RESEARCH TRIANGLE PARK, NC − Despite continual growth and increasing importance, there has been little business intelligence available to the medical device and diagnostic sector – until now. Cutting Edge Information is happy to introduce its “breakthrough” primary research report, Medical Device Product Management: Benchmarking Development, Marketing and Promotion. The report provides the $200 billion-and-growing industry with an informative breakthrough tool that utilizes first-hand data directly extrapolated from medical device and diagnostic companies like Baxter, Vitatron and Novartis. Key areas of focus and recommendations center around device development, marketing and sales and promotion benchmarking.

Field and Support a First-Rate Sales Force
When a medical device hits the market, a well-funded sales force should be in place to drive the product home. Simple structures should be employed, allowing for maximum communication between representatives and other internal groups (marketing and engineering, for example).
Sales budgeting and staffing depends on the device and device market. Products that have great potential and large markets require investments in the $3 million range and a sales force of more than 500 representatives. Products with less potential and small markets require less: investments tend to be around $100,000 with fewer than 20 representatives.

Position Devices for Commercial Success
Discrepancies among technologies, companies and markets result in different budgets among the medical device industry. While some major devices enjoy large marketing budgets – $41 million to $75 million – a vast majority of companies looking to market their medical devices entertain a mere $1.8 million marketing budget.

Because many companies make marginal earnings on a device, investing a large sum is not always a sound business decision. Headcounts average 22.5 full-time equivalents (FTEs) during manufacturing and the first year on the market, which includes staff from various functions such as R&D, commercial, manufacturing and accounting. Manufacturing employs the most FTEs, with an average 9.8 FTEs.

The 177-page report has three chapters, with more than 400 metrics and 75 charts and diagrams.
To view a quick summary of this report, saveable on your desktop, please visit: http://cuttingedgeinfo.com/medicaldevices/PH80_Download.asp#body.

 

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