Professional Advice For Med Device Start Up's............ GPO Contracting

Professional advice on how Medical Device Startup companies approach getting on contract with the nations largest Group Purchasing Organizations (GPO’s)

1: Research and understand the GPO's requirements: Each GPO has its own set of requirements and criteria for becoming a contracted vendor. It is important for medical device companies to research and understand these requirements in order to ensure that they meet them. This may involve filling out a vendor application, providing references, and demonstrating that the company's products meet certain standards. For example, the GPO may require that the company be in business for a certain number of years, have a certain level of liability insurance, or meet certain quality standards.

2: Build relationships with the GPO: Building relationships with GPO staff can be key to getting on contract. This may involve attending industry events and conferences, reaching out to GPO staff through email or phone, and networking with other vendors that have experience working with the GPO. By building relationships with the GPO, medical device companies can get a better understanding of the GPO's needs and preferences, as well as get their foot in the door for future opportunities.

3: Understand the needs of the GPO's member hospitals: To get on contract with a GPO, it is important for medical device companies to understand the needs of the GPO's member hospitals. This may involve conducting market research to understand the types of products and services that are in demand, as well as tailoring the company's product offering to meet these needs. For example, if the GPO's member hospitals need a particular type of medical equipment, it would be beneficial for the medical device company to offer that type of equipment.

4: Offer competitive pricing and value: GPOs are typically looking for the best value for their member hospitals, so it is important for medical device companies to offer competitive pricing and value in order to stand out. This may involve offering discounts, bundled products, or other incentives to the GPO. For example, the company may offer a discount on bulk orders or provide additional services such as training or maintenance as part of the contract.

5: Demonstrate the quality and effectiveness of the company's products: Hospital GPOs are typically looking for high-quality products that meet the needs of their member hospitals. It is important for medical device companies to demonstrate the effectiveness and safety of their products through clinical studies, customer testimonials, and other forms of evidence. This may involve presenting data on the product's performance and reliability, as well as obtaining certifications or approvals from regulatory agencies such as the US Food and Drug Administration (FDA).

By following these steps, medical device companies can increase their chances of getting on contract with a hospital GPO and gain access to a valuable source of revenue. It is important to note that getting on contract with a GPO is often a competitive process and may require persistence and patience. It may also be helpful for companies to seek the guidance of industry experts or consultants who have experience working with GPOs. We at Excelerant Consulting can help you with all of the above that was discussed. Feel free to contact me with any questions.

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