Medtech companies have a tremendous opportunity to improve their existing businesses. This should include transforming the commercial model and building a solid case for the value of their products, as well as making value-based health care a tailwind.
At the same time, the industry has significant room to improve its cost structure and to use the cost savings to “fund the journey” to maximized performance. Consider that the pharmaceutical industry in Europe employs just 20 percent more people than the 575,000 employees who work in the European medtech sector-but its market is more than twice as large as the $100 billion medtech market. Moving simultaneously on these three efforts will go a long way toward improving the industry’s competitiveness.
In order to maximize the opportunity within the existing business, medtech companies must transform their commercial model and build best-in-class commercial capabilities. (See Fixing the Medtech Commercial Model: Still Deploying Milkmen in a Megastore World?, BCG Focus, July 2013.) Six key moves can help companies progress along this path:
Image pulled from original article.
You're the expert! Write for The Engine or share your articles, papers and researchAdd your content
Add your content
Sign up for Ignition, our regular, ideas-packed newsletter