A well-researched medical device commercialization process will drive medical device companies gain market share and secure the highest possible return on investment. A successful medical device commercialization strategy plays an important role in a successful product launch. This article shares tips for a successful medical device launch.
Before a medical device company markets and sells its medical device, the device requires FDA clearance. The FDA review times is usually between 6 months and can be several years. For this reason, the company should have a product launch plan developed early in the timeline to have a foundation that can be adjusted accordingly.
In addition to a medical device commercialization strategy, the medical device developer also requires a medical device marketing strategy before the product launch that should focus on the current and future target audience. A lengthy list of deliverables are required including;
The medical device marketing strategy should focus on the medical device's value and the target audience. The target audience will adopt a device that delivers accurate and effective clinical outcomes, reduces cost and improves workflows.
Measurable goals guide the company to a successful product launch. Launching a medical device requires attention from internal departments including regulatory, quality, manufacturing, marketing, sales and customer support. Each department should be aware of the goals it is working towards. Successful product launch requires all departments working together to achieve the main goal.
From the initial medical device market research and analysis to medical device commercialization and product launch, competition is a critical component of every strategy. Medical device consulting firms identify competitors and gaps in the target markets. The company can utilize the gained competitive intelligence to secure a competitive advantage during and after the product launch.
The company should create applicable content including 3D animations, procedural animations and virtual reality. Visualization ensures the technology is understood and appropriate product use. The content should highlight the features and value of the device. Digital content can also help in attracting investment.
Train Sales force
Education and training are critical for a product launch. The sales force must be trained on the new medical device. While interacting with customers, the team should be able to explain the device features. The company should have product manuals and training guides prepared before the launch.
It is critical to track results and goals after the product launch. This ensures that the marketing efforts are directed towards the target markets. The company should also invest resources in creating more digital content to increase product visibility.
The sales and marketing teams interacting with the customer can gather valuable feedback on the device and the company.