Supercharge Your Med Device Sales and Grow Market Share
With the cost of medical device sales becoming increasingly competitive, med tech companies and medical device companies alike need to understand the importance of data in order to access, target, and grow their market share.
Data such as treatment and referral patterns, CPT codes, patient journey and care pathways are key to understanding the size of a potential customer base and how best to educate physicians on the value of a particular med device for their patients. Especially when it comes to complex diseases or patient journeys involving multiple diagnoses, having this data can be critical for successfully launching a new product or even competing against established competitors.
By having access to data that details the current treatment and referral patterns of physicians, med tech companies can target those doctors who are more likely to be open-minded to new treatments or products. This allows them to create an effective marketing strategy tailored to each physician’s practice and patient population.
Additionally, CPT codes provide critical insight into the procedure being done, how often it is performed, and which products are used during that particular operation.
Data is also essential for understanding the patient journey for a particular condition or disease. Knowing which therapies and treatments patients undergo prior to receiving a medical device can help med tech companies better understand the market size for their product by showing which physicians are currently referring patients, as well as which ones could potentially be reached with a targeted educational campaign. It also gives insight into how long it takes patients to receive the medical device they need and whether or not there may be any potential bottlenecks in the process.
In addition, data can help identify any gaps in care pathways that could lead to longer wait times or inadequate treatment protocols. By having access to this type of information, med tech companies can uncover opportunities for improvement that they might otherwise have been unaware of. Having this knowledge beforehand allows them to prepare early on how best to address these issues should they arise in order to ensure their product is providing the best possible care for patients.
Download our case study.
