Medical device and equipment companies often place their primary emphasis on innovating within the industry. This is a natural area for them to focus on, of course. If you\u2019re not staying on the cutting edge, it\u2019s easy to fall behind.<\/p>\n
While innovation is the driving force of any medical company, complementary tactics may be required to drive sales across specific markets. This is particularly true across sub-segments of the healthcare markets in Latin America.<\/p>\n
While the newest, most technologically advanced equipment may be appealing to private hospitals in wealthy areas, equipment companies focused on volume sales in the region need to remember that c. 70% of medical procedures in Latin America take place in the public sector. And those public facilities are often trying to fill needs on a much tighter budget than private facilities.<\/p>\n
All that being said, that 70% represents a huge opportunity for companies that approach the market with the right pricing and product strategy. With that in mind, here are a few ideas to pursue and formulate a sales approach for winning tenders in the region.<\/p>\n
Sure, this is not an approach you would ever take in your customer-facing marketing and PR campaigns, but when it comes to your \u201cunder the hood\u201d sales strategy for the Latin American public sector, \u201cgood enough\u201d can be surprisingly effective to drive sales.<\/p>\n
Consider it this way: The public sector still wants the very best that they can afford for their patients. But the reality is that few institutions have the budget for the latest equipment with all the bells and whistles. However, if you can craft a strategy that provides institutions with high-quality, reliable devices at a lower price, then your chances are good at appealing to the mass market.<\/p>\n
What institutions are ultimately looking for is a good quality-price ratio that fits their budget. Price is certainly important, but it\u2019s not everything. If you can strike the proper balance between a high-quality product at the right price for your customers, then you\u2019ll hit your mark.<\/p>\n
\u201cIf you talk to private hospitals, they may want AI, robotics and the latest equipment. Other hospitals have very basic needs,\u201d says the Mexico head of a leading medical device manufacturer. \u201cYou need to understand both sides to navigate the differences and approach them with the right services. We must be adaptable to help all patients as effectively as possible.\u201d<\/p>\n
Savvy salespeople know that even the more affordable models from multinational companies often struggle to compete against lower-cost Asian alternatives. This is where strong fundamentals\u2014like communication, training, and reliable service\u2014can tip the scales in your favor.<\/p>\n
Your clients need to know that you\u2019re not just selling them a medical device or piece of equipment: You\u2019re selling them a team of dedicated professionals devoted to their facility\u2019s success and their patients\u2019 health and well-being. By taking the focus away from price and refocusing on factors such as continuous training, servicing and support that are offered along with the equipment, you can make yourself stand out from the competition even at a slight premium.<\/p>\n
This is an approach that not only can win you more tenders in the short-term, but also lifelong clients. It\u2019s also an approach that many smaller companies with limited regional presence will have trouble replicating.<\/p>\n
Winning a tender on one piece of equipment is one thing. The true measure of long-lasting success in the market is to transition from device-based sales to account-based sales. This requires a complementary portfolio that can appeal to multiple needs of a facility or market at the same time.<\/p>\n
\u201cWe have focused our investments into research and development to understand where our offerings can make the biggest difference, and how we can specialize to meet the needs of the organizations,\u201d says Marc Duocastella, General Manager of Philips Mexico. \u201cWe also partner with healthcare professionals to determine which direction we need to go.\u201d<\/p>\n
Ultimately, this comes down to product diversification. But it must be informed diversification, based on open communication with clients and a keen understanding of the needs for individual markets or facilities. \u201cWe try to be comprehensive in our offerings, whether it\u2019s related to vascular care, oncology or other devices, to meet the needs of a wide variety of patients,\u201d says Sergio Arturo Dominguez Miranda, Head of Cardiovascular Care & Interventional Radiology, Latin America, for Siemens Healthineers. \u201cWe also know we are just one part of our patient\u2019s care journey, so partnering with other companies to provide comprehensive care is important.\u201d<\/p>\n
Even with competitive prices, outstanding customer service and a diversified portfolio of products, there\u2019s no question that the market out there for bids is more competitive than ever before. Local companies face not only challenges from overseas competitors, but lingering supply chain challenges that can impact everything from manufacturing to pricing.<\/p>\n
Successful companies have realized that a paradigm shift is needed when it comes to assessing and participating in the bidding process. It takes more than just salespeople to get it done. If you haven\u2019t already, you may consider allocating resources to building teams dedicated to winning accounts for your company. They can do the heavy lifting of building relationships, assessing needs, ensuring that your company has the product portfolio on hand to meet those needs, and then supporting that portfolio with the required training, servicing and other needed support. Put it all together, and it\u2019s a winning strategy that can push tenders your way, even if your prices are a touch higher than the competition.<\/p>\n