Because of COVID-19, I’ve been using Zoom as a platform for conducting most of my meetings. I’m not flying as much to meet with clients and partners and am actually able to feel like I’m having a face-to-face conversation with the person I’m speaking with. It’s also great for team meetings, especially as my team is located coast to coast. Read the rest of this entry »
Post-COVID-19, it is pretty clear that we will not return to “normal course” of business.
Physicians will spend less time face-to-face with sales reps. Accessing hospitals to demo new medtech products will be especially difficult as sales reps will no longer be standing at the surgeon’s elbow in the operating room.
Product differentiation is the ante to getting a physician’s attention. Does the physician see the message header and think, another XYZ product? Or do they see a product that’s truly novel and addresses a meaningful problem? Read the rest of this entry »
As a marketing consultant for many years, I’ve interviewed thousands of physicians, payers, and patients. It is well proven that body language and facial expressions are an important indicator of how someone is responding to an idea or a new product.
But, in this era or Covid-19, when discussions are increasingly held by video vs in-person, and you can’t see the whole person or accurately judge their expressions or body language, knowing when yes really means yes is critical. Read the rest of this entry »
Over many years, I’ve conducted thousands of phone interviews with physicians, patients, caregivers, payers, etc. Recently, I’ve been reading a book called Never Split the Difference written by Chris Voss, an FBI hostage negotiator. Those insights, combined with the fact that we’re all going to be using our phones more to conduct meetings and interviews, and a comment recently made by a Medical Director at a large payer “when I speak with you, it’s not an interview, it’s a conversation” is why I decided to write this article.
Here are some key lessons I’ve learned: Read the rest of this entry »
I was fortunate to make a guest appearance over at the Medtech Strategist blog recently. Please head over and check out my views on if Value Analysis Committees are sucking the life out of medtech innovation. What do you think?
“History doesn’t repeat itself, but it often rhymes.” – Mark Twain
Recently, there was a quote from the head of global marketing of SEMRush, an online visibility platform,
“In our field of marketing, experience is a burden… In marketing, if you’re not embracing the rapid changes and constantly refining your vision, you will fail completely. If you were successful in marketing 10 years ago, that does not mean you will be successful now.”
Younger generations can and do teach those more senior in their careers a lot about digital marketing, the use of data analytics, etc. but to carte blanche suggest that experience has become less valuable is flat wrong. Read the rest of this entry »
Pharmaco-economic data is to a payer or Value Analysis Committee (VAC) what clinical data is to the FDA.
But here’s the conundrum, while companies spend lots of money and time assembling evidence based arguments supporting the price of their new products, payers and VAC’s often view these with a healthy dose of skepticism. When it comes to the data, you’re damned if you do, but really damned if you don’t.
The endpoints define the label, the label defines the message, the message drives access and uptake, and uptake defines the endgame.
Unlike the world of the 90’s and early 2000’s, companies can no longer count on large sales and marketing spend to compensate for the lack of a compelling value proposition. Especially where time with physicians is increasingly difficult to get. Read the rest of this entry »
A compelling value proposition is built well before launch, when there’s still flexibility to potentially adapt the clinical trial program to meet the needs of future customers.
Companies whose goal is simply to license the compound or hope to be acquired by a larger company often take the path of least resistance and least expense. Read the rest of this entry »
Right after the New Year comes the JP Morgan and related conferences. It’s the financial equivalent of Tinder for investors and companies seeking investment.
Most presentations given by companies seeking investment start out the same way. Big opportunity. X million people suffer from the following condition and our technology is superior and offers significant benefits to physicians and patients. What smart investors increasingly will focus on is reimbursability, pricing power, and confidence in achieving your forecasts. And smaller opportunities where you can hold a strong to dominant position will focus your use of funds and result in greater valuation than larger markets where you are only a minor player.
The key questions you need to answer: Read the rest of this entry »