US Medical Device Market – Overview and Tips
Stateside Solutions – US Market Entry Specialists
The US Medical Device Market is open for business and with an estimated value of $127.1bn and with a per capital spend of $399 the US remains the world’s largest Medical Device market. Obama Care is being constantly challenged and as a result of negotiations during the recent US Government shut down, the Medical Device industry is likely to remain in the control of the private sector for the foreseeable future. Seven out of the world’s top ten Medical Device manufacturers are US companies. The USA is home to many of the world’s leading Medical Device manufacturers, such as Johnson & Johnson, General Electric, Baxter, Covidien and Medtronic to name a few.
For a foreign company entering the US Medical Device market there are many opportunities for both direct and indirect sales. At Stateside Solutions we have successfully worked with International Medical Device companies entering the US market and for #Medinireland we have put together our top tips for Medical Device companies entering the US marketplace.
- Advisory Panel: Engage local industry experts early in the market entry process and seek their advice and expertise on both product development sales strategies.
- Reference Site: Identify a relevant pilot site to test your product and to use for reference and testimonials. Ensure client reference site signs an NDA and issue a contract so that both parties understand obligations.
- Date Gathering: Clinical trials and data will be key factors for funding and success – ensure your studies are validated and reportable.
- Follow up: Stay connected with potential customers and opportunities and keep them apprised of product improvements.
- Manage expectations and plan accordingly: identify a specific geographical area to target and ensure adequate sales and marketing supports are in place to support roll out. If needed use a beach head strategy and engage resellers and distributors to target wider base.
- Localise your website and materials: Be visible, set up a local phone number, address and dedicated website page. Ensure pricing on website is consistent across all marketing materials.
- Ask for Feedback: Track data collection and request feedback use services like survey monkey or paper questionnaires, sign date and collate.
- Loss Leaders: Understand initial sales may be loss leaders but provide valuable testimonials and references. Make sure your budget is aligned with sales targets and costs.
- Seek out Partners: Identify Partners to work with and bundle offering to provide a complete solution.
- Distributors: Don’t sign exclusive agreements and manage distributors by having regularly scheduled calls to assess success and address challenges.
- Be visible: Take the time to be in the US market and demo products. Shadow sales people who represent your brand.
- Attend Trade shows: as a delegate initially to gain as much competitive knowledge as possible, use this as a template for materials and industry specific knowledge and Terms
- Blog: Keep up to date on industry trends by reading bloggers who are most respected in Med device sector, share their content and comment where appropriate
- Plan ahead: Be specific in your US Planning, set targets and review regularly. Ensure your HQ are on board with plan and report regularly.
About Stateside Solutions: Stateside Solutions provide market entry sales and Marketing advice to Medical Device companies entering the US marketplace. We work with companies from Ireland, UK, Singapore and Estonia. We provide lead generation, contract sales and recruitment supports. Our expertise is our relationships with decision makers across the US – we have proved success securing contracts for Medical Device companies in the US Healthcare system. To find out more call us in Ireland on +353-910783260 or USA +1212-470-6579. www.statesidesolutions.com