Here are five ways to innovate and re-engineer sales and marketing that can help medical device companies become more nimble competitors against low-cost players.
The medical device industry is being forced to change, and change fast. The reason: the high cost of sales and marketing. In established medical device companies, sales and marketing accounts for about one third of the cost of a device, about double of what is found in other mature industries.
The business model was built decades ago when the sales rep was the preeminent expert that the surgeon leaned on to learn about the technical and clinical uses of a device. Reps created deep personal relationships with physicians and were by their side in the operating room. At a time when...