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How can medical device technology companies ensure market share while meeting customer expectations?
2 min reading time
As originally asked by Manasi Patwardhan.
Medical technology companies face a challenge. In order to be competitive, they need to develop products with the right balance between quality, function and cost while simultaneously maintaining a focus on the voice of the customer. Achieving this balance is tricky because developing brand new innovative solutions requires a longer product life cycle, which leads to a more expensive product.
Med tech companies can achieve this balance by getting product line extensions and cost reduction programs right, which can be as valuable as the de novo ‘innovative’ solutions. This is driven by following proven care pathways and reimbursement tracks as much as the emphasis on reliability and quality methods.
Medical device technology companies: What is your company’s philosophy on refreshing the product portfolio while assuring that the customer still finds the product attractive?
Chareen Goodman, PMP
I enjoyed reading your post. I was especially intrigued by your thought on achieving balance by getting the product line extensions and cost reduction programs right.
I agree with you that the balancing act can be tricky as there are a number of pitfalls that medical device companies must avoid when managing a portfolio of products, engaging in new product development and seeking new ways to innovate on existing products so as to ensure market share while meeting customer expectations. Here are my thoughts on this matter.
When it comes to refreshing the product portfolio, what you do not know will hurt you, your colleagues, your business and your profits. In the sensitive U.S. medical device industry some mistakes can come not only with loss of market share but also punitive fines.
It thus makes long-term business sense for medical device technology companies to ensure that the entire process from conception, research, prototype, production, marketing to launch is as error proof and seamless as possible. This requires strategic alignment.
Our philosophy and practice is to bring human performance to life for our medical device clients. We believe that leveraging internal knowledge and experience and building a system of core capabilities and competencies, help ensure that new products are collaboratively and smartly conceived, research is driven by breakthrough market insights, prototypes are customer focused, production is cost beneficial, marketing is well timed and profitability is consistently high. While this may seem like a tall order, I believe this is what is necessary to achieve the balance you mentioned.
We have developed a Strategic Alignment Management Framework that delivers these returns in a manner that addresses unique needs and solves critical problems for medical device companies so as to ensure market share while meeting customer expectations and increasing profitability.
Thanks for the opportunity to share thoughts and engage in this post!
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