TORONTO, Oct. 29, 2020 /PRNewswire-PRWeb/ -- Relying on conventional wisdom leads to an estimated 72 percent of all new products and services failing to meet expectations.
On the other hand, successful medtech companies marry – from the very beginning – a technologist working on an as-yet unproven technology with a marketing person who is testing hypotheses about unmet market needs. It is a marriage that lasts until either the product is successfully launched or the technology is dropped.
Powerful go-to-market and reimbursement strategies are two critical elements required to deliver great medtech products to the marketplace.
Go-to-market strategy: Go-to-market (GTM) plans and performance directly impact every value creation moment throughout a company's existence. That means GTM issues need to be top-of-mind every hour of every day. GTM is also difficult because success requires companies to simultaneously address product-centric challenges, organization-centric challenges, and marketplace-centric challenges. Tackling these three complex challenges requires the development of product-market fit, organizational fit, and business-model fit solutions, respectively.
Reimbursement strategy: Given the current healthcare environment, it is critical to articulate product value not only to clinicians but also other key stakeholders, such as payers. Reimbursement and revenue are inextricably linked; defining the clinical and economic value that a new technology has to its diverse stakeholders is essential to adoption, payer coverage and payment and ultimately revenue. Successful companies integrate their market access and reimbursement planning into the earliest phases of product development.
Join Mark Girardi, Senior Vice President, Boston Healthcare Associates and Donald B. Hawthorne, President, GTM Hawthorne in a live webinar on Thursday, November 12, 2020 at 1pm EST to learn how not to be conventional by exploring the key elements of successful go-to-market and reimbursement strategies that deliver great product and company value.
For more information, or to register for this event, visit Creating Great MedTech Products: Why Conventional Wisdom Doesn't Work.
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