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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.

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23 months ago
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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.

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