Here’s two things about the world today that are certain: technology is advancing rapidly, and healthcare is more important than ever. Because of these progressing factors, it is imperative that consumers have access to the best medical devices and services.
These circumstances have created a pressing need for a specific kind of consulting. Healthcare technology, or “MedTech,” consulting is now of utmost importance to getting the newest medical technologies out into the market and to consumers that need them most.
Some of the best consulting firms have created teams that specialize in consulting for medical technology companies – Bain and Co., Accenture, BCG, L.E.K., and more.
What exactly do health tech consultants do, though? Here’s a few valuable insights consultants can provide for their clients:
- Conduct industry analyses/suggest product redesign:
With tech innovations and medical breakthroughs happening everyday, staying up to date with what’s going on in the industry is essential when it comes to healthcare technology. Health tech consultants can inform their clients on relevant industry trends, new findings regarding healthcare, and major competitors – so that they can strategize accordingly and even update their product to meet the latest market standards.
- Determine customer segmentation/targeting:
Creating good healthcare technology has the potential to change lives, but only if it gets to those who need it. Determining the right individuals to market a product to is essential – consultants can conduct the research to do just that and make recommendations accordingly.
- Discover legal barriers:
Getting cleared to sell medical technology is no simple task, as there are often several complicated legal barriers to entering medical technology markets and selling products on certain platforms. Health tech consultants can make sense of the complex rules and regulations, and guide their client through the steps needed to get their technology approved for use.
TAMID has worked on a few consulting projects for startups in the health technology industry:
- AIDTES is a startup that creates software that automates large-scale PCR tests for COVID 19. With a goal of entering the US market, TAMID consultants were tasked with finding their ideal target market, as well as potential barriers to entering the US PCR industry and competitor analyses.
- SignNow is a startup focused on creating an app for online sign language interpretation. TAMID consultants created a final deliverable on market entry strategy, which included competitor analyses and the ideal customers/locations to target.
Are you interested in health tech consulting? Join TAMID’s consulting track for the opportunity to find innovative solutions and strategies for a medical technology startup!
I would love to know what type of educational and technical backgrounds health tech consultants come from since this field is really starting to take off!