Bringing the myth down to business reality
Government pressure on the healthcare sector combined with a changing consumer landscape, has led MedTech companies into a transformational phase. Failing to prepare sufficiently for new business models could have far-reaching consequences, ranging from mere implementation and management obstacles to financial and legal implications.
From volume to value
Over the last decade, governments have consistently increased financial pressure on the healthcare sector, resulting in healthcare providers’ extraordinary focus on cost containment. In response to this ongoing pressure, and a changing consumer landscape, companies in the Life Sciences industry are going through a transformational phase where the most successful ones drastically revisit their value proposition and go-to-market strategies.
We can see a shift from selling products and services to delivering measurable results to customers, also referred to as the “output economy”. As customers’ expectations and modus operandi evolve, successful companies also morph and adapt their offering, and redesign commercial and customer service departments, so that they can reach all decision makers in this reshaped economic environment.
Solving an end-to-end problem
MedTech companies are scrambling to meet the healthcare providers’ needs and starting to offer solutions by creating holistic (care) platforms that evolve from a device-specific focus to managing patients in the broader hospital setting and in some cases across the care continuum. These platforms aim to assist providers and payers with one of their most pressing issues: the efficient delivery of high quality, cost effective care.
Bringing innovative value propositions to the market can deeply affect MedTech companies’ internal processes. Indeed, beyond the appealing strategy lie the challenges of a successful implementation. Led by the business, the commercial revolution is inevitable, but will require some fundamental groundwork to ensure that supporting processes and tools evolve in parallel, and truly enable MedTech companies to execute their ambitious strategy.
Failure to prepare sufficiently could have far-reaching consequences, ranging from mere implementation and management obstacles to financial and legal implications.
Getting it right
In the Solution selling: Bringing the myth down to business reality POV, Deloitte explores the challenges and opportunities faced by MedTech companies and shares what it will take for them to successfully integrate deeper in the healthcare providers’ ecosystem as a partner of value.