According to a recent L.E.K. survey of hospital executives, 56% of the respondents haven taken steps to reduce medical device sales rep access to their facilities. In fact, the CEO of an Illinois hospital stated,
“We’re constantly trying to limit the sales reps…We want to see what they’re selling before they get a hold of a doctor who brings it in without our knowledge.”
At least one answer is obvious, right? Hospitals are clearly not looking for advice from medical device sales reps. So what solutions are they looking for? Here is what a Director of Purchasing at a Minnesota hospital wants:
“We would really like clinical outcomes data…For example, we want to know if a knee replacement that costs two times as much as a competitor’s knee is actually going to last double the time as the competitor’s model.”
In other words, hospitals want to understand the cost/benefit analysis for the medical devices they purchase. That’s one idea medtech companies need to embrace. But what are the other 3?
In this interview with Jonas Funk, Managing Director in L.E.K.’s Chicago office, we learn about the 4-step process that medical device companies should consider in light of the current healthcare environment. And by the way, if you want a copy of L.E.K.’s most recent survey of hospital executives, contact Jonas via email at firstname.lastname@example.org.
Interview Highlights with Jonas Funk
- What are the most pressing challenges that medtech executives are facing right now?
- Overview of L.E.K.’s most recent strategic hospital priorities study. How was it conducted? Who was involved? Etc.
- Are hospital administrators the new KOLs?
- In the pursuit of customer excellence, what are the 4 key questions that medtech companies need to answer?
- The 4-step process that medtech companies need to embrace.
- What is the one concept that medtech companies need to implement now? And what is the one concept that medtech companies absolutely must have on their radar for the future?
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3) Read the following transcript from my interview with Jonas Funk.
4) Or, click here to download a copy of the transcript from my interview with Jonas.
Read the Interview with Jonas Funk
More About Jonas Funk
Jonas Funk is a Managing Director and Partner in L.E.K. Consulting’s Chicago office. He has more than 15 years of experience at L.E.K. and has directed hundreds of consulting engagements, primarily focused on growth strategy and mergers and acquisitions support in the medtech and life sciences industries. He co-founded the Tokyo office and has assisted dozens of clients in developing their Asian strategies. He holds a Bachelor of Arts in Economics from Carleton College and his work in economics has been published in leading academic journals and national newspapers.