A physician's guide to becoming a top medtech advisor

Like all sick care industries, the medical device industry is feeling the impact of the tsumani of sick care change. Veritical integraton is but one trend being driven by the need to come up with system solutions in a risk sharing environment, not just gadgets.

Here are six trends shaping the future of medtech.

The U.S. medical device manufacturers market size was valued at USD 176.7 billion in 2020 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.0% over the forecast period. The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The onset of chronic diseases is more commonly prevalent between the age group of 45 and 54 years. Consumable medical devices and patient aids, such as gloves,?syringes, masks, PPE kits, infrared thermometers,?pulse oximeter, and testing kits, observed a sudden upsurge in demand owing to the COVID-19 pandemic. The scenario set off lucrative opportunities for both existing players and new entrants.

Here are some others:

1. Health economics driving adoption, not just safety and efficacy
2. Staying private longer instead of taking a quicker exit
3. Finding a CPT code to dock your product instead of having to create a new one
4. Top line growth driving valuation
5. Fighting BIG DEVICE; through high impact niche marketing
6. Balancing a US v international sales and marketing strategy and staffing model
7. Fixing companies that have stalled or failed to scale by more precise and strategic marketing, stopping the bleeding, and getting the right people on the bus sitting in the right seats who all want to go in the same direction
8. Different business models whereby the company takes responsibility for driving traffic to end users and building repeat business instead of relying on the doctor to do it
9. Building scale in large markets through direct and online marketing
10. Using social media analytics to build market share in smaller markets
11. Data driven value creation, although there are too few mergers or acquisitions based on data
12. Partnering with consumers and data to grow to respond to new expectations
13. R/D spending has stalled
14. Technology companies have a lot more fire power than medtech companies
15. Progress will be driven by personalization
16. Outside sales to inside sales
17. Software as a medical device

Increasingly, medtech companies are engaging physicians interested in working as advisors, consultants or members of the managment team early in the product development cycle to inprove product success. Physicians are eager to fill those gaps.

Here are some observations about the role of physicians in the medical devices industry.

But, if you are one of those physicians, what should you do to get started? Follow the 3P's: identify the problem you want to solve, prepare yourself by filling the gaps in your personal and professional development plan and have a plan to get a job.

1. Find your right fit by taking the steps in the 6Rs of career transitioning
2. Build your personal brand and business model canvas
3. Go to CMO school
4. Learn how to be a compensated connector
5. Find a mentor
6. Find your spot in the medtech ecosystem
7. Be a challenger
8. Learn to have an entrepreneurial mindset
9. Price your services appropriately
10. Pass it forward to others
11. Avoid, manage and mitigate conflicts of interest
12. Don't oversell your capabilities to deliver the M&Ms
13. Build your personal impact factor and clinical street credibility.
14. If you work at an academic medical center, be sure you understand the technology transfer and the rules concerning working with industry. Here is how to build your academic entrepreneur dossier.
15. Maintain your integrity and values and contiually build your competencies.
16. Understand the differences between doctoring and advising
17. Recognize the similarities and differences between the clinical mindset and the entrepreneurial mindset
18. Make it personal but don't take it personally
19. Be willing to work for free sometimes
20. Get rid of your entitlement mindset. You are not that exceptional.

What are your roles, holes and goals?

Becoming a top medtech advisor, or an advisor to other sickcare product industries, takes time, patience and personal and professional career development. Start with education, resources, networks, mentors, experience, peer support and non-clinical career guidance and crawl before you walk before you run. The clinical mindset is different from the entrepreneurial mindset.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs