Hear from experts in L.E.K. Consulting’s MedTech practice as they discuss key priorities executives should have on their radar for 2021, from how medical device companies need to rethink their commercial models in light of COVID-19 to ways in which M&A strategies may need to adapt and more.
This webinar was presented on January 26, 2021 and addresses the following topics:
- Transforming commercial models — Medtechs, spurred by COVID-19, will need to find ways to evolve their commercial models more meaningfully to reflect the ongoing consolidation of health systems, continued shifts in decision-making influence toward administrators and changing engagement preferences, including the growing role of virtual healthcare and the increasing importance of ASCs and other non-acute settings (e.g., OBLs, urgent care/retail clinics, home).
- Enhancing digital capabilities — COVID-19 has accelerated the use of many digital technologies among healthcare providers, which means the time has come for medtechs to accelerate development of their digital capabilities — from CRM and marketing to patient engagement — to ensure they meet the evolving needs of their customers and are positioned for long-term success.
- Revamping Medtech launch planning — Medical device product launches were already growing in complexity due to VBC and an evolving provider landscape, but COVID-19 added further complexity by altering customer engagement needs and preferences, which means medtechs need to revisit both their approaches and their best practices.
- Innovating pricing models — COVID-19 has left customers interested in — and willing to — consider more flexible pricing and contracting models (e.g., XaaS) than ever before, which creates opportunities for medtechs to reevaluate the ways in which they try to capture value.
- Reinvigorating M&A strategy — Sustained high valuations and competition for viable assets will require that medtechs, in order to remain competitive, shift away from opportunistic M&A and toward the development of proactive, systematic strategies.