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. Marketing for New Technologies Setting the Stage for Your Success Maureen A. Shaffer Medical Device Bootcamp University of Cincinnati 2010
- 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. 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
- 5. Observe Procedures and Patients Find Opportunities
- 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. 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. Customers From Concept to Launch
- 9. Your First Customer is…Internal • R&D • Manufacturing – Tolerances and Testing – Forecasting and Samples • Regulatory – Indications and Claims • Legal • Finance
- 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. 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. Your Third Customer is…Consumer “The world is changing”, November 2008, Awopetu.
- 13. Which Disease?
- 14. Where Are The Patients?
- 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. Which Site(s) of Service?
- 17. How Do You Reach Them? “In 2010, …digital content is changing the way physicians practice medicine,” said Meredith Ressi, VP of research at Manhattan Research. “Professional use of smartphones and online user-generated content are no longer early adopter activities of a tech-savvy few – these types of activities are the norm for the majority 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. 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
- 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. Be Gutsy • If you have an important point to make, don't 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. Psychology Sells 312 symposium attendees 457 booth leads!
- 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. Contact Information Maureen A. Shaffer maureen.shaffer@gmail.com linkedin: http://www.linkedin.com/in/maureenashaffer twitter: http://twitter.com/maureenshaffer
Editor's Notes
- Always a part of startups – either from Cordis where 20 years ago they had just divested the majority of their company and decided to pursue the angioplasty market where I launched their first angioplasty balloon and conceived and launched their first SGW. Or, as one of two people hired by US Surgical, a lap GS company, to bring them into CV marketplace. And, as the first employee beyond the founders at Converge Medical, an anastomotic device company, who just received $4M as a Series A and had one prototype.
- Continuous market researchCustomersCommunication to end user/consumer
- Endomyocardial biopsy forceps10 years of ACS and USCI SGW and PTCA. ACS Hi-Torque Floppy had 80% market share. Everyone said that there was no improvement needed.
- Cordis: SGW concept – MDs, NursesFiberOptic Sensors: Non medical device folks except for the CEO, CCF involvement only, LAP was a critical measurement in all cardiac surgery. Replacing $20 device.Heartport: NYU NDR input, nonstandard length.Advisory board: Sign up 12 – 6-8 at calls and focus groups. Situations may change for a few that fall out.Smart, practicing or retired. Set expectations for time commitment and offer choice of options or money. Monthly 1 hour call at set time and call in. Quarterly meet at major shows, member sites and once a year at company. Hands on as possible. You are planting seeds--your very first marketing seeds.
- Curve on Cordis Biopsy ForcepsHeartport and modelsConverge – refinement approachUnderstand the pros and cons of all the approaches, esp. the limitations of different in vitro and preclinical testing models
- Comp plan: Cordis – PTCACompetitive – Starbucks card, come to front of class and hand out