The following representative case studies illustrate Eric Hanford’s pharmaceutical and medical device marketing expertise and his strengths in partnering and maximizing technology innovations. To learn more about Eric Hanford’s professional experience, view his LinkedIn profile. To learn about Eric’s consulting services, visit Centrio Consulting.
As Marketing Consultant for a Privately Held Medical Device Compay, accessed new market opportunities for a first-in-market capital equipment device.
Challenge:
Client invested millions of dollars on development of specialized piece of medical equipment. Because the planned market potential was limited and couldn’t justify additional R&D investment and placed significant burden on product Client wanted alternatives identified to realize a greater return.
Actions:
- Focusing on finding adjacent market opportunities, researched market trends including competitive positioning for drugs and devices in the therapeutic area, pricing, volume, procedures, and capital equipment and human resource needs.
- Identified partnership possibilities with large pharmaceutical and medical device companies and distributors that already sold into complimentary diagnostic and therapeutic areas.
- Provided an understanding of the buyer’s (hospitals) decision-making and budget allocation process and created tiered product value proposition for hospital stakeholders.
Results:
- Determined Client should not utilize its own sales organization and made case for securing distribution agreement or exit through a strategic partner.
As Marketing Consultant for a startup Surgical Medical Device Company, completed U.S. market assessment used for long-term financial modeling and investments.
Challenge:
Company needed to secure second round of investment funds to further product development of next-generation medical device and obtain first-to-market approval position.
Actions:
- Collaborated with IMS to design customized procedural and competitive product reports.
- Demonstrated market potential by creating sales forecast model using IMS HSI data and market assessments.
- Determined pricing strategy for new market entrant by using anticipated features of product, voice of customer research, and competitive market assessments.
Results:
- Company was steered toward the right investment strategy that focused on strategic individual investors who could maximize the longer-term valuation.
- Company now has clear strategy for maximizing investment opportunity by combining product in adjunct categories.
- Company anticipates over-subscribing on next round of investments.
As Senior Manager of Strategic Marketing for a large Healthcare Products Company, exceeded budgeted revenue and earnings for $200M+ portfolio.
Challenge:
The economic downturn and the commoditization of the products in the market created the need for a new marketing strategy for the reorganized sales and marketing teams.
Actions:
- Implemented a new customer-centric strategy focusing on the needs of key decision makers including physicians, technologists, administrators, pharmacists, infection control, the and C-suite.
- Led cross-functional team responsible for segmentation and targeting of the $825M market.
Results:
- Achieved $214M net sales that exceeded budgeted revenue by 6%.
- Overachieved budgeted margin by 9%.
As Senior Manager of Strategic Marketing for a large Healthcare Products Company, innovated iPad apps and touchscreen technologies.
Challenge:
Embrace new technology platforms to improve the overall customer experience, increase sales efficiency, and evolve the marketing programs.
Actions:
- Collaborated with key internal customers, including the field sales organizations, national account managers, Information Technology, and Legal, to determine requirements.
- Researched providers and engaged several external agencies for design and development.
Results:
- Company was a market pioneer in embracing iPad and touchscreen technologies and continues to evolve this platform today.
- Dramatically improved the customer experience on several product lines.
- Reduced selling time of capital medical equipment.
- Improved tracking necessary for compliance reporting under the Patient Protection and Affordability Act.
- Reduced costs normally associated with device selling process and long-term expenditures compared with print marketing materials.
- Increased presence and traffic at key trade shows.
Core marketing representative on cross-functional product development team that brought industry-first technology to market.
Challenge:
Evolve established product line to create differentiation in a commodity market and help customers address challenges faced in their work environment.
Actions:
- Represented the voice of the customer during product development process.
- Created marketing and training materials for commercialization.
- Partnered with an outside vendor on price sensitivity model and created premium pricing strategy.
Results:
- Launched the industry’s first radio frequency identification (RFID) drug / device system.
- Contributed to improved patient safety and throughput.
- Increased profitability of product offering.
- Aided in compliance for customers with accrediting agencies.
- Product remains a key differentiator in the portfolio.
As Senior Product Manager, developed product neutral, industry-wide educational campaign.
Challenge:
In a market comprised of commercially biased product marketing, the industry was in need of product neutral educational programs to better address a growing concern with patients.
Actions:
- Collaborated with key opinion leaders in three different physician specialties to create educational programs, protocols, and patient management tools.
- Developed internal training programs for field sales organization.
- Established partnerships with medical education providers to provide CME and CEU accredited programs.
Results:
- Positioned company as a leading education provider.
- Converted over $1M of competitive business within first year.
As Associate Marketing Manager pioneered a qualitative and quantitative value program to differentiate company offerings in commoditized market.
Challenge:
In a price sensitive market, company needed to overcome perception that its products were a commodity and prove its offerings commanded a premium.
Actions:
- To make case for the value of the bundled suite of products and services (e.g. patient education, consultative services, proprietary software, etc.), worked with product managers to determine benefits of each.
- Utilized primary and secondary data sources to build both quantitative and qualitative messaging and financials for each offering.
- Developed messaging for sales to get the buy-in of the influential physicians, nurses, administrators, purchasing and C-suite.
Results:
- Secured numerous multi-year contracts for division at higher than market pricing.
Contact Eric Hanford to discuss how he can bring similar capabilities to solving your marketing challenges.