The Pacemaker: Making Medtech Tick

AUTHORS

Brian_Chapman_thumbnail
Brian Chapman
Principal,
ZS Associates
Tobi_Laczkowski_thumbnail
Tobi Laczkowski
Principal,
ZS Associates
Will_Randall_thumbnail
Will Randall
Manager,
ZS Associates
Matt-Scheitlin-London_thumbnail
Matt Scheitlin
Associate Principal,
ZS Associates
Andy-kach_thumbnail
Andy Kach
Associate Principal,
ZS Associates
Bhargav_Mantha_thumbnail
Bhargav Mantha
Associate Principal,
ZS Associates

About the Blog

ZS experts offer real-world insights on today's sales and marketing issues, trends, and strategies in medtech.

Medtech Industry Experts Weigh in on the Future of Commercial Operations

Posted by Bhargav Mantha on May 16, 2017 12:00:00 PM

I recently helped organize and presented at ZS’s Medtech Connect event, an annual one-day gathering of medical technology experts, commercial operations leaders and ZS medtech leaders. Many of the conversations among industry peers centered on sales planning, sales compensation and analytics—common commercial operations concerns for the dozens of medtech companies that I’ve encountered in my work. Of all of the tips and trends discussed in California that day, these three stood out:

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Topics: Bhargav Mantha, sales, marketing, ZS Associates, ZS, commercial operations, customer centricity, sales comp, Sales Planning, Analytics, medtech, comm ops, IDNs

Three Barriers to Optimizing Your Pricing and Contracting Practices

Posted by Carlos Garmendia on May 4, 2017 9:44:09 AM

The power of optimized pricing and contracting practices can be distilled down into a simple formula: Selling more at a higher net price while reducing the cost of operations will result in sustainable profit growth. Yet many medtech companies struggle to find effective ways to aggregate, assess and analyze pricing and contracting data, and to generate relevant insights to maximize sales for existing contracts, optimize price offers for new contracts, and streamline all supporting processes. Put simply, they’re leaving money on the table.

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Topics: sales, ZS Associates, ZS, Analytics, medtech, Carlos Garmendia, manufacturers, insights, pricing, operations, metrics, pricing and contracting

Transitioning Away From 100% Commission Is Easier Said Than Done

Posted by Russell Schubert on Apr 27, 2017 9:00:00 AM

Like making a soda commercial that doesn’t offend, or bumping a passenger off of an overbooked flight, transitioning sales reps from a 100% commission plan to a quota-based plan seems simple enough on paper, but as recent history demonstrates, their successful execution is easier said than done.

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Topics: sales, marketing, ZS Associates, ZS, sales comp, Transition Plan, Russell Schubert, commercial strategy, 100% commission plan, quota-based plan, medtech tipping point

Why Medtech Needs to Get Out of the ’80s

Posted by Brian Chapman on Apr 21, 2017 11:23:10 AM


Pete Masloski co-wrote this blog post with Brian Chapman.

This post originally appeared on Medical Device & Diagnostic Industry’s blog, DeviceTalk.

The 1980s were a time of great innovation for the medical technology industry. The field of in vitro diagnostics was exploding with relevant diagnostic tests being released every month. Self-monitored blood glucose meters were being commercialized, changing how diabetics managed their diseases. Implantable cardioverter defibrillators dramatically reduced the risk of death from ventricular fibrillation. Angioplasty, pulse oximetry, mainstream use of laparoscopic procedures and more—the list of product innovation is staggering.

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Topics: sales, marketing, ZS Associates, ZS, medtech, Brian Chapman, 80s selling model, Pete Masloski, commercial strategy, value proposition, features, benefits

Here Come the Patients: The Increasing Role of Patient Preferences in FDA Decision-Making

Posted by Tobi Laczkowski on Apr 12, 2017 1:12:45 PM


Patient empowerment is manifesting itself in many forms across the healthcare landscape, and its influence on medtech approvals is growing.

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Topics: ZS Associates, ZS, Patient, medtech, Tobi Laczkowski, FDA

Value-Based Purchasing: Are You Ready?

Posted by Will Randall on Mar 23, 2017 9:04:25 AM


Several forces are driving significant changes in the healthcare market, prompting a shift towards value-based healthcare: The reimbursement landscape is changing.

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Topics: ZS Associates, ZS, medtech, abbott, Will Randall, value-based care, value-based purchasing, J&J Medical Devices, Stryker

To Sell to IDNs, Try Containment

Posted by Yuta Ito on Mar 16, 2017 2:16:08 PM


Recently, I was having a conversation with the vice president of sales at a medical diagnostics company—let’s call him Joe—on pain points and challenges that his organization is facing. He brought up integrated delivery networks’ consolidation and its impact on his sales strategy. The topic is by no means a new thing. In fact, hospital systems have been on a shopping spree for the last few years, and ZS has predicted that by 2020, the top 50 IDNs will manage 50% of all hospital admissions. What Joe was bringing to light were the implications of these integrations and how they directly impact his deployment considerations.  

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Topics: sales, ZS Associates, ZS, medtech, Yuta Ito, IDNs

Is Your Sales Force Deployment Consistently Aligned With Your Priorities?

Posted by Maria Kliatchko on Mar 9, 2017 12:00:00 PM


How you allocate and align one of your most costly and precious resources—the sales force—can make or break your company’s success. Continuous alignment is a process by which a company continues to optimize coverage of key accounts by keeping its sales force assigned to the right customers. It helps ensure that those with the most potential get the best and most experienced reps to service them despite personnel attrition, customer preferences and changes in the marketplace. Yet some medtech companies today have limited alignment capabilities and expertise. Most alignments are done at a geographical level, with all accounts in a territory going to the same rep or team of reps. Many update their sales force alignments only once a quarter, and some use rudimentary tools like Excel or a very basic, inflexible, hard-to-support homegrown system.

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Topics: ZS Associates, alignment, ZS, Sales Force, Maria Kliatchko, medtech, sales force deployment

Why Medtech Companies Should Implement Regionalized Sales Models

Posted by Pete Masloski on Mar 1, 2017 12:00:00 PM

This post originally appeared on Mass Device's Medical Design & Outsourcing site. 

In today’s dynamic healthcare environment, IDN consolidation and centralized medical device purchasing are creating significant pricing pressure on the medical device industry. In fact, on average, prices for costly medical devices have been declining recently, according to the Emergency Care Research Institute. Medtech business leaders, therefore, have to work to find ways to evolve and grow earnings in this highly competitive and challenging environment.

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Topics: ZS Associates, ZS, medtech, Pete Masloski, regional sales deployment, sales models

Invisible Brands: Where Are All of the Brands Within the Medical Device Industry?

Posted by Roz Lawson on Feb 21, 2017 9:00:00 AM


What do medtech brands have in common with Apple, Google and Coca-Cola? Not enough, it seems. We don’t do a good enough job of branding our products and services, and in an environment where we need to show value and build trust, this needs to change.
 

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Topics: ZS Associates, ZS, Roz Lawson, medtech, branding, Interbrand, invisible brands

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