Marketing in Medical Device Industry

Medical device is, broadly, any physical item used in medical treatment, from a cardiac pacemaker to a wheelchair. Most of these devices come into picture when medicinal management of disease has failed and patient is in a critical stage. Development of these devices requires humongous R&D expenses, huge investment of time-energy resources and then most importantly stringent clinical trials. The major players in this field are Medtronic Inc., Cordis (a J&J company), Abbott, Boston Scientific and several regional players across the world.

Marketing for Medical Devices

Medical Devices industry is highly profitable and the same time very competitive. Marketing of Medical Devices is totally different from what we see for FMCG and other white goods. Let’s have a look at the main areas of difference.

1. Target Customers: The target audience for a Medical device company is very different from other typical marketing firms. Here products are not marketed to the end users (patients) who will be benefiting from them but to the doctors. It’s somewhat similar to Pharma industry but medical devices reps command far greater respect and importance from doctors as devices are sophisticated and doctors themselves need proper training and certification to use them. That said, it’s still very difficult to market to these guys as they are hell-busy and soliciting an appointment is itself a task. The traditional marketing communications don’t work as you have to personally meet these guys to make them aware about your products. This is where often touted b-school concept of networking and relationship building comes into picture. The competing devices are mostly similar and what reaches to the end customers is mostly based on the perception of the doctors. This perception is generally biased towards the companies with which they enjoy good relationships. That’s why the average career span of a professional in this industry is very high (typically 10+ years) and the senior executives who have spent their lives building these relationships enjoy nasty salaries
2. USP: What is the unique selling point for a car? Style, looks, mileage. For soap it may be fragrance, color, price and so on. For a medical device, there are 3 main dimensions any of which can be its USP. These are: a) Deliver-ability: How easily and without any trauma a device can be implanted. b) Efficacy: How effectively device works. c) Safety: How safe it is for human body.Generally in eyes of doctors’ efficacy, safety and deliverability have highest to lowest importance in that order. A device can score on any or all of these parameters over its competitors.
3. Regulatory Hurdles: No matter how good a product is, it has to go under several clinical trials to be approved for human use. There are 2 main certifications most sought for. The first is CE certification (Confirmatory European) provided by an agency based out of London. The 2^nd is US FDA approval which is far more stringent and tougher to get and more prestigious for that reason. To market the product in India, CE approval is sufficient. Once you get that you are eligible to apply for a license with Drug Authority of India.
4. End-user Marketing: It’s good to create awareness among the patients and publicize your brand through PR campaigns but then again it depends upon the country you are operating in. In USA, you expect the patient to be aware about different brands in the market and more often than not one discusses the options available with the doctor. In such a market, advertising and creating patient awareness makes sense. Now take the case of India where doctor is treated as a god and a typical response of a patient is - do whatever you want but just cure me. In such a place, it’s not that marketing to patient can’t be done but, there is practically no use of it.

These are few differences which makes Marketing very different and interesting in this field. To use cliché, it’s a challenging industry to be in and successful professionals make a lot of money at the same they touch and improve lot of lives.