Health Economics

Health Economics

Solution offers in the medtech industry



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By definition every solution, regardless of its design, targets a specific customer challenge. The key to configuring effective solutions is to understand the customer’s needs, but majority of medtech companies find this as a main obstacle.[1]

Moreover, to develop a solid solution, it is important to identify which internal and external factors will shape the solution’s configuration and to what extent. This requires a thorough analysis to nail down the specific factors that need to be considered. Key questions to answer among others are:

  • What is the customer’s challenge?
  • How open is the market for a solution (i.e. mind-set)?
  • How able is the customer to accept a solution approach?
  • What is the level of ownership?
  • How could the solution be monetised?
  • Are there items within the existing portfolio that could contribute to a solution?
  • What are the internal capabilities for selling solutions (e.g. sales force)?
  • Which resources are available for developing and commercialising solutions?
  • Is there any infrastructure (e.g. IT) that could support solution implementation?

Solution offering diamonds in the medtech sector

More and more medtech companies are introducing solutions to the market. Besides the operator model with the well-known example of full cath lab management, there are various facets of solution offering tailored to the individual company and customer setting. Below, we present two companies that have had considerable success in implementing this framework.

Case 1:

A leading supplier of fertilisation products developed a solution to increase the effectiveness of its pharmaceuticals. In addition to its drugs, the supplier launched lab technologies and introduced Standard Operating Procedures for labs to ensure process quality. Through this measure, the company was able to increase revenue by 3.7% despite the market contracting by 7% at the time. Selling solutions helps evade market pressures.

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In the first of a series of three articles, we get global leaders, McKinsey & Company's insight on the medtech market right now. They give their expert advice to medical device companies, explaining how they can navigate through digital disruption.

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Image pulled from original article.

This article first appeared on MedTech Views and was written by Omar Ahmad, Jan Bordon and Flavia Antonia Cortrie. You can read the full article here.

About MedTech Views

MedTech Views is a platform for dialogue about medical technologies. Here you will find views from healthcare professionals, patients, public policy experts, social innovators, tech enthusiasts and also the European medical technology industry.

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