Medical Device Marketing: Maximizing Limited Resources
The device industry’s often narrow margins put significant pressure on companies to drive the greatest possible returns from their products. Given the short shelf life of much medical technology, effective medical device marketing is critical to any device company’s long-term success. Such constraints require that medical device companies allot sufficient resources to product commercialization – and understand how to best use those resources. This medical device marketing white paper addresses these issues by examining marketing benchmarks from medical device products profiled in Medical Device Product Management: Benchmarking Development, Marketing and Promotion, a report published by Cutting Edge Information.
Medical device teams must provide adequate support during pre-launch marketing efforts, but they must also work diligently once a device is on the market to capitalize on the brand’s potential. Medical devices often have shelf lives of a few years and narrow profit margins; companies must therefore move quickly to recoup expenses and make money on their products. Successful marketing teams identify key commercial challenges as early as possible in the product lifecycle. Accurate identification of a device’s unique difficulties sets the groundwork for a successful marketing campaign and alerts marketers to potential snags before they arise. Companies with deeper pockets depend on market research to develop this kind of information. Other firms rely on experience, internal market knowledge and feedback from customer-facing individuals such as sales reps and payer and purchaser negotiators.
You may also be interested in CEIConnect: The Lifesciences Industry’s On-Demand Research Resource as well as our individual marketing research reports.