The Medtech sector today: 7 key challenges for 2022
As we look forward to the key challenges of the medtech sector for 2022, the question arises: how healthy are Medtech organizations themselves, as they supply medical, innovative, technical products or services to the world? Are you targeting the right audiences? Have you stayed on top of all latest trends and have you been quickly enough to adapt to change? Our diagnosis is that quite a few of today’s challenges are strongly related to the fast-paced digital world in which we all live.
We have identified 7 key challenges of the medtech sector that will impact the way you think about your business in 2022.
Do you recognize the following opportunities in the relationship ‘patient versus doctor’?
Challenge 1: The patient is an empowered consumer and this hugely impacts your business model
In the past, when a medical product or services was recommended by a medical specialist, dentist or general practitioner, patients would tend to accept their advise without asking many questions. Nowadays, patients come into a consultation well prepared with accrued insights. They might have searched the internet for information, checked reviews or talked to friends and family.
Patients go to the doctor with a presumed diagnosis or solution and a preference for a certain treatment option. In order to ensure they prefer yours, your solution must stand out positively and your brand must be brought to the patient’s attention during their online – and offline – research.
“The medical ambassadors of the past are now thousands of consumers jugging your medical product or services!”
Challenge 2: Large tech organizations use information to understand consumers – and patients – better
Organizations that understand patients better come from unexpected places. Apple is increasingly active in the health tech space. Apps on iPad, iPhone and Apple Watch provide quick access to important health data and empower consumers. And Google Health is another example of a large tech company using its vast information resources to provide data, research and insights to both consumers as well as health professionals.
The result is that your audiences are even better informed about their own health status and develop their own medical opinion. In addition, your professional customers use data in a different way as well. Personal data play an increasingly crucial role when it comes to health matters.
“The medical specialist with up-to-date and individual health data can make the best choice for patients and carry out tailor-made treatments. Nowadays the need for integration between apps and medical products or services is taking a flight”
Challenge 3: How and how much do medical brands communicate with their end users – the patients
For years it was only the medical staff whom communicated with patients. Information streams were clear and flowed from the professional to professional, and from there to the individual on an as-needed basis. Mutual agreements and protocols were known. In many cases jargon was even spoken, such as predominated abbreviations and scientific terminology. This key challenge of the medtech sector for 2022 changes that.
But which language do you choose when your target group is the end user of your product or services? Medical brands and Medtech organizations address the patient not in the same way as a doctor does. How do you ensure you have the right tone of voice and messaging to connect with your end users? Not only the way you communicate is important, but also how and how often you interact with your target group, across all channels and devices in which they may come into contact with your organization, products and brands. And how do you answer questions that might come back your way?
“Once you start interacting with your end users and patients, be prepared for their detailed questions. Choose the right digital channels for this type of communication”
Challenge 4: What will be the focus in all the go-to-market options available?
To achieve growth, you first need to have great products that solve a real issue. Then, your specific markets, customer segments and target audiences need to be defined as well as your ISP’s (unique selling points) against other solutions in these markets.
But ultimately, the way to success is to know how to best reach and engage with your audiences and ensure they consider and prefer what you have to offer. A clear Go-to-Market strategy can do just that.
“A Go-to-Market plan (GTM) outlines in detail how your medical products or services are brought to market. The better targeted they are, and the more learnings are combined with data and insights to optimize your GTM activities, the more successful your product launches will become”