In an interview with SmartTRAK, Gennaro Broya de Lucia, president of the National Board of Directors at PMI Sanità, offers a comprehensive summary of the challenges for the medical device market in Italy, which places hundreds of companies at risk in the country.
3 min read
Facing the Payback Crisis: Challenges Threatening Italy’s Medical Device Sector
3 min read
Market Access: What Medtech Can Learn from Pharma
Medtech companies can learn from Pharma’s evidence-based success to evolve their business strategies, expand market access and thrive.
The landscape of life sciences is profoundly shaped by the strategies companies use to gain market access. Pharma and Medtech, two principal sectors within this space, pursue markedly different paths due to their distinct business models and industry demands. Despite the differences, Medtech companies can potentially leverage strategies from Pharma to enhance their own market penetration and product success. In this article, guest writers Brad Maruca, managing director at Deloitte and former divisional vice president at Abbott Neuromodulation, along with John Jaeger, managing director at Deloitte and expert in commercial strategy, delve into the differences between these two sectors and provide a narrative outlining potential lessons Medtech might draw from Pharma's well-established market access strategies.
Among the many topics covered in detail in the complete downloadable article are:
- Business Models and Market Strategies
- At the core of Pharma's strategy lies a comprehensive engagement model that encompasses policy, payers, patients and clinical guidelines. This sector not only focuses on the initial market entry, but emphasizes the lifetime value of a patient, adopting an annuity model where continuous patient engagement plays a critical role in sustaining revenue. In contrast, Medtech tends to focus on innovation and physician engagement, primarily driving growth through product and procedural innovations. (read more)
- Research & Development and Clinical Approaches
- Pharma's approach to market access is heavily evidence-driven, relying on long-term, structured, and high-risk clinical trials to build a robust case for insurance coverage. This rigorous evidence generation ensures that once a pharmaceutical hits the market, it is backed by indisputable data that secures its place in treatment protocols. Medtech, however, often relies on shorter, iterative development cycles and may not prioritize extensive evidence generation, sometimes leading to challenges in justifying the product's efficacy and value to payers. (read more)
- Utilizing Data and Analytics
- While Pharma has long harnessed the power of big data and advanced analytics to inform everything from drug discovery to market penetration strategies, Medtech has been slower in adopting these resources to their full potential. (read more)
- Collaboration and Pricing Strategies
- Pharma's widespread collaborations with stakeholders across the spectrum—from healthcare providers to research institutions—have fortified its market access strategies. Medtech’s collaborations, though robust with hospitals and clinicians, often miss the broader stakeholder engagement that could drive policy and guideline development. (read more)
Click the button below to download and read the complete "Market Access: What Medtech Can Learn from Pharma" perspective article written by guest writers Brad Maruca, managing director at Deloitte and former divisional VP at Abbott Neuromodulation, and John Jaeger, managing director at Deloitte and an expert in commercial strategy,
Topics:
Medtech
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2 min read
SmartTRAK is Seeking a Medtech Marketing Coordinator
Do you love working with a dynamic, experienced team of marketing and sales professionals? Are you looking for a position that leverages your industry knowledge and marketing skills in new ways? Do you thrive in a start-up like atmosphere with plans for exponential growth? If you are a current or former marketing professional who has worked within the Life Sciences (especially medical device) industry, we would love to talk with you.
SmartTRAK is the leading strategic advisory and healthcare analytics provider in the orthopedic, wound care, neuro therapies and regenerative medicine markets. Our customers — which include most of the largest global orthopedic and wound care companies -- rely on our “insights-as-a-service” platform for their market research and business intelligence. We are expanding our team by seeking an experienced marketing associate to drive a variety of key marketing initiatives. This person will be responsible for coordinating with the Marketing, Sales and Customer Success teams to increase awareness of SmartTRAK, including through social media, email, website, paid advertising and events.
We’re looking for a conscientious, team-player, who can thrive in a fast-paced entrepreneurial/small business environment. Our candidate is comfortable working remotely and is both collaborative and self-driven. They must have excellent written and verbal communication skills and be able to utilize a variety of marketing tools. Click the button below to learn more and apply.
Topics:
Medtech
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3 min read
Leveraging Government Affairs for Commercial Success: An Interview w/ Jack Kalavritinos
Jack Kalavritinos, Former HHS/FDA Senior Official and Principal of JK Strategies, discusses the importance and benefits of government affairs in medtech
Jack Kalavritinos is the Founder and Principal of JK Strategies, a communications and public policy firm that helps organizations develop winning communication and policy strategies. Jack is also a former senior government official and appointee in HHS, FDA and DOL. Jack has decades of Washington, DC government, political and business experience including in the medtech sector with Covidien.
In this interview with SmartTRAK, Jack shares his thoughts on the benefits to medtech commercial leaders of developing collaborative relationships with their government affairs colleagues. Specifically, SmartTRAK’s interview with Jack covers the next phases of the COVID-19 public health emergency, the potential impact of the midterm elections and ways companies can work with the FDA.
To find out more, including Jack’s take on how medtech commercial leaders can develop relationships with their Representatives and Senators, click on the following video recorded live via Zoom. Outlined below are specific interview topics by the minute. To download a complete transcript of the interview, click here.
