plan capital requirements in advance to meet the financial needs.

Customer demands are extremely dynamic and unless organizations correctly plan the production process, the chances of overstocking or understocking of goods are likely to happen. Contact us today to leverage our demand management solution.

Solutions Offered

The experts at Infiniti Research conducted a medical device market study. This phase of the engagement helped the client to understand industry transformations and developments in the US medical device industry. Also, the client was able to identify factors impeding the demand of medical devices.

The next phase of the engagement involved an inventory forecasting engagement. By leveraging Infiniti’s expertise in offering inventory forecasting solutions, the experts helped the company in the medical device industry was able to accurately identify the target stock levels to meet the potential market demand for medical devices in the United States. This helped the client to fulfil customers’ demands seamlessly.

Also, Infiniti’s demand management solution involved competitive benchmarking analysis, where the experts helped the client to identify approached undertaken by their key competitors to meet the evolving market demand. Also, the company in the medical device industry was able to understand how well they performed compared to other top medical device companies in the US.

Results Obtained

Insights obtained from Infiniti’s demand management engagement helped the client to formulate effective strategies for making smart decisions about inventory and production levels. This subsequently reduced the risk of stock-outs, resulting in lower holding cost and increased turnover rates.

Moreover, Infiniti’s demand management engagement also delivered tangible outcomes in their supply chain, most notably the cost savings obtained from inventory management and demand planning. Infiniti’s demand planning solution helped the company in the medical device industry to improve achieve average savings of $5.2 million in a year.

Key Challenges Facing Medical Device Manufacturers

4 Major challenge

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Medical device packaging

Enhancing Sales Rate by 33% for a Company in the Medical Device Industry | Infiniti’s Latest Success Story on Competitive Intelligence Solution

Competitive Intelligence Engagement for the Medical Device Industry

Although the medical device industry has experienced unprecedented growth over the past few years, the constantly evolving regulations, healthcare dynamism, and changes in global healthcare market are bringing up huge challenges for companies operating in this sector. Owing to such challenges, medical device companies are finding it difficult to compete with other major players in the market. Therefore, companies are approaching firms like Infiniti Research to leverage their expertise in offering competitive intelligence solution to gain detailed insights into their competitors and devise strategies to gain a leading edge in the market.

Are you facing difficulties in gaining a competitive edge over other companies in your industry? If yes, our experts can help you identify where your company is lagging compared with your competitors. Request a FREE proposal today!

Business Challenge

The client is a medical device company based out of Central Europe. The company is well-known for manufacturing a wide range of healthcare devices. The client was losing ground to their competitors due to their inability to adapt to the latest market changes and demands. With this, the company faced a huge decline in their market position and this subsequently affected their sales rate. The client, therefore, approached Infiniti Research to leverage their expertise in offering competitive intelligence solution. With Infiniti’s competitive intelligence solution, they wanted to understand their competitors’ business strategies and needed to adapt faster to their initiatives.

With Infiniti’s competitive intelligence solution, the company in the medical device industry also wanted to:

  • Keep track of their key competitors’ and change their business strategies accordingly
  • Understand their competitors’ pricing strategies, product portfolio, and marketing activities
  • Minimize vulnerability to market risk and enhance performance

Solutions Offered and Value Delivered

The experts at Infiniti Research followed a three-phased approach to competitive intelligence. The initial phase involved conducting a thorough analysis of the European medical device industry. In the second phase of the engagement, the experts filtered out top medical device companies in Europe based on factors such as market share, market position, average sales rate per year, and profits. The third phase of the engagement involved comparing the performance of the client with these top medical device companies.

The insights obtained from Infiniti’s competitive intelligence solution helped the client to understand the initiatives and marketing approaches adopted by their competitors. Furthermore, by comparing the client’s business performance with the top competitors, the experts helped the client to understand their shortcomings and strengths in the market. This helped the company in the medical device industry to understand customers’ requirements regarding medical devices. This further helped them make changes in their product developments and marketing initiatives.

Furthermore, by identifying their strengths compared with other companies, they were able to utilize them to maximum advantage to boost profitability. With Infiniti’s competitive intelligence solution, the company in the medical device industry was able to surpass the competition in the European medical device industry. This helped them enhance their sales rate by 33%.

medical device industry

Still wondering how our competitive intelligence solution can help companies in the medical device industry to identify competitors’ initiatives and develop intelligent business strategies to gain a competitive edge in the market? CONTACT US today!

Top trends that will shape the medical device industry in 2019

Top trends that will shape the medical device industry in 2019

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Want to gain more insights into the future of medical device industry? Read the article below.

Future of Medical Devices – Technological Advances in Healthcare

medical device packaging

Trend Watch: What’s New in Medical Device Packaging?

Medical device packaging is certainly not easy. Poor medical device packaging can result in a host of problems for both customers as well as medical device companies. It must be ensured that every package that holds a sterile medical device not only arrives at the hospital or clinic free of wear and tear or broken seals, the packaging must also ensure a longer shelf-life, possibly for years, without breaking down. Furthermore, following the packaging guidelines and strict regulatory standards of the FDA is another hurdle faced by companies in the medical device market.

Learn more about the opportunities, trends, and challenges in the medical device packaging market.

As a result of such increasing complexities, players in the medical device packaging market are looking at the latest innovations and trends that meet their requirements while adhering to the FDA regulations. Our experts in the medical device packaging industry have listed some of the top trends that are shaping the future of medical device packaging.

Medical device packaging trends 2019

Green designs

Involving a medical device packaging partner at the earlier stages of product development allows to create a packaging that is innovative, serves the purpose, and is highly sustainable. Designers of medical device packaging are formulating new ways to reduce the material and energy required. In addition, they are aiming to reduce the number of components required in the overall package. The advent of tools such as design and package integrity simulation allows medical device packaging providers to make a well-informed prediction at the concept stage about how design choices such as downgauging materials or reducing the overall footprint will have an impact on the performance of the package. This gives higher confidence and ensures greater efficiency before moving into the prototyping and manufacturing stages.

Is your business equipped to meet the dynamic market trends and challenges? We have helped several healthcare and pharma companies around the world to stay abreast of the changes in their market and formulate strategies to adapt. Submit an RFP o know how our tailor-made solutions can help your business.

Recycling programs

There is a growing awareness around the recovery and reuse of materials. Several medical device packaging companies and OEMs are working with healthcare providers and recyclers to recover and use existing plastics. Once the most sustainable materials are chosen, the end-users are informed on how to reuse and later recycle the packaging. Furthermore, research and evaluations are being continuously conducted around new medical device packaging innovation that can offer better sustainability benefits.

Efficient and cost-saving transportation

Companies can perfect their transportation strategies via simulation tools in order to lower energy and cost. Several players take advantages of software that helps to optimize planning, maximize load, and minimize costs. This allows manufacturers to prevent obstacles by learning the outcomes and solutions ahead of time. Companies commonly focus on sustainability through bulk freight shipments that reduce packaging, impact on the environment, and transport/inventory expenses. Moreover, medical device manufacturers are working with CMOs (contract manufacturing organizations) that provide end-to-end services. Choosing a medical devices packaging partner that can perform everything from design and development, to prototyping, to tool building to manufacturing under one roof means components don’t need to be transported between various phases of the process.

Learn more about Infiniti’s portfolio of services and know how our business intelligence solutions can help your business.

medical device packaging

Debunking Three Common Myths About Medical Device Packaging

The lifecycle of launching a new medical device into the market includes a significant number of milestones that can either facilitate or hinder the launch date of the product. One of these milestones that has a critical impact on the time-to-market strategy is medical device packaging. Although it may seem that medical device packaging is the last thing on the mind of manufacturers, this is not the case. Packaging is a highly crucial element of the final output of medical devices. This is largely because the packaging not only ensures that the medical device is protected from any external damage, but it also plays a vital role in upholding the quality standard of the product till the time they are put to use.

In this article, we put some common misconceptions about medical device packaging to rest and also explain the key best practices involved in an ideal medical device packaging.

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Medical device packaging only needs to be tested once

If a particular medical device packaging pouch or box is already in use, there are chances that you tend to ignore testing this packaging again. Although it might be possible to leverage the previous testing results partly, it is important to re-perform these tests. This is because there is more to testing medical device packaging than merely testing whether the pouch seals meet a minimum peel strength requirement.  It is also vital to test the chances of the device puncturing the pouch or whether the packaging can damage the medical device. In addition, while undertaking transit testing, if your device is sterile, it must be proved that the device packaging will maintain sterility for the shelf-life of the device.

Medical device packaging is easy

It is a common misconception that medical device packaging is easy and does not require a lot of thought. But the truth is, if medical device companies wait till the end to decide on their packaging strategy, chances are that their time-to-market is going to be delayed. Medical device manufacturers must understand that packaging it is critical to keep the device sterile and functional, and packaging plays the most important role here. The first design drafted for the medical device packaging might not pass testing or may be cost-prohibitive. It may require several complex iterations.

Medical device packaging decisions can wait until the end

It is a common misconception that since packaging is one of the last stages before launching the product, the decisions relating to packaging can wait till the end. However, as mentioned earlier, medical device packaging decisions might not be as easy as you expect it to be. Pushing these decisions to the last minute could delay the product launch. Furthermore, for the US as well as the European market it is imperative for medical device packaging to adhere to ISO 11607-1 and ISO 11607-2 standards.

Facing difficulties in identifying a good packaging strategy and meeting packaging standards in the industry? Request a free proposal to know how our solutions can help you solve such roadblocks.

Medical device packaging best practices

medical device packaging

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Market Intelligence

Medical Devices Competitor Analysis: An Infiniti Research Success Story

Competitor Analysis for Medical Device Manufacturers 

About the Client 

The client is a leading player in the US medical device industry. The company is well-known for developing innovative medical devices and drugs.

The Business Challenge                                         

Medical devices manufacturing companies are set to witness growth opportunities in emerging markets. Moreover, as the new standards and regulations are emerging, and healthcare dynamics are evolving, the medical devices companies are facing an increasingly competitive scenario. This challenging environment compels medical devices companies to reduce costs, streamline their operations, and innovate more quickly. Thus, it has become extremely difficult for traditional medical device companies to compete with other firms in their areas of specialization, in terms of cost, quality and capability.

Companies in the medical device industry are exploring ways to stay competitive in the market by distinguishing market disruptions, analyzing competitive activity, and developing intelligent business strategies.

Business Case: The rising number of medical devices manufacturing companies have drastically increased the level of competition in the market, making sustainability a key challenge for companies. Thus, the client wanted to devise a competitor analysis framework to develop robust marketing strategies that would help them gain a competitive advantage over other market players. Additionally, the medical devices manufacturer wanted to profile major competitors in the industry and understand their current marketing initiatives to make the required changes in their business plan.

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Top Challenges Faced by the Medical Devices Manufacturer 

Problem Statement 1

With the recent technological advancements in the medical device industry, the client was facing difficulties to propel their business forward. Hence, the medical devices manufacturer wanted to assess the performance and capabilities of their peer groups to make better business decisions.

Problem Statement 2

The medical devices company faced increasing demand to adapt to a fast-evolving marketplace by efficiently catering to the needs of the growing population.

Problem Statement 3

Medical devices manufacturer faced significant challenges in identifying long-term savings opportunities and areas for cost reduction to facilitate product design and development.

Problem Statement 4

They needed to achieve comprehensive insights into their competitors’ strengths and weaknesses to develop effective plans to become market leaders in the US region.

Mastering these challenges are easier than you think with Infiniti’s customized competitor analysis solutions. Want to know how? Request for more info!

Solutions Offered and Value Delivered 

To address the client’ challenges, our competitive intelligence experts developed a competitor analysis framework to measure competitiveness in the global landscape.

Phase 1: Identifying competitors within the medical devices sector

The initial phase of the competitor analysis solution involved conducting extensive researches to gain an understanding of the key competitors of the client.

Phase 2: Categorizing competitors

The second phase involved categorizing the key competitors of the medical devices firm based on competition –Their competitors were categorized into direct, indirect, and substitute competitors.

Phase 3: Analyzing competitors’ strengths and weaknesses

The next phase included analyzing common marketing patterns and the competitors’ strengths and weaknesses. This helped the medical devices firm to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed.

Phase 4: Devising a competitor analysis framework

By leveraging market information and data obtained from competitors, a competitor analysis framework was devised. This included the detailed company profiles, competitors list, their current activities and future industry developments.

With Infiniti’s competitor analysis, the medical devices firm was able to analyze competitors in terms of market penetration and product developments. This helped them gain a better picture of the current market space and build new business strategies. The medical devices company was also able to identify profitable markets and offer a differentiated set of products. Also, they dynamically fine-tuned their marketing efforts to gain a competitive advantage over their competitors.

Researching a new medical devices market segment? Our experts can help you understand the competitors' and market landscape. Request a FREE proposal!

 

Future of Medical Device Industry

The future of medical devices industry is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of medical companies. The development of state-of-the-art medical devices and technologies has shown unparalleled growth and advancement in the healthcare industry. Furthermore, the emerging technologies in the industry space have revolutionized the way medical devices are formulated and manufactured to cater to the demands of the healthcare industry. Hence, companies in the medical devices industry are seeking to enhance product prototyping, minimize operation costs, and be responsive to product developments to stay competitive in the market.

Why Partner with Infiniti Research? 

With a team of highly skilled market research professionals, we offer customized solutions that will help medical devices companies to magnify their competitive advantage by improving their speed-to-market. Our solutions have been proven to deliver insight-driven outcomes at scale, to help businesses improve their business performance.

CONTACT US to know more about our services!

The US Medical Device Industry: How to devise a Market Entry Strategy

With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.

Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.

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3 Key Medical Device Reimbursement Challenges Manufacturers face Globally

Medical device reimbursement is the payment made by a third party private or public insurer to a health care provider in exchange for the costs or payments incurred by the provider for performing the required procedure or using a medical device. There are three goals for any medical device reimbursement strategy, universal coverage from all insurers in all patient care settings, adequate physician and institutional reimbursement, and unambiguous coding. Reimbursement is the primary issue on every investor’s mind, and it is one of the first things healthcare companies think about when developing new products or medical devices. If the coverage under medical device reimbursement has no certainties, it becomes very difficult for companies to analyze the return on investment. This obstructs venture funding and also limits innovation. Consequently, it pulls back the patients from leveraging the benefits of advanced and new technologies. Thus, medical device reimbursement and coverage of payers play a very important role in making or breaking a medical device. There are several challenges associated with medical device reimbursement for manufacturers, which varies from countries to countries. In this article, we hGet More Infoave listed down some of the most common challenges that every manufacturer faces in medical device reimbursement. Also, we have suggested a few solutions to deal with those challenges.

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