The Medtech sector: 5 key challenges for 2023
The medtech industry is booming. It is a highly competitive and innovative industry where markets are constantly changing. This change is happening at a faster pace than ever before. It takes work to ensure your disruptive ideas can grow and reach scale ahead of the competition. Perhaps you launched that one spectacular product but don’t know how to evolve further, or you don’t know how to utilize the latest data to improve your offerings.
In this blog, read about the 5 key Medtech challenges for 2023 that you will have to face this year.
Challenge 1: Put all your focus on your consumer
This key challenge of the medtech sector focusses on your end user. To succeed as a Medtech company you need to directly communicate with the patient; your client. But which language do you choose when your target group is the end user of your product or services? Medical brands and Medtech organizations shouldn’t address their patients in the same way as a doctor does. 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?
The way of communicating to your consumer is fundamentally different from other businesses. In the switch from a b2b focus to a b2c oriented approach, you have to keep this in mind. The approach forms the base for all other medtech challenges highlighted in this post. Want to know how to do it right? Read the case study about Invisalign.
Challenge 2: Manage your data efficiently and ethically
Data is the new gold. As a Medtech company you have the responsibility to use data ethically and optimally. Management of your data should be used to grow your products or services, to develop new or better services, optimize user journeys and experiences and keep both patients and healthcare specialists content and loyal. But privacy concerns and local regulations need to be adhered to and collecting and using data requires specific expertise. We can help you use your data optimally. We offer tooling and using gathered data we can help you create the right persona and target audience for the best fit of your offerings.
Challenge 3: Ensure innovation is alive throughout your entire organization
The existence of the medtech industry is due to innovation. But how do you effectively embed innovation throughout your whole organization? And how do you create an innovation culture? To be at the forefront of change and lead the market towards the future, you need a clear innovation strategy. Your innovation strategy exists to support your overall strategy. Therefore, macro goals will need to align with your overall strategic goals and objectives. Once you put this in place you ensure you keep innovation alive.
Challenge 4: Expand your offerings from product to platform
Offering one solution can only bring you so far and is sometimes the bare minimum customers ask for. The future of healthcare is connected, between doctor and patient, and between product and service. A challenge you must face in the Medtech sector is the focus shift from selling one-off products, to providing integrated service solutions that generate recurring revenue opportunities. Digital platforms emerge that connect all kinds of solutions with their potential audiences, professionals and patients alike.
Challenge 5: Positioning your company as a medical platform
Like mentioned in the last challenge; the Medtech offering is moving away from one-off products to platforms. The emergence of these platforms allow for new opportunities, whether to establish a platform yourself, or ensure you are present on and actively participate in the given platforms out there and position your company and products clearly. By collaborating with medical platforms, you will be able to increase your reach and engagement with both professional customers as well as your end users.
Let’s talk about your challenges
The switch from a b2b focus to b2c is a drastic one for the industry. It forces you to understand your audience, improve and evolve your offerings, and position yourself correctly. In a new rapidly changing industry this requires a strong strategic direction. At Nextrday, we guide you through our strategy creation process, we help create your strategy and define an execution plan. We offer tooling and using gathered data we can help you create the right persona and target audience for the best fit of your offerings. We help you focus on what is important so you can make the right choices and reach your customers.
Once you overcome these challenges, you and your company can focus on improving the lives of countless people around the world and make positive changes.
Now that you know the key challenges of the medtech sector for 2023, get ready for the future and focus on the challenges – and opportunities – of tomorrow. By exchanging experiences we can learn from each other.
Contact us today to set up an initial conversation.
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