Morgan Philips Group acquires Hudson’s operations in Europe
The medical device industry is one the biggest industries in the $3.2 trillion global healthcare sector. The last decade has seen the industry go through a big shift, driven by innovation and new technologies. Asia Pacific presents unique opportunities for medical device producers. According to Euromonitor, the region was the fastest growing medical device market over 2008-2014, rising at a CAGR of 10% fuelled by rapid expansion of the healthcare industry, an aging population and a burgeoning middle class. The region’s healthcare industry is expected to continue to grow rapidly over 2016 as well. For instance, China’s and India’s healthcare service revenues are expected to advance by 12% and 9%, respectively, in 2016 alone resulting in a large number of new hospital construction projects and thus soaring demand for medical and surgical equipment. However, the Asia Pacific region also poses significant challenges for medical device producers. According to a survey by Emergo, Medical Device Regulatory Consultants, the ever-changing regulatory environment continues to perplex executives in the region along with new product development. Interestingly, 31% of the executives in Asia are facing the challenge to recruit or retain employees in comparison to 21% of their European and 24% of their Northern American counterparts.
Sales & Marketing in the Medical Device Industry In the rapidly changing Medical Device industry, the need for customers to explore and experience products to determine quality and suitability has not changed, especially for critical-care and life-saving devices. Additionally, the complex nature of the sales process for medical devices makes it very difficult to build and deliver a meaningful experience. Sales & Marketing teams need to show varied customers: hospitals, doctors, laboratories, and private practices; how to solve very specific problems. In the traditional selling process, buyers often played a passive role — listening to sales presentations, watching case study videos, etc. They have no interaction with the product whatsoever. However, digital innovation and technology is revolutionizing this by equipping Sales & Marketing to create compelling experiences, increase audience engagement, and build credibility and context. Some examples of how innovation has been adopted by sales and marketing in the medical device industry are detailed below:
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