Physician conferences are the most effective marketing channel for medical device firms, according to a recently released report from Cutting Edge Information, a healthcare research firm.
The report, Medical Device Product Management: Benchmarking Development, Marketing and Promotion, ranks 10 different marketing tactics on a 1-to-5 scale of effectiveness, with 5 being the most effective, according to responses from executives in the medical device field. With an average rating of 4.2, physician conferences were cited as the best method of drumming up business. These events topped medical education, which got a rating of 4, opinion leader influence (3.9), and sales rep calls (3.9). Other lower-ranking marketing methods included Internet communications, journal ads, and direct-to-consumer campaigns.
“The success of a medical device strongly relies on word-of-mouth generated by physicians in the medical community,” said Cutting Edge research team leader Eric Bolesh, in a press release. “Educating doctors on the product and its competitive advantages is an effective method companies can leverage to help promote their medical devices.”
In addition to ranking the effectiveness of marketing tactics, the report provides data on the following issues: timelines for different development stages; breakdown of marketing spending over time; investments in post-market monitoring; sales force budgets and headcounts; and device training investments, staffing levels and durations.