The best way to bring medical devices to market

Share this article:
Every innovation begins with an initial spark—an innovative idea that sets a ball in motion. But the road to bringing a new medical device to market is a long and arduous one, with challenges—everything from funding to FDA approvals.
While many innovators believe that marketing should be placed on hold until the product is ready to market, marketing actually keeps momentum going and expedites the process.
The first step is to research the market landscape. Who are your competitors, and how established are they? With a firm understanding of the competitive landscape, you can readily identify your product's differentiators and strategically position your product.
Before you talk to others about your product, it's important to get your story straight. A solid message is the catalyst to grab the attention of your key decision makers. An easy way to get started is with the elevator pitch, two to three sentences that define your product, short enough to be delivered in an elevator ride to the top floor. The key is to avoid using confusing industry jargon; instead, deliver as if you were explaining to your mother or next-door neighbor.
After you've done your research and crafted a solid message, it's time for your product's first test—networking, for example at local trade associations. These events provide an opportunity to connect with the movers and shakers in your industry. Other opportunities include tradeshows, economic development summits and industry forums. You can even seek out speaking opportunities at these events.
While there's no replacement for face time, online networking is an efficient way to build new relationships without travel expenses. Even a basic start will make an impact.
If you're not sure how to allocate your time, the top three social networking platforms for business are: LinkedIn, Twitter and blogging. And if you're new to social media entirely, start with LinkedIn by creating a profile—it is the least time-consuming of the three, and is an easy way to connect with others in the industry. Also, join relevant industry groups and enter discussions.
Many well thought-out medical devices never make it to market. To increase chances of success, incorporate strategic marketing every step of the way—from initial research of the market to networking with the industry influencers. It's a smart way to get a leg-up on the competition, who may wait until farther down the process to begin marketing.
Irene Adler is CEO of Vantage Communications
Share this article:
You must be a registered member of MMM to post a comment.

Email Newsletters

MM&M EBOOK: PATIENT ACCESS

Patient access to pharmaceuticals is a tale of two worlds—affordability has improved for the majority, while the minority is hampered by cost, distribution and red tape. To provide marketers with a well-rounded perspective, MM&M presents this e-book chock full of key insights. Click here to access it.

More in Features

Read the complete September 2014 Digital Edition

Read the complete September 2014 Digital Edition

Click the above link to access the complete Digital Edition of the August 2014 issue of MM&M, with all text, charts and pictures.

Medical marketing needs mainstream Mad Men

Medical marketing needs mainstream Mad Men

Agencies must generate emotional resonance with the target audience, not unlike Apple, Pepsi or Nike

Are discounts cutting out co-pays?

GSK's decision to cut Advair's price spurred some PBMs to put it back on formulary. Will drugmaker discounts diminish the need for loyalty programs? How can these programs stay relevant beyond giving co-pay assistance?