4 Can’t Miss Opportunities That All Medtech Companies Need to Consider




Medsider: Learn from MedTech and HealthTech Experts show

Summary: According to a recent L.E.K. survey of hospital executives, 56% of the respondents haven taken steps to reduce medical device sales rep access to their facilities. In fact, the CEO of an Illinois hospital stated, “We’re constantly trying to limit the sales reps…We want to see what they’re selling before they get a hold of a doctor who brings it in without our knowledge.” At least one answer is obvious, right? Hospitals are clearly not looking for advice from medical device sales reps. So what solutions are they looking for? Here is what a Director of Purchasing at a Minnesota hospital wants: “We would really like clinical outcomes data…For example, we want to know if a knee replacement that costs two times as much as a competitor’s knee is actually going to last double the time as the competitor’s model.” In other words, hospitals want to understand the cost/benefit analysis for the medical devices they purchase. That’s one idea medtech companies need to embrace. But what are the other 3? In this interview with Jonas Funk, Managing Director in L.E.K.’s Chicago office, we learn about the 4-step process that medical device companies should consider in light of the current healthcare environment. And by the way, if you want a copy of L.E.K.'s most recent survey of hospital executives, contact Jonas via email at j.funk@lek.com. Interview Highlights with Jonas Funk - What are the most pressing challenges that medtech executives are facing right now? - Overview of L.E.K.’s most recent strategic hospital priorities study. How was it conducted? Who was involved? Etc. - Are hospital administrators the new KOLs? - In the pursuit of customer excellence, what are the 4 key questions that medtech companies need to answer? - The 4-step process that medtech companies need to embrace. - What is the one concept that medtech companies need to implement now? And what is the one concept that medtech companies absolutely must have on their radar for the future? This Is What You Can Do Next 1) You can listen to the interview with Jonas Funk right now: Download audio file (JonasFunk_MedsiderInterviews_2013.mp3) 2) You can also download the mp3 file of the interview by clicking here. Don't forget – you can listen to this interview and all of the other Medsider interviews via iTunes.  And if you get a chance, leave us an honest rating and review. 3) Read the following transcript from my interview with Jonas Funk. 4) Or, click here to download a copy of the transcript from my interview with Jonas. Read the Interview with Jonas Funk Scott Nelson:    Hello everyone, it’s Scott Nelson, and welcome to another edition of Medsider. And for those of you who are new to the program, this is a show where I interview experienced med tech and medical device thought leaders in an effort to learn as much as possible and then hopefully implement one or two big takeaways. And today’s guest on the program is Jonas Funk, who is a Managing Director and Partner in LEK Consulting’s Chicago office. He has more than 15 years of experience in LEK and has directed hundreds of consulting engagements primarily focused on growth strategy and mergers and acquisitions support within the med tech and life sciences verticals. Jonas also cofounded the Tokyo office and has assisted dozens of clients in developing their Asian strategy. So without further ado, welcome to the program, Jonas. Jonas Funk:      Great to be here, Scott. Thanks. Scott Nelson:    Okay. So Jonas, let's start here. You have the opportunity to consult with, discuss with and probably in a lot of cases present to a lot of med tech executives and decision-makers. 00:01:09 So in your opinion, what do you are the one or two most pressing challenges that those folks are facing right now? Jonas ...