Field Execution: Implementing Market Access
“To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.”
Steve Jobs
Developing a Market Access strategy to address challenges such as reimbursement, market adoption, and sales growth is not an easy task for medical technology companies. They invest much time and energy in finding the optimal strategy and allocation of resources for the best results.
Yet, a mediocre strategy with a strong execution will consistently outperform, by far, the best recommendations with poor implementation.
In this article, we will explore three reasons why many medical technology companies fail to implement their market access plans and how we address those challenges with our Field Execution.
Let’s turn strategy into results.
Reason #1: Teams are not trained to engage payers and purchasers
Any Market Access plan will include payers and purchasers among the target stakeholders for engagement without ignoring physicians or other medical professionals.
While there is a substantial investment in the industry in training sales teams and other groups to meet with clinical stakeholders, such as doctors and nurses, there is almost no preparation when considering payers or purchasers.
To exemplify, imagine approaching a professional that does not wear a white coat but a suit and is much more familiar with financial spreadsheets than clinical articles. How to start a conversation with that person? Indeed, at least a little bit different than with a doctor.
There is a common practice to visit as many doctors as possible in the same provider and substantial preparation in engaging and developing relationships with Key Opinion-Leaders. However, what about the other professionals in the same institution, such as Finance Directors, Controllers, and Procurement Managers?
Time is against companies, which must quickly adapt to engage with and demonstrate Value to different stakeholders. And that’s where Field Execution plays a vital role; by immediately placing a senior professional from ValueConnected with solid experience to take sales teams by hand and engage non-clinical stakeholders with them.
Reason #2: It’s teams, not tools, who communicate Value
After several years of joining healthcare congresses and conferences, we hear and see the same concern over and over: sales teams are not prepared to demonstrate Value.
This concern means the investment in apps, models, and different materials is not generating the intended results because teams are not adequately using their tools. It is easy to blame the commercial teams for failing to win over budget holders. Still, the truth is that, as mentioned above, these teams receive training to approach physicians and nurses—not purchasing managers, hospital directors, or tender committees.
In other words, providing teams with tools does not necessarily change their discomfort in discussing the Value of medical technologies. And to make matters more complex, a significant challenge is that not everyone on commercial teams is willing to talk about the Value of medical technologies. As a result, do not expect people to be on board instantly.
To be clear, Value Tools are essential in demonstrating Value. But still, sales teams must know when to use them and, most importantly, when not to use these tools. The Field Execution product ensures sales teams understand the three-step process before engaging with a non-clinical stakeholder. On a high level, this process is about making sure that target stakeholders will understand the technology, its clinical/economic benefits, and applications before discussing any Value aspects.
Reason #3: Excessive focus on Price, not Value
According to MedTech Europe’s Facts and Figures 2022, only 7,6% of total healthcare expenditure in Europe goes on medical technologies. The remaining 92,4% costs include fixed costs with hospital beds and
ICUs, physician’s fees, pharmaceuticals, and other items.
The burning question is, “why is there so much discussion around the price of medical technologies if they represent a fraction of total healthcare expenditure”?
The best and most straightforward answer is that medical technologies come with a price tag. In other words, the cost of a medical device is completely transparent to those negotiating and, inevitably, becomes a target for discussion.
The daily costs of maintaining an ICU bed represent a much higher impact on hospital expenditure yet are typically ignored during discussions because data is not readily available. Hence, it does not matter for medical technology to save ICU days and not translate those saved days into saved costs. Eventually, the discussion returns to the “high price” of medical technology.
The Field Execution constantly applies the shortest path to shift from Price to Value by ensuring that Sales Teams focus on how their medical technologies impact the patient journey. When considering the different stages of the patient across diagnostic, treatment, and monitoring, it is impossible to maintain the focus on Price exclusively. Instead, budget holders will naturally navigate towards assessing the impact of the medical technology, not only its costs.
“Glad to see Value Connected impacting our market in a crucial aspect and, even better, have the opportunity to share projects with you.”
Anderson Fernandes Santos – Market Access Manager, Strattner
Connecting Sales with Market Access
Easier said than done? Absolutely. And that’s what the Field Execution is for, to connect Sales with Market Access and enable teams to select, prioritize and demonstrate Value messages to the right stakeholders.
The Field Execution exists to only bridge the gap between Market Access strategy and execution, ensuring maximum support for commercial goals. And that’s why we at ValueConnected describe ourselves as implementers, not consultants.
