Medical technology

In today's medtech ecosystem, the ability to act quickly in a coordinated way across commercial functions in response to market and customer changes can create a competitive advantage. Medtech's value proposition should be transformed and broadened beyond the traditional product supplier to win in the future of health. The "what to sell" focus needs to shift from product-driven features and benefits to solution-driven value and outcomes.

Deloitte works with medtech CMOs and marketing leaders to improve marketing effectiveness and drive organic growth through our integrated, end-to-end solutions.

• Marketing strategy: Enhance marketing decision-making and execution across the product life cycle to deliver a differentiated customer experience.

• Market intelligence: Develop detailed market understanding and generate actionable customer insights through our proven research and analytics capabilities.

• Marketing communications and branding: Help to create powerful, differentiated brands and inspire target customers.

• Marketing excellence: Redefine marketing processes, clarify marketing roles, enhance global and local marketing organizations and operating models, implement digital marketing technologies, and upskill marketing talent to help build best-in-class marketing organizations for higher performance.

• Sales and channel strategy: Transform customer segmentation and targeting, partner strategy, and go-to-market and customer engagement strategy.

• Planning and analytics: Enhance sales forecasting, territory alignment, distributor management, account planning, sales reporting, and analytics.

• Enablement: Build leading sales automation, configure price quote (CPQ) and contract life cycle management (CLM) system implementation, customer relationship management (CRM) strategy and implementation, master data management, talent management, and training.

• Incentives: Implement incentive systems and incentive managed services, quota-setting strategy, and plan design.

• Service strategy and sales, including service portfolio strategy, channel strategy, contract management, postsale customer experience, and customer success programs

• Service delivery and execution, including customer support, scheduling and dispatch, shipping and receiving, field and depot service, IoT and real-time alerts, and preventive maintenance

• Service operations and analytics, including service parts management, training and certification, service organization sizing and territory design, service operation analytics, and predictive analytics

• Quality and compliance, including complaints handling, adverse event management, regulatory reporting, and safety analytics

Learn more:

• Are consumers already living the future of health?

• Striving to become more patient-centric in life sciences

Puneet Sharma
Managing director
Deloitte Consulting LLP
Email: punesharma@deloitte.com

Stiff pricing pressure, competition, and commoditization in the medtech sector continue to be of growing concern for business leaders. The changing customer mix of payers and health care providers demand lower-cost devices coupled with value- and outcome-based payment models and buying processes. To combat falling prices, medtech players should seek not only to provide superior features, but also to deliver clearly differentiated value to customers, patients, and providers while keeping costs to a minimum. Medtech is now shifting from a product-driven commercial model based on features and benefits to solution-driven commercial models based on value and outcomes.

As forward-thinking companies develop the required capabilities in their products, value propositions, and go-to-market approaches, they should identify the right customers, select appropriate outcomes, set the right prices, construct the right contract, navigate regulatory constraints, and build new capabilities, including data and analytics. Deloitte brings cross-industry experience, provider and payer customer insights, and end-to-end commercial capabilities to help companies improve market access and achieve pricing and contracting excellence. Market access and pricing solutions include:

• Value and evidence: Value proposition strategy and development, evidence generation strategy and trial design, health economics and outcome research, real-world evidence strategy, analytics, and platforms

• Access and reimbursement: Landscape assessment and payer insights, market access strategy, reimbursement, and channel strategy

• Pricing and contracting: Pricing strategy, price-setting and execution, pricing and CPQ tool implementation, pricing and contracting analytics, contract management, and value-based model design and implementation

• Market access and pricing excellence: Process optimization, organizational design, governance model design, and market access data management

Learn more:

• New payment models in medtech: Regulatory, technology, and marketplace trends converging to create new opportunities for manufacturers

New value-based procurement, pricing, and payment models are changing innovation focus, while accelerations in digital technology and connected care are opening R&D opportunities (as well as creating significant challenges). Medtech companies are increasingly looking to nontraditional software and consumer technology providers to help drive their innovation agenda. Today, new products should function within and take advantage of digital health innovation ecosystems. Radical interoperability within health care data systems (combined with rapid expansion of alternative sites of care and exponential advancement in connected devices, automation, and cognitive technologies) means that medtech R&D needs to change its approach to innovation.

Deloitte's dedicated medtech innovation, R&D, and product development practice groups have experience in the following:

• Agile innovation enterprise: Helping clients adopt dynamic, customer-centric, and outcome-based iterative innovation practices that improve predictability, time to market, and ROI in a high-uncertainty environment

• Digital development operations: Services to improve the innovation and efficiency impact of investment in digital and automation capabilities, from idea through commercialization

• Evidence-driven product development: Data and analytical capabilities needed to drive the creation and commercialization of profitable new products

• Connected care innovation: Strategies and designs for market-driven smart solutions across the entire connected care continuum

• Product development benchmarking: Multitier qualitative and quantitative assessment of end-to-end performance to drive step-level improvement

Learn more:

• The next wave of innovation: Technology and value-based care are transforming medtech R&D

• How the virtual health landscape is shifting in a rapidly changing world

• Clinical leaders' top concerns about reopening

Get in touch
Doug Billings
Managing director
Deloitte Consulting LLP
Email: dbillings@deloitte.com

Many medtech companies are well-positioned to drive the future of health, but many cannot do it alone. Many are collaborating with consumer technology and digital health companies to meet the changing market. The medtech industry is looking not only for innovative companies and products, but also for innovative business models. The marriage of medical technology advances with digital health advancements (mHealth, sensors, analytics, and AI) opens the door for companies to evolve from being product developers to solution and service providers. This requires a new set of strategies and capabilities—and invites new risks. Those who choose not to pursue the opportunities because of risk may potentially be eclipsed by those who do.

Our medtech services across corporate strategy, M&A, collaborations, and business development help medtech companies differentiate themselves through their innovation, their ability to harness data, and ability to provide products and services that embrace new care models. Our solutions include:

Corporate strategy: We serve as trusted advisers to our medtech clients, working with them to make clear, data-driven choices about where to play and how to win, in order to help drive growth and enterprise value. Our strategic advisers architect integrated programs that can transform our clients' businesses, including helping these clients develop the appropriate business models, operating models, and capabilities to support strategic visions.

M&A: Deals are complicated enough without adding the complexity of working with different providers at different phases. When you choose to work with Deloitte, you'll work with an adviser who is prepared to deliver a consistent level of quality across the transaction life cycle:

• M&A strategy

• Transaction readiness

• Transaction diligence and execution

• Closing and separation

• Closing and integration strategy

• Postclose transition

• Integration and transformation

Risk intelligence: Deloitte's team, equipped with leading-edge tools and capabilities, can help you discover, interpret, and prepare for risks that have the potential to affect your enterprise's business strategy:

• Enterprise risk management

• Extended enterprise risk management

• MarketPoint predictive modeling solutions

• Risk sensing and analytics

• Brand and reputation management

• Brand operations

• Crisis response and recovery

• Business resilience

Learn more:

• Medtech leaders prioritize technology and consumers: Findings from a new survey and analysis of earnings calls in the first half of 2020

• Winning in the future of Medtech: Novel partnerships with consumer tech to transform care delivery

• Forces of change: The future of health

• The future of health

Get in touch
Pedro Arboleda
Managing director
Deloitte Consulting LLP
Email: parboleda@deloitte.com

Russell Jones
Partner
Deloitte Consulting LLP
Email: rujones@deloitte.com

With technological transformations such as connected devices, AI-enabled product quality, and smart factory and supply chain digitalization comes digital disruption and more complex cyber risks. Deloitte helps medtech organizations create a cyber-minded culture in efforts to become stronger, faster, more innovative, and more resilient in the face of persistent and ever-changing cyber threats.

Deloitte is one of the leading practices in the world, with an industry-recognized medical device safety and security team to help clients improve their medical device cybersecurity and privacy through programmatic and technical approaches. We assist our clients through a range of services, including:

• Medical device safety and security (MeDSS)

• Incident response and cyber resilience

• Identity and data protection

• Crisis response and management

• Threat detection and response

• Industrial Internet of Things (IIoT)

• Cloud security

Learn more:

• Networked medical device cybersecurity and patient safety

• Medtech and the Internet of Medical Things: How connected medical devices are transforming health care

• Eight IoT barriers for connected medical devices—and how to overcome them

Get in touch
Russell Jones
Partner
Deloitte Consulting LLP
Email: rujones@deloitte.com

Digitalization and AI across the medtech manufacturing and supply network will soon be imperative to spur growth in the near term, as well as to remain cost-competitive and support medtech markets in the future. Medtech industry players have an opportunity to differentiate their organizations by digitizing key manufacturing and supply chain functions. The connectivity available today across the supply chain ecosystem can enable companies to transition from gathering data to using data to predict supply chain issues, recommend actions, and automate responses. Disruptions amid the COVID-19 pandemic demonstrated the strategic business value of transforming manufacturing and supply chain and accelerated the need to understand or “sense” demand in a more local and real-time manner. Organizations that develop and implement manufacturing and supply chain risk management, digital transformation strategies, and responsive and integrated planning systems (alongside business continuity strategies) will likely be better prepared to mitigate the impact of disruptions.

• Smart factory: Digitalization of manufacturing

• Control tower: Performance visibility and exception management throughout the supply chain

• Medtech commercial supply chain: Helping optimize material and data flow in implant sales

• Portfolio complexity management and inventory obsolescence: Reduction of obsolete product funds portfolio simplification

• Demand sensing: AI-enabled demand modeling system paired with proprietary health care data set provides granular, local demand forecasting and planning

• Product intelligence: Market information fuels product and process improvement

• OT security: Securing the automation systems and operational technology (OT) environment

• Secure supply chain: Securing “cyber-affected components” within the supply chain

Learn more:

• The digital era in the medtech industry: Digital supply networks and medtech

Get in touch
Rob Jacoby
Principal
Deloitte Consulting LLP
Email: rbjacoby@deloitte.com

Medtech companies already operate in one of the world’s most regulated environments—and scrutiny and complexity are increasing. The digital revolution has created its own set of complex cyber and security concerns, while European medical device regulation and in vitro diagnostic regulation (EU MDR/IVDR) and other new regulations from the European Union, Canada, and the United States are being implemented simultaneously, affecting companies’ bottom lines. Changes to regulatory oversight will likely alter the competitive landscape. As a result, medtech’s regulatory environment should consist of a streamlined and efficient quality management system (QMS); use of technology to analyze data; optimized governance and communication; regulatory intelligence to predict potential relevant changes in the regulatory landscape; and, ultimately, evolution of the regulatory function from reactive to proactively influencing.

Deloitte specialists guide clients to create well-developed and well-implemented plans to turn medical device regulatory compliance requirements into a source of competitive advantage that helps them to reap economic benefits. Deloitte offers depth of knowledge and breadth of experience across the product life cycle relative to regulatory strategy, regulatory submissions, quality systems, technology, and relationships with regulators. Our capabilities and solutions include:

• Health check assessment of programs modifying quality systems to meet evolving regulations

• Quality system transformation program, not just to revise to meet a regulation, but also to improve and enhance value

• Regulatory risk intelligence for forward-looking analysis

• Automation of regulatory processes to support regulations like EU MDR/IVDR

• IT implementations and enhancements across functions (e.g., ERP, supply chain, PMS, and data)

• Advanced analytics to collect, process, and act upon the overwhelming and ever-growing amount of product quality data across the product life cycle, identifying trends and triggers that lead to actions that improve compliance, performance, and efficiency

Learn more:

• Medical device regulatory changes affect the bottom line

Get in touch
William Greenrose
Managing director
Deloitte Consulting LLP
Email: wgreenrose@deloitte.com

Disruptive technologies, shifting demographics, and fluid labor markets are reshaping and evolving the workforce and workplace. HR can provide new forms of business value by fostering adaptability and organizational agility across the enterprise. Deloitte helps HR leaders stay ahead of today’s market disruptions and changing talent marketplace, take advantage of opportunities for efficiency through technology, fuel sustained performance, and create the organization of the future through the one asset that will always matter: your people. Our focus areas include:

• Digital employee and human experience: Redefine workforce relationships to be future-forward and digitally enabled; help optimize the automation and people work composition to support business objectives, reduce costs, and find new areas for growth.

• Human capital analytics: Identify trends that are affecting business and share insights to help optimize decision-making and sustain organizational performance.

• Operating model and organization design: Achieve strategic vision through future-focused operating models, optimizing the location of work in an increasingly digitized world. Create agile, effective teams and organization structures with reimagined work, workforce, and workplace options.

• Workforce development, strategy, and planning: Design workforces for the future with tailored approaches to job design and job architecture, performance management, talent acquisition, and career mobility. Help prepare the workforce for the skills of the future through curated learning and development experiences.

• HR operating model and shared services: Help HR organizations achieve their strategic vision through future-focused operating models, optimizing the location of work in an increasingly digitized world.

Learn more:

• Human Capital