Covidien logo

Propose Better Ways to Sell Medical Equipment to Hospitals

When medical devices are commercialized, field representatives usually travel to hospitals and other institutions to introduce the product, train the staff, and integrate with existing systems. Many companies spend BILLIONS on this inefficient practice - an expense which sometimes reaches four to five times the cost of R&D. These inefficiencies are made worse by the cost sensitivity of hospitals and patients, consolidation of hospital industry (more buyer power), and sales reps’ limited access to clinics.

As the “internet of things” becomes a reality, we’d like to take information from our representatives and customers to dramatically improve the sales process and reduce our reliance on the traditional sales interaction.

$1,000
top 10
83
submissions
DONE
23 months ago
Deliverables

Consider the actual “Point of Sale” (hospital, surgeon, or buyer purchasing the product) and think about all the variables at play (timing of interaction, finding the decision-maker, location of organization and salesperson, method of communication, extent of relationship, etc).

1) What are the first three (3) steps you would take to more intelligently go about the “Point of Sale”?
2) What data would you collect and analyze to support or inform your suggested processes?
3) Describe the potential cost and/or time savings that would result

Criteria:
Top ideas will be cost-effective, data-driven, and feasible within existing medical institutions. Preference will go to novel ideas that utilize new technologies.

TIP -- we suggest you don't make assumptions or guesses about timing, decision makers, etc. We'd like to understand how you would collect and use data to make informed decisions.

Leaderboard
This challenge has received 83 submissions
Top 5 share $750 Next 5 share $250
$50.00 Square pic dylan University of Florida
$50.00 P Oregon State University
$50.00 Square pic 1008641 10200498266242433 148795136 o University of Rhode Island
$50.00 Square pic me North Carolina State University
$150.00 Square pic chief osceola 920 Florida State University
$50.00 0 vf7lfhgjljypwi xc209fcu9bvspbegxbhusfcdoz0mdz2zkjdxdtgmxwnvgx7ihn2srhlxb vwh University of Missouri - Columbia
$150.00 Square pic picture 063 hacc
$150.00 Square pic chinle University of California at Davis
$150.00 Square pic v  bc86 The Ohio State University
$150.00 Square pic dsc04149 Rutgers, The State University of New Jersey
Contact Us!
Write for our Blog to share your thoughts, ideas and stories with 300,000 peers