As medtechs weigh their investments and approaches to omnichannel engagement, they should focus on several areas:
Investments in digital interaction tools including those for education and training
Expansion of the talent base versed in digital interactions/omnichannel engagement
Adjustments to organizational design for an integrated, coherent omnichannel approach
Potential modifications to traditional commercial resourcing
Perhaps most importantly, the strategy, messaging and customer experience must be unified across each of these channels for omnichannel marketing to be successful. This provides medtechs a meaningful opportunity to differentiate or a meaningful risk of falling behind.
Additionally, the shift in care settings to ASCs, OBLs and other outpatient settings has important implications for commercial strategies. These care settings are more fragmented and have fewer cases, resulting in a different cost to serve for medtechs when compared to traditional hospital customers. As such, medtechs will need to tailor their sales tactics and marketing approaches accordingly, incorporating digital and remote interactions in these settings as well.
Along with digital engagement, medtechs are faced with a need to shift their go-to-market strategy to incorporate more digital offerings and ecosystems into their portfolios. They will need to bring digital features and analytics into their products, create new digital devices and therapeutics, and evolve customer and patient experiences by introducing digital tools into the care ecosystem.
As patients become more dispersed across different care settings, we also expect to see medtech companies increase their focus on patient identification, similar to efforts being made in the biopharma industry. These efforts help improve the inflow of addressable patients for medtechs but require a change in the broader go-to-market strategy. Medtechs will need to consider leveraging data and analytics that help identify patient profiles, as well as investing in digital technologies to meet patients where they are.
The trend toward non-acute care settings and the medtech digital evolution has broader commercial implications. Redefining commercial excellence strategies will be a key consideration for medtechs these next few years.
Evolving healthcare supply chains and the need for effective provider supply chain strategies
Health systems are continuing to become larger, more sophisticated and keener to have greater control over their supply chains. Healthcare system consolidation over the past decade has provided opportunities for systems to reevaluate supply chain strategies. In addition, supply shortages intensified by the COVID-19 pandemic forced health systems to become more flexible and diversified with their supply chains.
As a result, health systems are increasingly exploring supplier diversification, self-distribution and direct sourcing. In an L.E.K. survey of healthcare executives, diversifying supply chains was cited as one of the highest priorities for health systems, nearly on par with reducing supply chain costs (a major shift from historical precedent). Additionally, while health systems have traditionally relied on distributors and outsourced inventory management, a greater proportion is moving toward some form of self-distribution. Health systems are also considering more data-driven, supply chain decision-making. They are leveraging data to improve their visibility into spend and inventory and using real-world evidence to guide better product selection. Further, health systems are increasingly interested in creating broader, more strategic partnerships with a narrower set of medtech companies. Health system supply chain leaders are aiming to identify mutually beneficial opportunities across product categories to drive more savings and standardization, and this will continue to be a key priority. Medtech companies can drive meaningful success (and build long-term goodwill) by focusing on the higher-level priorities of their health system customers (especially senior-level supply chain stakeholders).