The healthcare industry rose to the occasion at the outset of global healthcare challenges beginning in 2020. Around the world, hospitals, outpatient facilities, MedTech organizations, and research firms embraced digital tools and communication out of necessity.
But once the worst was over, it became clear that this new, digital-first model of healthcare was here to stay. Both patients and providers enjoyed the convenience of virtual appointments for routine care. Digital tools unlocked precision care with no human error. It became clear that e-commerce and self-serve models were a boon to patient and customer engagement.
For MedTech firms in particular, the landscape of technology is evolving by the day, driven by groundbreaking advancements that dramatically enhance patient, provider, and clinician experiences. How can MedTech firms meet the moment and capitalize on this technological renaissance?
By embracing new technology and shifting go-to-market (GTM) strategies, healthcare and MedTech organizations can stay relevant and protect their market share.
The industry is evolving to prioritize cutting-edge technology like AI, robotics, and connected products. If they haven’t already, MedTech firms must begin investing in these increasingly popular offerings to stay competitive and boost their value proposition.
Artificial intelligence (AI) has shown great promise in a number of MedTech settings. By outfitting powerful computers with machine learning (ML) algorithms and giving them access to data, healthcare providers can drive improved outcomes and strengthen quality of care. AI/ML can enhance endoscopy by automatically characterizing pathological structures seen in scans. Remote patient monitoring involves analyzing massive troves of patient data, but AI/ML makes it look easy, markedly improving efficiency and facilitating earlier intervention. Finally, AI/ML has shown tremendous promise in radiology, where ML-enabled devices can scan diagnostic images and detect potential abnormalities more quickly and with a higher degree of accuracy than humans.
Robotic MedTech devices have been on the market for over 10 years, but they’re now taking center stage as a key focal point for soft tissue and hard tissue procedures. Robotic platforms offer much more precision and flexibility than human surgeons can offer on their own. Physicians trained to operate surgical robotics can control the tiny devices from a console that offers a high-definition, magnified view of the site. Robotic devices have opened new avenues for surgical dexterity and are now in high demand.
Connected products prioritize digitalization and interoperability to unlock a seamless user experience. In remote monitoring settings, these products facilitate data exchange and keep patients and providers in the loop through both synchronous and asynchronous care. In the lab, connected devices automate processes and integrate data in real-time, allowing for enhanced decision-making.
MedTech firms must invest in these technologies to meet customer demand for value-additive services that offer precision, efficiency, and quality care.
As the industry continues to accelerate and embrace new technology, MedTech firms must shift their GTM strategy to adapt alongside the market.
These new tech offerings—AI, robotic devices, and connected products—have deep implications for any buyer, which translates to additional stakeholders and personas. By taking the time to learn the ins and outs of the new technology, sales leaders can develop a keen sense of who and what the technology will affect.
It’s important to note, though, that teams shouldn’t be left to their own devices when it comes to learning about the new technology. MedTech sales organizations must equip their teams with the tools necessary to sell products that change patient care successfully.
But learning about the new technology isn’t quite enough. Sales leaders must encourage these new conversations by providing resources like updated segmentation and by baking new incentives into compensation plans. These changes will nudge reps in the right direction and will signal how important these new themes are in the market.
Finally, new technology doesn’t simply arrive in one fell swoop. Buyers will now need a much higher degree of ongoing support once they implement it. MedTech firms must create and sustain dedicated clinical and customer success teams to not only help providers with the new technology but also open the door for cross- and up-sell opportunities.
It’s official: the MedTech renaissance has arrived, and the new technology is here to stay. To keep pace with the quickly evolving market, MedTech organizations must begin embracing hot new tools like AI, robotics, and connected products.
To support buyers as they research and implement these new offerings, GTM models must shift as well. If MedTech firms haven’t yet embraced the new technology, they aren’t too late. But it’s important to begin laying the groundwork for updated GTM models that align with modern buyers’ expectations.
About Mike White
Mike White is a principal at Alexander Group’s Chicago office and co-leads the MedTech practice. He specializes in helping clients accelerate profitable revenue growth through marketing, sales and service organizations. With extensive experience across medical devices and diagnostics, Mike has led complete go-to-market transformations as well as execution engagements that address specific needs within the marketing, sales, or service organization. Mike started his career in sales and sales leadership roles at General Electric. Mike’s industry experience combined with more than 10 years in consulting enhances his leadership in optimizing client growth strategies.