COVID-19 IMPACT:

Medical Devices

Industry Update: 30.09.2020

Vertical: Medical Devices
Type: B2B
Covid Impact on Demand: Positive
Covid Impact on Ability to Supply: Negative
Viable Transition/Readjustment: Yes

We’re just ordinary people.

The business world now recognises that pandemic conditions are here to stay.

SoPro have direct access to several hundred B2B marketing operations, spanning 60+ verticals. In recent weeks we have seen major movement in global sentiment, shifting from defensive tactics to proactive strategy as realisation sets in.

We are now witnessing the largest and most complex change management project in the history of humankind.

The worlds businesses are rapidly readjusting to compete in a new world. Here’s how.

Medical Devices, what are we seeing?

Whether it is ventilators needed in emergency and intensive care, Personal Protective Equipment (PPE) or In-Vitro Diagnostic (IVD) kits to detect the virus, the medical device industry has been under tremendous pressure to deliver and innovate. Impressive, when suppliers’ factories have been shutting down production, operating reduced factory working hours, a reduced workforce, and reduced support from similarly disrupted research and development departments.

We expect to see continued demand in these areas, plus additional requirements as countries ease out of lockdown and as device manufacturers reduce production of other devices types.

What do these businesses need to do now?

1. Adjust your business targeting

While the buyer profile remains relatively stable, we are seeing manufacturers enter this market and bring innovative new products to the market to handle the sudden surge in demand for equipment and perform further research.

International demand for high quality medical equipment is higher than usual. Seek international buyers if you can support global distribution.

2. Review your marketing channels
MARKETING CHANNELS VIABILITY
B2B Direct Mail

NOT VIABLE

Telesales

NOT VIABLE

Paid Search

PARTIAL VIABILITY

Tradeshows and Exhibitions

NOT VIABLE

Awards Circuit

NOT VIABLE

Door to door sales

NOT VIABLE

Word of mouth

PARTIAL VIABILITY

Social Media

PARTIAL VIABILITY

Digital Outreach i.e. B2B prospecting

VIABLE

3. Revise your proposition

Accentuate the competitive advantages that you can offer over and above your competitors, and why these are important now.

If possible, tailor your offering to directly help prospects capture and service the current unserviced demand levels.
Can you manufacture the devices most in need right now? Can facilities be tailored to support production of critical devices?

Can production be configured to meet additional international quality standards and tender specifications, there is huge international demand at the moment so it is worth pursuing a universal compliance level to support global supply where possible.

Cost is less of an issue right now. Medical buyers are asking how quickly suppliers can servive large orders, while meeting quality guidelines? If the goods are in stock the price is a secondary discussion point.

4. Revise your messaging

Revise messaging to set out how your proposition directly contributes to overcoming the current challenges. Buyers need devices on site, immediately.

Some Countries / Notified Bodies (including the UK, France and Germany) have temporarily relaxed the rules around CE marking for PPE and urgently needed medical devices, so if you can meet the old requirements, then make this clear as it could be a significant advantage.

Focus on robust distribution models and ability to supply quality stock, now.

Set out attractive commercial terms if able.

5. Drop the experts a line

At SoPro, business growth is what we do, and we've got the tech and team to quickly generate a healthy pipeline for your business. Our expert team are ready to discuss your campaign today.

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“One of the great things about working with SoPro is the dedicated team of professionals we have at the other end of the phone... For us, there really is no question. Having a prospecting service is vastly more beneficial than just having the tool. Put simply, it’s transformed our business.”

Nick Washington-Jones, Managing Director, Tack UK

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