Social Media and Patient Centric Design, Facilitating Provider-Patient Relati...
Marketing for Medical Device Startups
1. Marketing for New Technologies
Setting the Stage for Your Success
Maureen A. Shaffer
Medical Device Bootcamp
University of Cincinnati 2010
2. Maureen Shaffer Bio
• Vice President, Life
Sciences for Prolifiq
Software
• Former VP Marketing at
AtriCure and InSet
• Marketing roles at
Cordis (pre-JNJ), US
Surgical and Heartport.
• FiberOptic Sensors
• Converge Medical
3. Marketing Role
• Strategic market direction from Concept to
Launch and beyond
– Ongoing analysis and market assessment
– Positioning/Differentiation
– Market entry
• Multidirectional communication hub
– Customer advocate
6. Ask the Right People
• Team ask
• Broad demographics
– FiberOptic Sensors: CCF LAP
– Heartport: non-locking NDR
• Advisory Board
– Hands-on with time
– Not podium assets
– Not investigators
7. Ask the Right Questions in the Right
Forum
• Across the desk
• Share drawing
• Share prototype
• Use prototype in wet lab
• Preclinical use
• Clinical use
15. Who Are The Patients?
• Age groups
• Activities
• Geography
58% go online first!
• Relationships Source: 2005 Health Care Survey, conducted by GMI and Media Screen (March
2005).
• Who is most likely to want new therapies?
– Who is motivated? Why?
17. How Do You Reach Them?
“In 2010, …digital content is changing the
way physicians practice medicine,” said
Meredith Ressi, VP of research at Manhattan
Research. “Professional use of smartphones and
online user-generated content are no longer early
adopter activities of a tech-savvy few – these
types of activities are the norm for the
majority of physicians today.”
HBR, “Stop Delighting Your Customer”, July 2010. Self service = Web, Voice
Prompts, Chat or Email, Person = Phone interaction
Manhattan Research’s Taking the Pulse report, 2010. n=2000 US Physicians
18. Growing Economic Arguments
• Product and Procedure Value = 9x effort
– 90% of hospitals have made cutbacks
• VAC
– $2.7B savings have been identified in Cardiology
and Orthopedics with GPO pricing
• Coding, Coverage and Reimbursement
– Three-year ACE demonstration project for single-
payment bundle underway by CMS
“GPOs Embrace New Cost-Cutting Initiatives” at MedTech Insight:
www.medtechinsight.com
“Payment Bundling – The Future of Reimbursement” at MedTech Insight
“Pulse of the Industry”, Ernst and Young 2009 per American Hospital
Association data. www.ey.com/medtech
20. Hard-Wired Habits and Humor
• PFC and STN or Newton’s Law of Motion
– 7 times to make it a habit; McKinsey 9x benefit
• Peers listen to peers
• Sell the data/make it a competition
• Employ humor
– Humorous items are more easily remembered than
non-humorous ones, which might be explained by the
distinctiveness of humor, the increased cognitive
processing time to understand the humor, or the
emotional arousal caused by the humor.
http://en.wikipedia.org/wiki/List_of_memory_biases
21. Be Gutsy
• If you have an important
point to make, don't try
to be subtle or clever.
– Use a pile driver. Hit the
point once.
– Then come back and hit it
again.
– Then hit it a third time –
a tremendous whack.
Winston Churchill
23. Carmen’s Grandma and Warren Buffet
• Would you want your grandmother:
– Treated with this?
– Reading this material and making a decision?
• The Newspaper Test
– Written up next day in local paper
– Read by family, friends, neighbors
– Written by smart but unfriendly reporter
– If close to the lines, it is out
http://youtu.be/A0mNKh7lYE4
24. Contact Information
Maureen A. Shaffer
maureen.shaffer@gmail.com
linkedin: http://www.linkedin.com/in/maureenashaffer
twitter: http://twitter.com/maureenshaffer
Notes de l'éditeur
Always a part of startups – either from Cordis where 20 years ago they had just divested the majority of their company and decided to pursue the angioplasty market where I launched their first angioplasty balloon and conceived and launched their first SGW. Or, as one of two people hired by US Surgical, a lap GS company, to bring them into CV marketplace. And, as the first employee beyond the founders at Converge Medical, an anastomotic device company, who just received $4M as a Series A and had one prototype.
Continuous market researchCustomersCommunication to end user/consumer
Endomyocardial biopsy forceps10 years of ACS and USCI SGW and PTCA. ACS Hi-Torque Floppy had 80% market share. Everyone said that there was no improvement needed.
Cordis: SGW concept – MDs, NursesFiberOptic Sensors: Non medical device folks except for the CEO, CCF involvement only, LAP was a critical measurement in all cardiac surgery. Replacing $20 device.Heartport: NYU NDR input, nonstandard length.Advisory board: Sign up 12 – 6-8 at calls and focus groups. Situations may change for a few that fall out.Smart, practicing or retired. Set expectations for time commitment and offer choice of options or money. Monthly 1 hour call at set time and call in. Quarterly meet at major shows, member sites and once a year at company. Hands on as possible. You are planting seeds--your very first marketing seeds.
Curve on Cordis Biopsy ForcepsHeartport and modelsConverge – refinement approachUnderstand the pros and cons of all the approaches, esp. the limitations of different in vitro and preclinical testing models
Comp plan: Cordis – PTCACompetitive – Starbucks card, come to front of class and hand out