Medical Devices: Marketing Your Skills and Ideas
Engineers can develop very interesting and unique ideas to feed innovations into the healthcare industry. Technology is providing many answers to patient care, treatment and monitoring, but many of these promising ideas never reach the market. This is not because they lack great promise, but instead they were never introduced properly. This can be very frustrating to engineers at start-ups and even large companies since many companies lack effective marketing and sales skills.
This talk will explore many of the aspects that need to be considered in the success of marketing any product, especially in the medical device arena. The information is meant to be an overview of considerations that are needed in the development of a successful product launch.
Some of the topics to be covered are;
- Target Market
- Competing technologies and companies
- Possible component for a larger company
- Target pricing: cost vs. value-added
- Sales channels: direct vs. distributor
- Regulatory considerations: FDA, HIPAA, SOX
- Increasing Patient Outcomes
- How does the customer pay for the device? Reimbursement/CMS
- CRM: What is it?
- Service and maintenance issues
If you are consulting directly with engineers or with management in the medical field, you will increase your value by understanding a few of these principles. There are design requirements that directly tie to the success of the product within the industry. These requirements are not always apparent to the engineer, and in fact they may not have been well thought out when drafting the requirements specifications. Your clients will welcome your understanding of certain marketing issues no matter what your specialty is.
About the speaker, Dennis F. Falkenstein, Medical Device Consulting
CNSV member Dennis Falkenstein has been in the medical device/software field for 35 years. He has been involved at various levels of marketing emerging medical technologies.
Graduating from the University of Wisconsin with a BSEE and MBA, Dennis went on to work for industry leaders large and small including Marquette Electronics, Searle Radiographics and Siemens Healthcare. After a short stint in design, he was attracted to the customer relations and requirements end of the business.
Dennis progressed from sales to sales management, and ultimately to Vice President of Sales and Marketing. The success of several products in diagnostic imaging, networking and patient treatment were attributable to his teams. Dennis’ current business is Medical Device Consulting, through which he works for large and small companies in the U.S., Europe and Asia.
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