Latest / Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth / #176 | The Key Things That Clinicians NEED to Prioritise That ACTUALLY Drives Revenue In Their Medical Device Go-To-Market Strategy

Transcript

#176 | The Key Things That Clinicians NEED to Prioritise That ACTUALLY Drives Revenue In Their Medical Device Go-To-Market Strategy · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  MedTech
• 0:00
  founders
• 0:01
  rarely
• 0:01
  fail
• 0:02
  because
• 0:02
  the
• 0:02
  device
• 0:03
  is
• 0:03
  bad.
• 0:04
  They
• 0:04
  fail
• 0:04
  because
• 0:05
  they
• 0:05
  fix
• 0:05
  the
• 0:05
  wrong
• 0:06
  problem
• 0:06
  first.
• 0:07
  And
• 0:07
  in
• 0:07
  this
• 0:08
  episode,
• 0:08
  you'll
• 0:08
  learn
• 0:09
  how
• 0:09
  to
• 0:09
  decide
• 0:10
  what
• 0:10
  to
• 0:10
  prioritize
• 0:11
  in
• 0:11
  your
• 0:11
  MedTech
• 0:12
  launch
• 0:12
  when
• 0:12
  several
• 0:13
  parts
• 0:13
  of
• 0:13
  it
• 0:13
  could
• 0:14
  be
• 0:14
  improved.
• 0:14
  And
• 0:15
  today
• 0:15
  I'll
• 0:15
  give
• 0:15
  you
• 0:16
  the
• 0:16
  decision
• 0:16
  rule
• 0:17
  that
• 0:17
  helps
• 0:17
  you
• 0:17
  identify
• 0:18
  the
• 0:18
  move
• 0:18
  most
• 0:19
  likely
• 0:19
  to
• 0:19
  unlock
• 0:20
  real
• 0:20
  contracts
• 0:21
  and
• 0:21
  meaningful
• 0:22
  revenue.
• 0:23
  Welcome
• 0:24
  to
• 0:24
  Clinician
• 0:24
  to
• 0:24
  CEO,
• 0:25
  the
• 0:25
  podcast
• 0:26
  helping
• 0:27
  clinicians
• 0:27
  simplify
• 0:28
  your
• 0:28
  go-to-market
• 0:29
  strategy
• 0:29
  so
• 0:29
  that
• 0:30
  you
• 0:30
  can
• 0:30
  stop
• 0:30
  guessing
• 0:31
  and
• 0:31
  turn
• 0:32
  your
• 0:32
  working
• 0:32
  prototypes
• 0:33
  into
• 0:33
  international
• 0:34
  MedTech
• 0:34
  businesses.
• 0:35
  I'm
• 0:36
  your
• 0:36
  host,
• 0:36
  Hakeem
• 0:37
  Aade.
• 0:37
  Let's
• 0:38
  get
• 0:38
  started.
• 0:39
  In
• 0:39
  the
• 0:39
  last
• 0:40
  episode,
• 0:40
  we
• 0:40
  covered
• 0:41
  the
• 0:41
  four
• 0:41
  Ps
• 0:42
  of
• 0:42
  a
• 0:42
  MedTech
• 0:42
  launch
• 0:43
  product
• 0:43
  proof
• 0:44
  pathway
• 0:45
  and
• 0:45
  people,
• 0:46
  And
• 0:46
  I
• 0:46
  left
• 0:46
  you
• 0:46
  with
• 0:46
  a
• 0:46
  decision
• 0:47
  to
• 0:47
  make
• 0:47
  on
• 0:47
  the
• 0:47
  following
• 0:48
  scenario
• 0:49
  where
• 0:49
  we
• 0:49
  had
• 0:50
  scored
• 0:50
  each
• 0:51
  one
• 0:51
  of
• 0:51
  those
• 0:51
  four
• 0:51
  Ps
• 0:52
  out
• 0:52
  of
• 0:52
  10.
• 0:53
  And
• 0:53
  I
• 0:53
  said
• 0:54
  the
• 0:54
  scenario
• 0:54
  was
• 0:54
  that
• 0:54
  the
• 0:54
  product
• 0:55
  scored
• 0:55
  an
• 0:55
  eight,
• 0:56
  the
• 0:56
  proof
• 0:56
  was
• 0:57
  a
• 0:57
  five,
• 0:58
  pass
• 0:58
  away
• 0:58
  was
• 0:58
  a
• 0:58
  six,
• 0:59
  and
• 0:59
  people
• 1:00
  scored.
• 1:01
  Four.
• 1:02
  And
• 1:02
  if
• 1:02
  you
• 1:02
  recall,
• 1:03
  I
• 1:03
  said,
• 1:03
  anything
• 1:04
  below
• 1:04
  seven
• 1:04
  half
• 1:05
  percent
• 1:05
  is
• 1:05
  a
• 1:05
  vulnerability
• 1:06
  and
• 1:06
  therefore
• 1:07
  you
• 1:07
  have
• 1:07
  three
• 1:08
  vulnerabilities
• 1:08
  and
• 1:08
  you
• 1:08
  had
• 1:09
  90
• 1:09
  days
• 1:10
  to
• 1:10
  materially
• 1:10
  improve
• 1:11
  one.
• 1:11
  And
• 1:11
  the
• 1:11
  question
• 1:12
  was,
• 1:12
  which
• 1:13
  do
• 1:13
  you
• 1:13
  fix
• 1:14
  first?
• 1:14
  Now,
• 1:15
  a
• 1:15
  vulnerability
• 1:16
  does
• 1:16
  not
• 1:17
  necessarily
• 1:17
  mean
• 1:17
  that
• 1:18
  that
• 1:18
  is
• 1:18
  a
• 1:18
  priority
• 1:19
  so
• 1:19
  you
• 1:19
  might
• 1:20
  still
• 1:20
  have
• 1:20
  three
• 1:20
  below
• 1:21
  seven,
• 1:21
  but
• 1:22
  you
• 1:22
  can't
• 1:22
  fix
• 1:22
  everything
• 1:22
  all
• 1:23
  at
• 1:23
  once.
• 1:23
  So
• 1:23
  you
• 1:23
  have
• 1:24
  to
• 1:24
  prioritize.
• 1:24
  so
• 1:25
  which
• 1:25
  one
• 1:25
  do
• 1:25
  you
• 1:25
  choose
• 1:26
  first.
• 1:26
  And
• 1:26
  the
• 1:26
  options
• 1:27
  were
• 1:27
  A,
• 1:28
  refine
• 1:29
  the
• 1:29
  product.
• 1:30
  B,
• 1:30
  strengthen
• 1:31
  the
• 1:31
  proof.
• 1:31
  C,
• 1:32
  clarify
• 1:33
  the
• 1:33
  buying
• 1:33
  pathway.
• 1:34
  Or
• 1:34
  D
• 1:35
  strengthen
• 1:35
  the
• 1:35
  people
• 1:36
  engine
• 1:36
  driving
• 1:37
  adoption.
• 1:38
  So
• 1:38
  now
• 1:38
  let's
• 1:38
  get
• 1:38
  into
• 1:39
  the
• 1:39
  methodology
• 1:39
  for
• 1:39
  which
• 1:39
  one
• 1:40
  you
• 1:40
  should
• 1:40
  choose
• 1:40
  first.
• 1:41
  And
• 1:41
  the
• 1:41
  rule
• 1:41
  that
• 1:41
  you
• 1:42
  need
• 1:42
  to
• 1:42
  have
• 1:42
  in
• 1:42
  mind
• 1:42
  all
• 1:42
  the
• 1:43
  way
• 1:43
  through
• 1:43
  is
• 1:43
  that
• 1:43
  you
• 1:43
  do
• 1:44
  not
• 1:44
  automatically
• 1:45
  fix
• 1:45
  the
• 1:45
  lowest
• 1:46
  number.
• 1:46
  You
• 1:47
  fix
• 1:47
  the
• 1:47
  one
• 1:48
  that
• 1:48
  most
• 1:48
  severely
• 1:49
  impacts
• 1:50
  revenue.
• 1:50
  That's
• 1:51
  the
• 1:51
  rule,
• 1:52
  Not
• 1:52
  the
• 1:52
  weakest
• 1:52
  P,
• 1:53
  not
• 1:53
  the
• 1:53
  easiest
• 1:54
  P,
• 1:54
  but
• 1:55
  the
• 1:55
  one
• 1:55
  that
• 1:55
  is
• 1:55
  actively
• 1:56
  blocking
• 1:57
  revenue.
• 1:57
  So
• 1:57
  now
• 1:58
  let's
• 1:58
  apply
• 1:59
  that
• 1:59
  rule.
• 1:59
  Let's
• 1:59
  test
• 2:00
  it.
• 2:00
  If
• 2:01
  product
• 2:01
  is
• 2:01
  an
• 2:01
  eight,
• 2:02
  would
• 2:02
  improving
• 2:03
  it
• 2:03
  to
• 2:03
  a
• 2:03
  nine
• 2:04
  or
• 2:04
  a
• 2:04
  10?
• 2:05
  Significantly
• 2:05
  change
• 2:06
  adoption
• 2:07
  very
• 2:07
  unlikely.
• 2:08
  And
• 2:08
  it's
• 2:08
  also
• 2:08
  very
• 2:08
  unlikely
• 2:08
  you'd
• 2:09
  be
• 2:09
  able
• 2:09
  to
• 2:09
  make
• 2:09
  that
• 2:09
  change
• 2:10
  within
• 2:10
  90
• 2:11
  days.
• 2:11
  So
• 2:11
  A
• 2:12
  is
• 2:12
  effectively
• 2:12
  out.
• 2:13
  So
• 2:13
  therefore
• 2:13
  what
• 2:14
  you're
• 2:14
  left
• 2:14
  with
• 2:14
  is
• 2:14
  proof
• 2:15
  pathway
• 2:15
  or
• 2:16
  people.
• 2:16
  And
• 2:16
  Here's
• 2:17
  the
• 2:17
  diagnostic
• 2:18
  question
• 2:18
  you
• 2:18
  need
• 2:18
  to
• 2:18
  ask,
• 2:18
  and
• 2:19
  you
• 2:19
  have
• 2:19
  to
• 2:19
  be
• 2:19
  brutally
• 2:19
  honest
• 2:20
  with
• 2:20
  yourself.
• 2:20
  What
• 2:21
  is
• 2:21
  actually
• 2:21
  happening
• 2:22
  in
• 2:22
  the
• 2:22
  live
• 2:23
  conversations
• 2:24
  that
• 2:24
  are
• 2:24
  happening
• 2:24
  in
• 2:25
  the
• 2:25
  field,,
• 2:25
  is
• 2:26
  it
• 2:26
  one,
• 2:27
  are
• 2:27
  clinicians
• 2:28
  saying
• 2:28
  we
• 2:29
  love
• 2:29
  it,
• 2:29
  but
• 2:30
  procurement
• 2:30
  is
• 2:30
  pushing
• 2:30
  back,
• 2:31
  asking
• 2:32
  for
• 2:32
  economic
• 2:32
  data.
• 2:33
  If
• 2:33
  that's
• 2:33
  a
• 2:33
  yes,
• 2:34
  then
• 2:34
  proof
• 2:34
  is
• 2:34
  a
• 2:35
  constraint,
• 2:35
  or
• 2:35
  is
• 2:35
  it
• 2:36
  two?.
• 2:36
  Are
• 2:36
  you
• 2:37
  stuck
• 2:37
  in
• 2:37
  endless
• 2:38
  meetings
• 2:38
  because
• 2:38
  you
• 2:39
  don't
• 2:39
  know
• 2:39
  the
• 2:39
  real
• 2:39
  budget
• 2:40
  holder
• 2:40
  or
• 2:41
  the
• 2:41
  decision
• 2:41
  route?
• 2:42
  If
• 2:42
  it's
• 2:42
  a
• 2:42
  yes
• 2:43
  to
• 2:43
  that,
• 2:43
  then
• 2:44
  the
• 2:44
  pathway
• 2:44
  is
• 2:44
  a
• 2:45
  constraint,
• 2:45
  or
• 2:45
  is
• 2:46
  it
• 2:46
  three?
• 2:47
  Are
• 2:47
  people
• 2:47
  interested
• 2:48
  but
• 2:49
  no
• 2:49
  one
• 2:49
  is
• 2:49
  actually
• 2:49
  driving
• 2:50
  it
• 2:50
  effectively,
• 2:51
  internally
• 2:52
  or
• 2:52
  externally?
• 2:53
  For
• 2:53
  example,
• 2:53
  no
• 2:53
  champion,
• 2:54
  no
• 2:54
  distributor
• 2:55
  focus,
• 2:56
  no
• 2:56
  follow
• 2:56
  through.
• 2:57
  If
• 2:57
  the
• 2:57
  answer
• 2:58
  to
• 2:58
  number
• 2:58
  three
• 2:59
  is
• 2:59
  yes,
• 2:59
  then
• 2:59
  people
• 3:00
  is
• 3:00
  a
• 3:00
  constraint.
• 3:01
  The
• 3:02
  lowest
• 3:02
  number
• 3:03
  does
• 3:03
  give
• 3:03
  you
• 3:03
  a
• 3:03
  clue,
• 3:04
  but
• 3:04
  it's
• 3:04
  behavior
• 3:05
  in
• 3:05
  the
• 3:05
  field
• 3:06
  that
• 3:06
  confirms
• 3:07
  the
• 3:07
  answer.
• 3:07
  So
• 3:08
  being.
• 3:08
  Honest
• 3:08
  about
• 3:09
  what's
• 3:09
  actually
• 3:09
  happening
• 3:10
  in
• 3:10
  those
• 3:10
  conversations
• 3:11
  is
• 3:11
  critical.
• 3:12
  So
• 3:12
  for
• 3:12
  example,
• 3:13
  in
• 3:13
  this
• 3:13
  scenario
• 3:14
  where
• 3:14
  we
• 3:14
  have
• 3:14
  product
• 3:14
  of
• 3:14
  eight,
• 3:15
  proof
• 3:15
  of
• 3:15
  the
• 3:15
  five
• 3:16
  pathway,
• 3:16
  the
• 3:17
  six,
• 3:17
  and
• 3:17
  people
• 3:17
  at
• 3:17
  a
• 3:18
  four,
• 3:18
  if
• 3:18
  commercial
• 3:19
  conversations
• 3:20
  are
• 3:20
  stalling
• 3:20
  because
• 3:20
  nobody's
• 3:21
  pushing
• 3:21
  the
• 3:21
  deal
• 3:22
  forward,
• 3:22
  Then
• 3:23
  D
• 3:23
  is
• 3:23
  correct
• 3:24
  people
• 3:24
  is
• 3:24
  the
• 3:24
  constraint.
• 3:25
  And
• 3:25
  the
• 3:25
  fact
• 3:26
  it's
• 3:26
  also
• 3:27
  the
• 3:27
  lowest
• 3:27
  number
• 3:28
  will
• 3:28
  reinforce
• 3:29
  that
• 3:29
  instinct.
• 3:29
  But
• 3:30
  however,
• 3:31
  if
• 3:31
  that's
• 3:32
  not
• 3:32
  the
• 3:32
  case
• 3:32
  and
• 3:33
  the
• 3:33
  actual
• 3:33
  real
• 3:33
  reason
• 3:34
  is
• 3:34
  because
• 3:34
  procurement
• 3:35
  is
• 3:35
  saying,
• 3:36
  come
• 3:36
  back
• 3:36
  when
• 3:36
  you
• 3:36
  have
• 3:36
  stronger
• 3:37
  economic
• 3:37
  data,
• 3:38
  then
• 3:38
  B
• 3:38
  is
• 3:38
  correct,
• 3:39
  IE
• 3:39
  proof
• 3:40
  is
• 3:40
  the
• 3:40
  constraint.
• 3:41
  And
• 3:41
  that's
• 3:41
  why
• 3:41
  instinct
• 3:42
  is
• 3:42
  dangerous
• 3:43
  because
• 3:44
  you
• 3:44
  could
• 3:44
  just
• 3:44
  automatically
• 3:45
  say,
• 3:45
  because
• 3:45
  people
• 3:46
  are
• 3:46
  the
• 3:46
  four
• 3:47
  then
• 3:47
  emotionally
• 3:47
  and
• 3:47
  instinctively
• 3:48
  then
• 3:49
  you'd
• 3:49
  say,
• 3:49
  well,
• 3:49
  people
• 3:49
  is
• 3:50
  the
• 3:50
  thing
• 3:50
  that
• 3:50
  we
• 3:50
  have
• 3:50
  to,
• 3:51
  work
• 3:51
  on
• 3:52
  where
• 3:52
  what
• 3:52
  we're
• 3:52
  actually
• 3:52
  saying
• 3:53
  is
• 3:53
  it's
• 3:53
  situational.
• 3:54
  It's
• 3:54
  not
• 3:55
  just
• 3:55
  the
• 3:55
  lowest
• 3:56
  number.
• 3:57
  And
• 3:57
  here
• 3:58
  is
• 3:58
  the
• 3:58
  real
• 3:58
  takeaway.
• 3:59
  The
• 3:59
  score
• 4:00
  helps
• 4:00
  you
• 4:01
  identify
• 4:01
  vulnerabilities,
• 4:02
  but
• 4:03
  conversations
• 4:04
  will
• 4:04
  then
• 4:04
  reveal
• 4:04
  the
• 4:05
  real
• 4:05
  constraint.,
• 4:06
  And
• 4:07
  that's
• 4:07
  what
• 4:07
  determines
• 4:08
  the
• 4:08
  priority.
• 4:09
  One
• 4:09
  thing
• 4:09
  that
• 4:09
  we
• 4:10
  do
• 4:10
  know
• 4:10
  for
• 4:10
  certain
• 4:11
  in
• 4:11
  this
• 4:11
  scenario,
• 4:11
  if
• 4:12
  the
• 4:12
  answer
• 4:12
  is
• 4:12
  not
• 4:12
  a,
• 4:13
  improving
• 4:13
  the
• 4:13
  product
• 4:14
  from
• 4:14
  an
• 4:14
  eight
• 4:15
  to
• 4:15
  a
• 4:15
  nine
• 4:15
  or
• 4:15
  a
• 4:15
  10,
• 4:16
  won't
• 4:16
  unlock
• 4:16
  contracts
• 4:17
  therefore
• 4:18
  won't
• 4:18
  unlock
• 4:18
  revenue
• 4:19
  inside
• 4:20
  90
• 4:20
  days,
• 4:21
  the
• 4:21
  real
• 4:21
  decision
• 4:22
  sits
• 4:22
  between
• 4:23
  proof
• 4:23
  pathway
• 4:24
  and
• 4:24
  people,
• 4:24
  and
• 4:25
  which
• 4:25
  one
• 4:25
  you
• 4:25
  prioritize
• 4:26
  depends
• 4:27
  entirely
• 4:27
  on
• 4:28
  what
• 4:28
  is
• 4:28
  happening
• 4:29
  in
• 4:29
  your
• 4:29
  commercial
• 4:30
  conversations.
• 4:31
  So
• 4:31
  a
• 4:31
  little
• 4:32
  practical
• 4:32
  90
• 4:33
  day
• 4:33
  filter
• 4:34
  for
• 4:34
  you
• 4:34
  here
• 4:35
  Before
• 4:35
  committing
• 4:36
  to
• 4:36
  your
• 4:36
  next
• 4:36
  90
• 4:37
  days,
• 4:37
  ask
• 4:38
  yourself.
• 4:39
  if
• 4:39
  I
• 4:39
  materially
• 4:39
  improved
• 4:40
  this
• 4:40
  P
• 4:41
  would
• 4:41
  contracts
• 4:42
  and
• 4:42
  revenue
• 4:42
  accelerate
• 4:43
  inside
• 4:44
  this
• 4:44
  quarter?
• 4:45
  If
• 4:45
  the
• 4:45
  answer
• 4:45
  is
• 4:46
  no,
• 4:46
  then
• 4:46
  it's
• 4:47
  not
• 4:47
  your
• 4:47
  first
• 4:47
  move.
• 4:48
  Simple,
• 4:49
  not
• 4:49
  easy,
• 4:50
  but
• 4:50
  simple.
• 4:51
  And
• 4:51
  I
• 4:51
  say
• 4:51
  this
• 4:51
  all
• 4:51
  the
• 4:51
  time,
• 4:52
  Most
• 4:52
  MedTech
• 4:53
  products
• 4:53
  don't
• 4:54
  fail
• 4:54
  because
• 4:54
  the
• 4:54
  device
• 4:55
  is
• 4:55
  bad.
• 4:55
  they
• 4:56
  stall
• 4:56
  because
• 4:56
  founders
• 4:57
  improve
• 4:57
  the
• 4:57
  wrong
• 4:58
  thing
• 4:58
  first,
• 4:59
  structure
• 5:00
  beats
• 5:00
  activity.
• 5:01
  Constraint
• 5:02
  thinking
• 5:03
  beats
• 5:03
  optimism.
• 5:04
  Scoring
• 5:05
  is
• 5:05
  the
• 5:05
  starting
• 5:06
  point,
• 5:06
  but
• 5:06
  conversations
• 5:08
  are
• 5:08
  the
• 5:08
  key.
• 5:09
  And
• 5:09
  if
• 5:09
  you
• 5:10
  want
• 5:10
  help
• 5:10
  identifying
• 5:11
  your
• 5:11
  real
• 5:11
  commercial
• 5:12
  constraint
• 5:13
  and
• 5:13
  then
• 5:13
  hence,
• 5:14
  understanding
• 5:14
  which
• 5:15
  p
• 5:15
  to
• 5:15
  focus
• 5:16
  on
• 5:16
  that
• 5:16
  will
• 5:16
  move
• 5:16
  your
• 5:17
  revenue
• 5:17
  forward
• 5:18
  in
• 5:18
  the
• 5:18
  next
• 5:18
  90
• 5:19
  days.
• 5:19
  Book
• 5:20
  a
• 5:20
  healthcare
• 5:20
  export
• 5:21
  accelerator
• 5:21
  discovery
• 5:22
  call
• 5:22
  with
• 5:22
  me
• 5:23
  via
• 5:23
  the
• 5:23
  link
• 5:24
  in
• 5:24
  the
• 5:24
  show
• 5:24
  notes.
• 5:25
  Thanks
• 5:25
  for
• 5:25
  listening.
• 5:26
  Keep
• 5:26
  challenging
• 5:27
  your
• 5:27
  assumptions
• 5:28
  and
• 5:28
  keep
• 5:28
  growing.