Mike Fix and Ross Meisner - Med Device Online
As the novel Coronavirus (COVID-19) ravages the healthcare industry and the world, medical device companies with products used in elective procedures have taken a huge hit. The good news is, as healthcare systems begin again to expand beyond emergency and urgent cases, pent-up demand will exist for elective procedures.
But, which procedures will take priority? Clinical resources are depleted, the economy has tanked, and more people are unemployed, uninsured, and uneasy about seeking care.
Many medtech company leadership teams are scrambling to figure out what to expect as the market reopens, and how to plan a business strategy in this unprecedented time. While no one can predict the future, applying a “means, manifestation, motivation” assessment framework can help you anticipate where your product fits in the recovery continuum, as well as determine viable market development strategies for the reopened marketplace.
Means, Manifestation, Motivation Framework
The framework assesses three dimensions: economic means, clinical manifestation, and patient motivation. It also assesses where these dimensions intersect to help you focus a value proposition that drives market adoption. This framework helps you understand how and why procedures may be prioritized, as well as which patients are most likely to first seek treatment. It can also help you plot your investment strategy and begin designing market tactics to drive uptake.
The recovery for most elective procedures will not be fast because all three factors are headwinds. Even though pent-up demand is accumulating, it is unlikely demand will flood back into the healthcare system because of the barriers outlined in this article.