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Marketing for New Technologies  Setting the Stage for Your Success          Maureen A. Shaffer       Medical Device Bootca...
Maureen Shaffer Bio• Vice President, Life  Sciences for Prolifiq  Software• Former VP Marketing at  AtriCure and InSet• Ma...
Marketing Role• Strategic market direction from Concept to  Launch and beyond  – Ongoing analysis and market assessment  –...
Continuous Market Research
Observe Procedures and Patients      Find Opportunities
Ask the Right People• Team ask• Broad demographics  – FiberOptic Sensors: CCF LAP  – Heartport: non-locking NDR• Advisory ...
Ask the Right Questions in the Right                   Forum•   Across the desk•   Share drawing•   Share prototype•   Use...
CustomersFrom Concept to Launch
Your First Customer is…Internal• R&D• Manufacturing  – Tolerances and Testing  – Forecasting and Samples• Regulatory  – In...
Onerous Compliance = Patient Safety Laws Multiplying    Enforcement Increasing at FDA, DOJ and    SEC        Sentencing To...
Your Second Customer is…Field• Sales  – Work the Comp Plan  – Time is Money  – Foster Competition  – Involve, Develop Buzz...
Your Third Customer is…Consumer        “The world is changing”, November 2008, Awopetu.
Which Disease?
Where Are The Patients?
Who Are The Patients?•   Age groups•   Activities•   Geography                                                 58% go onli...
Which Site(s) of Service?
How Do You Reach Them?“In 2010, …digital content is changing theway physicians practice medicine,” saidMeredith Ressi, VP ...
Growing Economic Arguments• Product and Procedure Value = 9x effort  – 90% of hospitals have made cutbacks• VAC  – $2.7B s...
Market Launch Communication
Hard-Wired Habits and Humor• PFC and STN or Newton’s Law of Motion  – 7 times to make it a habit; McKinsey 9x benefit• Pee...
Be Gutsy• If you have an important  point to make, dont try  to be subtle or clever.   – Use a pile driver. Hit the     po...
Psychology Sells312 symposium attendees  457 booth leads!
Carmen’s Grandma and Warren Buffet• Would you want your grandmother:  – Treated with this?  – Reading this material and ma...
Contact Information                   Maureen A. Shaffer              maureen.shaffer@gmail.comlinkedin: http://www.linked...
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Marketing for Medical Device Startups

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This was a presentation I did for a group of young entrepreneurial biomedical engineers at University of Cincinnati on the importance of marketing.

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Marketing for Medical Device Startups

  1. 1. Marketing for New Technologies Setting the Stage for Your Success Maureen A. Shaffer Medical Device Bootcamp University of Cincinnati 2010
  2. 2. Maureen Shaffer Bio• Vice President, Life Sciences for Prolifiq Software• Former VP Marketing at AtriCure and InSet• Marketing roles at Cordis (pre-JNJ), US Surgical and Heartport.• FiberOptic Sensors• Converge Medical
  3. 3. Marketing Role• Strategic market direction from Concept to Launch and beyond – Ongoing analysis and market assessment – Positioning/Differentiation – Market entry• Multidirectional communication hub – Customer advocate
  4. 4. Continuous Market Research
  5. 5. Observe Procedures and Patients Find Opportunities
  6. 6. Ask the Right People• Team ask• Broad demographics – FiberOptic Sensors: CCF LAP – Heartport: non-locking NDR• Advisory Board – Hands-on with time – Not podium assets – Not investigators
  7. 7. Ask the Right Questions in the Right Forum• Across the desk• Share drawing• Share prototype• Use prototype in wet lab• Preclinical use• Clinical use
  8. 8. CustomersFrom Concept to Launch
  9. 9. Your First Customer is…Internal• R&D• Manufacturing – Tolerances and Testing – Forecasting and Samples• Regulatory – Indications and Claims• Legal• Finance
  10. 10. Onerous Compliance = Patient Safety Laws Multiplying Enforcement Increasing at FDA, DOJ and SEC Sentencing Toughening Governing bodies at federal, state and hospital Whistleblowers 1%
  11. 11. Your Second Customer is…Field• Sales – Work the Comp Plan – Time is Money – Foster Competition – Involve, Develop Buzz, Grow Organically Articles & Abstracts 303 350 300 Case Studies & Clinical Data 28 250 Graphics & Tradeshow Materials 122 200 Brochures & Sell Sheets 51 150 Emails & Web Content 29 100 Media Files (Video, Animation, 50 Podcasts, Presentations, etc.) 134 0 Other 41 Marketing Materials
  12. 12. Your Third Customer is…Consumer “The world is changing”, November 2008, Awopetu.
  13. 13. Which Disease?
  14. 14. Where Are The Patients?
  15. 15. Who Are The Patients?• Age groups• Activities• Geography 58% go online first!• Relationships Source: 2005 Health Care Survey, conducted by GMI and Media Screen (March 2005).• Who is most likely to want new therapies? – Who is motivated? Why?
  16. 16. Which Site(s) of Service?
  17. 17. How Do You Reach Them?“In 2010, …digital content is changing theway physicians practice medicine,” saidMeredith Ressi, VP of research at ManhattanResearch. “Professional use of smartphones andonline user-generated content are no longer earlyadopter activities of a tech-savvy few – thesetypes of activities are the norm for themajority of physicians today.” HBR, “Stop Delighting Your Customer”, July 2010. Self service = Web, Voice Prompts, Chat or Email, Person = Phone interaction Manhattan Research’s Taking the Pulse report, 2010. n=2000 US Physicians
  18. 18. Growing Economic Arguments• Product and Procedure Value = 9x effort – 90% of hospitals have made cutbacks• VAC – $2.7B savings have been identified in Cardiology and Orthopedics with GPO pricing• Coding, Coverage and Reimbursement – Three-year ACE demonstration project for single- payment bundle underway by CMS “GPOs Embrace New Cost-Cutting Initiatives” at MedTech Insight: www.medtechinsight.com “Payment Bundling – The Future of Reimbursement” at MedTech Insight “Pulse of the Industry”, Ernst and Young 2009 per American Hospital Association data. www.ey.com/medtech
  19. 19. Market Launch Communication
  20. 20. Hard-Wired Habits and Humor• PFC and STN or Newton’s Law of Motion – 7 times to make it a habit; McKinsey 9x benefit• Peers listen to peers• Sell the data/make it a competition• Employ humor – Humorous items are more easily remembered than non-humorous ones, which might be explained by the distinctiveness of humor, the increased cognitive processing time to understand the humor, or the emotional arousal caused by the humor. http://en.wikipedia.org/wiki/List_of_memory_biases
  21. 21. Be Gutsy• If you have an important point to make, dont try to be subtle or clever. – Use a pile driver. Hit the point once. – Then come back and hit it again. – Then hit it a third time – a tremendous whack. Winston Churchill
  22. 22. Psychology Sells312 symposium attendees 457 booth leads!
  23. 23. Carmen’s Grandma and Warren Buffet• Would you want your grandmother: – Treated with this? – Reading this material and making a decision?• The Newspaper Test – Written up next day in local paper – Read by family, friends, neighbors – Written by smart but unfriendly reporter – If close to the lines, it is out http://youtu.be/A0mNKh7lYE4
  24. 24. Contact Information Maureen A. Shaffer maureen.shaffer@gmail.comlinkedin: http://www.linkedin.com/in/maureenashaffer twitter: http://twitter.com/maureenshaffer

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