As we recently heard on The Medtech Business Academy podcast, medtech suppliers are currently experiencing a slowdown as hospitals continue to lose significant amounts of money in 2023. This has led to a decrease in the ability of hospitals to buy new medical devices and technologies, even though they may still want them.
The pandemic, of course, caused a significant financial strain on hospitals, and many hospitals are still trying to rebound. As a result, many facilities are facing budget shortfalls and are not sure if they will be able to afford new technologies in the coming months.
This slowdown is having a significant impact on the medtech industry, as it is leading to slower sales for device companies. However, it is important to note that this is not a decrease in demand for medtech products, but rather a decrease in the ability of hospitals to buy them.
Medtech companies can prepare for this slowdown and can take steps to mitigate its impact. For example, you can:
- Hear what your clients are saying. What are the challenges that hospitals are facing? What are their priorities? By listening to their clients, medtech companies can develop products and services that are truly valuable to them.
- Engage with your clients regularly. Just like you can’t sell to hospitals and then disappear, at a time when they aren’t buying it is more important to learn about their changing needs. Be present and available so clients don’t feel like they are just a dollar sign.
- Provide value in knowledge, not just in their product. Medtech companies can help hospitals save money and improve patient care by providing them with valuable insights and information. This could include things like data analytics, training, educational resources, or topical articles.
Over the next several weeks we will take a deeper dive into these impact mitigation strategies, and how they can benefit your team. Medtech is not a transactional business, and never has been. The difference today is that you need to nurture your relationships 24/7 by adding value to your client's lives at work and beyond.