MedTech + Mindset Newsletter #012

Welcome to the MedTech + Mindset Newsletter!

This week we talk about M+M Cohorts, Clinical Utility, the New MedTech+Mindset Moment and Ten Avoidable Blunders When Selling to Clinicians

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 Brought to you by MedTech + Mindset Cohorts

We are proud to announce our two (2) new cohorts - both starting Monday, September 12:

The Pitch Deck + Product Introduction Accelerator is designed for Founders to help secure more funding with better terms and position their product as the "unicorn" it is in the marketplace.

The Strategy Development +  Problem-Solving Accelerator is built for up-and-coming leaders looking to increase their efficiency and effectiveness while building a reputation as the "go-to" in their field.

BONUS: Use the code (COHORT) at checkout for 20% discount when you register before next week.

 
1. Introducing the Medtech+Mindset Moment

The Medtech+Mindset Moment is a collection of short, thought-provoking questions and comments designed to explore the possibilities for growth and development in Medtech. Follow along daily.

click here or the image above

2. Is This Keeping Your Products from Getting Funding...and Adoption?

Insight from Matt Tucker

I've seen one consistent problem during my time evaluating more than 200 products while at Highmark Health and consulting for VCs wanting to know if they should invest in a startup and product.

It's probably the number 1 reason why I wanted to join NightWare.

It's the starting point for success, and failure.

Not only does it determine if you can get your product adopted when you're on the market...it determines if you have a market opportunity and therefore is restricting your opportunities for investment.

It's clinical utility.

And it drives your market opportunity, your adoption curve, your price elasticity, and your ability to create a sustainable, long-term business.

Clinical utility is the ability for a product to drive better patient care, provider experience, and economic benefits. This can be done by directly improving clinical outcomes or by indirectly improving efficiency.

For example, it could be a clinically useful new technologies such as surgical tools for unsolved - but critical problems - or diagnostic devices to give insights into how a patient would respond to different drugs; alternatively, it may change how doctors provide healthcare to patients which leads to faster throughput or more rapid or accurate diagnosis.

A few questions you can ask yourself:

1. How much does your product improve clinical outcomes vs the standard of care?

2. How much does your product improve clinical effectiveness of clinicians treating patients vs what they use today?

3. How much does your product improve the economics of treatment vs standard of care for payers?

4. How quickly does your product lead to faster or more effective treatment decisions vs. today?

5. How much does your product improve the customer experience (end customer – patient or provider) compared to current options?

3. Ten Avoidable Blunders When Selling to Clinicians

Insight from Matt Tucker

1. Exaggerating clinical outcomes
2. Whitewashing or skipping safety risks or contraindications
3. Clinician isn't the real decision maker
4. Unable to deliver a succinct and powerful message that is easy to understand
5. Not respectful of the clinician's time
6.  Didn't respect that the clinician's primary concern is helping patients and their problems
7. Didn't research the clinician's background
8. Not focused on uncovering the clinicians unexpressed problems
9. Didn't take the time to build a relationship
10. The salesperson didn't politely ask for the business

BONUS: Implying you know more than a trained and board certified clinician

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Who is MedTech + Mindset? We’re committed to providing the best information, strategies, and tactics to advance your product and career. We ignore the pablum, listicles and clickbait and only share high-quality, vetted, and actionable commercialization content.

That's it for this week.

 — Your Friends at the M+M Team.

 
MedTech + Mindset is part of the CreateNext Group, which also publishes CareerAttraction & CreateNext