The Post-COVID Value Sandwich
COVID-19 has impacted healthcare in substantial ways, leaving the healthcare market overwhelmed and primed for change. The pandemic has exacerbated previously unmet needs; introduced new, unmet needs; and highlighted the need for delivery of healthcare and issues surrounding implementation and efficiency.
At the human level, quality of life and productivity issues have never been more paramount. With a record number of healthcare providers reporting burnout, technologies easing the burdens and simplifying workflows of providers have shifted from luxuries to essentials. COVID-19 has also paved the way for personalization of care, which is something that the healthcare community has previously been notoriously slow to adopt.
To propel technologies into the marketplace post-COVID, medtech companies must rediscover their patients and customers as well as their unique needs. Customer needs have evolved and adapted in response to the pandemic. Success strategies must be highly-personalized with a focus on patient engagement and advocacy.
TTi CEO Dr. April Zambelli-Weiner recently returned to MedTech Gurus to discuss the impacts COVID-19 has had on the healthcare marketplace. On the podcast, she discusses how you can ensure market success post-COVID.
The Post-COVID Value Sandwich
Top Layer: How YOU Can Help Address COVID Pains
Demonstrate how you can improve the post-COVID world with your technology. For example, improving worklfows, easing provider workfloads, improving infection control, enabling new procedures to be performed at use sites, de-risking procedures for certain patient subgroups, etc.
Meat: Your Economic Argument
Build compelling, concise budgetary impact models demonstrating return on investment (ROI) targeted to your stakeholders’ unique, personalized needs and goals. The meaningful financial impact of your product on the bottom line will be one of the biggest decision-making drivers.
Bottom Layer: The Human Element
Showcase how your technology improves the human experience for both patients and providers, allowing them to improve lives and/or shorten the diagnostic or therapeutic odysseys.
Medtech leaders must also consider the following when developing their success plans post-COVID.
The Three C’s:
Customization
Invest in highly-customized and robust independent market research to enable targeted value proposition development. Customer segmentation is key to delivering value and ROI to your target market.
Challenge
Challenge the status quo. COVID has presented a unique opportunity to challenge the status quo and position your technology as a higher-value alternative to the current standards of care (SOC). An abundance of real-world data is now available demonstrating the effects of a disrupted SOC. Understanding this data is key to valuing and promoting your technology.
Collaboration
Collaboration with the right partners is key to speeding innovation and ensuring market success. Despite and due to provider burnout, marketing your technology may prove tougher than ever. Working with the right partner will help you prioritize your market strategies to play on key issues on the forefront of providers’ minds.