Episode 4 – The Future of the Medical Device Industry in the Covid-19 Era
Ted
in Marketing, Marketing Management, Medical Device Marketing, Medical Device Sales, Sales, Sales Management, Strategic Planning, Trade Show Marketing, Trade Show Planning
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Reading time: 2 – 3 minutesLet me start out by saying that I am biased. I am a marketing and sales guy. And, marketing and sales personalities are typically optimistic. We can leap tall buildings and fly faster than a speeding bullet. We are built to overcome challenges. However, this is a dangerous bias when looking into the Covid-19 future. To counter this bias, I beat myself up with a lot of reading, research and conversations with medical device executives. It was sobering. It was like taking a cold shower. We are in for change. Big change.
In this podcast I review a number of critical data points. Then I connect the dots to consider new trends both soft and hard. Finally, I share my predictions as to the economic recovery, the impact on medical device business and how marketing and sales will change.
Chadwick Martin Bailey Research link is here
My LinkedIn profile is here
The Medical Device Success website is here
Amy Webb – Author of best selling “The Signals are Talking” website link is here
Devon Powers – Prof. at Temple University and author of “On Trend: the business of forecasting the future”. Devon’s LinkedIn profile is here and her book is here.
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Have a great week!
Quarantine ‘births’ Telemedicine. https://www.youtube.com/watch?v=BBGtTCTgrZM&t=11s ThoughtTech has several solutions for you to easily communicate with your clients and provide remote therapy, as if they were in your office. Best Regards Lawrence
The TPS sensor stands for triple physiology sensor, http://www.evutps.com which represents the three measurements it collects: temperature, heart rate variability and skin conductance. The TPS sensor is the first in the eVu product line of biomedical-grade devices designed to work wirelessly, via Bluetooth, with Android smartphones and tablets.
Synergy Solution | ThoughtTech https://www.youtube.com/watch?time_continue=5&v=PpaHTjdui4s&feature=emb_logo
• Measure data from 2 individuals simultaneously to quantify empathy, maintain engagement, and guide open communication.
• Perfect tool to effectively guide family therapy, couples counselling, and group dynamics.
• Gamify self-regulation practice for athletes with biofeedback and competitive training.
• Stop guessing if the patients are taking the group therapy to heart. Synergy Solution allows you to measure their progress and understand their reactions to each other.
http://thoughttechnology.com/index.php/destress-solution-system-t4509.html
The DeStress Solution is the latest Thought Technology software product, as well as the first time the BioGraph Infiniti software functions with the TPS sensor. DeStress Solution is intended for health care practitioners who want a tool to evaluate stress markers, teach stress management, and enhance resilience via biofeedback self-regulation. It shows your patients you care, & you can hand them a ‘Stress Profile’ & empower them to control themselves.
Hi Lawrence, Just found time to catch up on comments. Your technology is really interesting. When will it interface with Apple?
Best,
Ted
Great podcast. Thanks for sharing.
Thanks Freeman!
Testing now is around 750,000 a week. Dr. fauci said this.
Maurice, thanks for that information. I took my data from the CDC today. But they are known to be behind. Then the issue is whether we can track and trace. Have a great week. Ted
Thanks for the information. The world of marketing and sales will change. Thanks for sharing and opening new thoughts and solutions to moving forward.
Hi Karen, Thanks for the comment. We will try to continue to offer useful content.
Ted
Great podcast. I propose that visual communications in the new marketing/sales way of working will assist greatly in the “differentiating from the competition” that you spoke about. I believe visual learning will play an even greater role in sales than we’ve seen historically. My company creates medical animations and illustrations primarily for the medical device sector – I suspect we’ll get even busier.
Stephen, You are right. Medical animations and illustrations will become more important in virtual presentations to help communicate value propositions. Today, I interviewed a PowerPoint expert for the next podcast. It is amazing what we don’t know about Powerpoint that can help make virtual presentations much more effective. Animations like yours imbedded in presentations could be very helpful.
The coronavirus has changed many fundamental things about the current state of the medical device industry–. Not only that, but it does seem like we will be dealing with COVID-19 for quite some time. So, what can we do? It is important to think about how the current state of affairs has impacted the way doctors and patients do business, and make sure sales messaging is in alignment. This is likely to be a turning point in telemedicine.
Cathy,
No kidding! I think telemedicine is here to stay. It will be the subject of an upcoming podcast. Ted
Great podcast, Ted! Thanks for sharing your thoughts. look forward to your next episodes. Here is an interesting picture about scenarios for recovery:
https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Strategy%20and%20Corporate%20Finance/Our%20Insights/Safeguarding%20our%20lives%20and%20our%20livelihoods%20The%20imperative%20of%20our%20time/SVGZ-COVID19-Lives-Ex2-revised4.ashx
Looking at how different countries or regions are responding to C-19, one can draw conclusions about how these economies – and with delay “revenues” – are going to recover in those regions.
Dominik
Thanks for listening Dominik. And, thanks for the article. It will be great info for my next “future of medical devices” podcast part 2.