Happy Easter! My Monthly Newsletter will be published today where I share insights into building a medical device business in women’s health. The sales cycle can often be complex. An understanding ahead of time can set you up for success. That’s my aim this month.
I’ve had a few requests to discuss the sales cycle when introducing your medical device to a hospital system for the first time. Sign up using the link above "visit my website".
I’ll share my personal experience in bringing Fetal Pillow to the US market and the sales cycle I navigated countless times.
Building strong relationships, understanding each stage of the cycle, and demonstrating clinical and economic benefits of your device are essential components of a successful sales strategy.
When launching Fetal Pillow in the US, despite our many years of experience outside this market, we would need to learn and manage the intricacies of this new territory.
An important decision we made was to retain certain key territories as direct, and that’s why I sold directly in a number of cities on the East Coast (easier to get to from the UK!).
The sales cycle will vary depending on factors such as the complexity of the device, the target market, regulatory requirements, and the purchasing process of healthcare institutions.
In our case, by the time our device was cleared by the FDA, there were several published clinical studies that demonstrated efficacy, with another study due to commence in the US.
We were therefore well positioned to manage any challenges around clinical and economic benefits. Without the above, you might face a longer sales cycle (dependent on the several factors noted above), as you work with hospitals and Value Analysis Committees (VACs) for the first time.
There might be clinical buy-in at the early stage but you will need to convince purchasing committees that the device makes both clinical and financial sense for the wider hospital group.
Enjoy reading - please reach out if you have any questions. It will published at 12pm EST (5pm GMT). Check your junk email if you don't see it in your inbox at that time.
(Writing the newsletter is fun, but watching the sunset with my little guy is even better!)
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