As I sit down to write this post, the gentle melody of Scorpions’ “Wind of Change” plays softly in the background, taking me back to a time of hope and optimism.
The song, with its moving lyrics and uplifting message, spoke to a generation witnessing the historic shift in global politics – the end of the Cold War and the fall of the Berlin Wall.
The symbolism of literally breaking down a wall will forever be ingrained in our memories, something even a 10-year-old kid like me couldn’t fail to notice. I too sensed the change in the wind, carrying with it the promise of a brighter future.
Today, as we navigate through uncertain times, and walls are being built again, there are fewer reasons for optimism on the political side. However, as a 24-year veteran of healthcare and ever the cynical optimist, I seem to be increasingly finding solace and hope in the field of MedTech.
We are taught and we learn that the only constant in life is change. Though we also observe its pace may vary between a leisurely stroll and a frantic sprint.
As the sun is shining and I’m putting on my running shoes, I truly believe that we are now witnessing a transformative period in healthcare, a sprint, driven by technological advancements and a renewed focus on innovation.
The song’s message of hope and belief in positive change parallels the spirit of innovation in MedTech. From digital health solutions to artificial intelligence, robotics, wearables, and remote monitoring technologies, with a genuine focus on sustainability, the healthcare industry is embracing cutting-edge innovations with the potential to revolutionize patient care and outcomes.
And yes, we’ve all heard this before, but the technological advances are undeniable. The future is already here – it’s just not evenly distributed. As William Gibson taught us.
Yet, amidst this wave of optimism, challenges persist. The current healthcare landscape demands a more nuanced approach to value demonstration. While the trust and partnership between healthcare professionals and the MedTech industry are invaluable, they alone are not enough.
In today’s complex ecosystem, it is often the diversity of stakeholders that catches many off guard. From payers and patients to the hospital C-Suite, Procurement, and IT – all require evidence-based value propositions tailored to their unique perspectives and priorities.
You miss one. You might miss out.
Ordering pizza with friends, always reminds me of the importance of stakeholder-specific value messaging. Just as we debate toppings, and never seem to agree, stakeholders in healthcare have diverse needs. Tailoring the offering ensures it is appealing.
I once received valuable insight from a Professor of Marketing, who astutely observed that as salespeople, we often fall in love with our own brands. And we know love is blind, preventing us from fully recognizing the broader value and relevance beyond our personal biases.
I recognize myself in this. Too often and in a hurry, I replace information with assumptions. I talk when I should have listened. Or the worst, I try to sell before I have understood.
The MedTech industry is expected evolve in its approach to value communication. By harnessing the power of data and evidence, to craft narratives showcasing the tangible long-term benefits of new innovations, especially as those innovations often come with higher initial price tag.
The challenge lies not only in identifying and combining the relevant data sources, and parameters but also in effectively modeling them into a compelling value story.
If it were easy, the industry would have already achieved it. Now, it has become a competitive factor and a defining characteristic of success. If you’re into classic rock ballads, wish to debate to best pizza toppings or happen to have an interest in discussing how to build data and evidence driven value propositions to reach your commercial objectives – then you’ve found your Windman of Change.
Petteri Järkkä, Senior Partner, NHG
petteri.jarkka@nhg.fi / +358405597956