Medtech, Look to Marketing for the Solution

Matt Singer and Sundeep Karnik

We don’t need to tell you that the healthcare landscape is growing more complex and competitive, and that achieving growth is becoming more challenging for medtech organizations. We don’t need to mention that bringing true innovation to market—innovation that customers will pay for—isn’t as easy as it used to be or that many new product launches fail to deliver on expectations. We’ve sat in the offices of many industry leaders and discussed these very challenges.

In the past, medtech companies could rely on incremental feature improvements and sales reps’ relationships with clinicians to drive sales. But in a recent ZS survey with hospital executives in the U.S. and Europe, we found that 90% of respondents think that medtech manufacturers can’t succeed with product innovation alone. Customers are demanding something different. They are now much savvier and more selective about what innovations they’re willing to pay for, as shrinking budgets have driven them to economically driven decision-making in many cases.

In response to disappointing financial performance, we see most companies taking steps like restructuring or resizing their sales organization, changing out their R&D capabilities, or acquiring external companies or products—or, worst case, downsizing their organization to better align to the revenue growth.

We believe that marketing, which is often overlooked, is the right solution to the new market reality in medtech.

To learn how a more empowered marketing organization can help medtech companies improve their performance, profitability and long-term prospects, and what it will take to succeed, read our full article, “Medtech, Look to Marketing for the Solution.”

Is this what marketing does in your company today?

About the Experts

Matt Singer is a principal and leader of ZS’s marketing consulting practice for the medical devices and diagnostics industry. His expertise includes opportunity assessment, business development, product development, product launch, growth marketing, market research and marketing operations.

Sundeep Karnik is a principal and leader in ZS’s medical products industry vertical, where he focuses on marketing and strategy. Sundeep’s areas of interest include growth strategy, M&A, product and business model innovation, transformation and change management.