| The successful launch of a novel medical device | | | | opportunities they represent, or may be associated |
| technology requires a coordinated effort between | | | | with higher visibility within a hospital setting from |
| several functional groups within the company. The | | | | either a product approval or cost-cutting perspective. |
| coalescence of these group's activities in line with a | | | | Segmenting customers by technology adoption |
| predetermined project timeline are essential to timely | | | | characteristics is also important. Focusing initial launch |
| and successful product commercialization. Marketing | | | | activities towards early adopters who are quick to |
| team members play a vital role in this process | | | | understand the potential benefits of the technology |
| beginning with providing market insight during the | | | | and limiting efforts directed at late adopters who |
| initial concept development phase through conducting | | | | require substantial clinical experience and more |
| a post-commercialization assessment of launch | | | | scientific evidence will maximize resources and drive |
| planning activities and marketing tactics. | | | | initial sales growth. |
| A failed product launch can be disastrous from a | | | | Creating Economic Value |
| financial perspective and to the reputation of the | | | | Most hospitals now have policies and procedures in |
| product's brand in the marketplace. Since companies | | | | place which require the review of new products prior |
| only have one chance to launch a product, it is vital | | | | to their use or purchase by the hospital. This has |
| that launch planning and preparedness activities cover | | | | resulted in an expanded number of individuals who |
| the entire scope of known and potentially unknown | | | | are involved in the decision making process and a |
| roadblocks which could affect successful product | | | | greater focus on the cost impact of the technology |
| introduction into the marketplace. As a result of its | | | | to the hospital. Having evidence that a new medical |
| integral role as a part of the commercialization | | | | technology provides a clinical benefit to patients is |
| process, marketing has the primary responsibility for | | | | often not sufficient to gain entry into the hospital |
| many of these activities. | | | | and many hospitals are now requesting cost |
| While providing insight on the full range of marketing | | | | justification analyses which demonstrate the |
| activities required for a successful product launch is | | | | economic impact of the adoption of the technology |
| beyond the scope of this article, the following are | | | | at their institution. |
| four key areas, based on the author's experience, | | | | In order to demonstrate the economic value |
| where good marketing planning and execution can | | | | associated with a new technology, marketing must |
| help get the product successfully out the blocks | | | | provide both the background training and the |
| without stumbling. | | | | appropriate tools to empower the sales organization |
| Obtaining Customer Feedback | | | | to communicate this type of information to |
| From initial concept development through post-launch | | | | customers. A typical tool is a pro-forma economic |
| assessment, customer input into the design and | | | | model where variables can be inputted based on |
| positioning of new medical devices is essential. | | | | clinical results associated with the products use and |
| Attempting to bring a product to market without | | | | either standardized or customer specific cost data. |
| adequate customer feedback, or even worse, | | | | Developing a Publication Strategy |
| disregarding customer feedback, will ultimately limit | | | | A successful product launch necessitates a meticulous |
| product acceptance in the marketplace. | | | | plan for effectively communicating the value of a |
| Examples of customer feedback parameters which | | | | new medical technology along with developing a |
| are commonly obtained as a part of this process | | | | strategy for addressing anticipated objections from |
| include validating market assumptions, assessment of | | | | the marketplace. A key component of this strategy |
| the competitive environment, input on product | | | | is the development and execution of a |
| specifications, determining the product's value | | | | comprehensive publication plan. The timely execution |
| proposition, developing and testing product | | | | of an effective publication strategy can accelerate |
| positioning, and obtaining feedback on the product's | | | | the adoption of a new medical technology. |
| ease of use. It is important to develop a decision | | | | The sequential development and submission of |
| making process which can be followed when heeding | | | | manuscripts to key journals which target specific |
| customer feedback would results in an increase in | | | | customer segments is needed to insure they receive |
| product development or manufacturing costs, or if | | | | continuous and pertinent information about the |
| implementing changes based on the customer input | | | | product. The overall objective for a publication |
| significantly changes the timeline for product launch. | | | | strategy should be to disseminate clinical and |
| Developing a Targeting Strategy | | | | economic information which supports the benefits |
| Identifying and targeting market segments which will | | | | and the positioning of the Company's technology. |
| result in a steeper adoption curve is vital to getting a | | | | Conclusion |
| strong start out of the blocks with a new medical | | | | The development and timely execution of a |
| device technology. Assessing differing market | | | | comprehensive strategic launch plan is a requirement |
| segments should not only be solely based upon the | | | | for the successful commercialization of a new medical |
| market potential, but also on the potential barriers to | | | | technology. Proactive marketing leadership as a part |
| entry which may exist within these segments. | | | | of a product development and commercialization |
| Market segments with the highest number of | | | | team can help to insure that potential hurdles in the |
| patients or procedural volumes may not always | | | | marketplace are identified and addressed in advance |
| represent the best "first" markets to approach. | | | | of a product launch resulting in a greater potential for |
| These segments are often associated with greater | | | | initial market success. |
| competitive pressures due to the market | | | | |