The medical device industry is one of biggest industries in healthcare with more than 7,000 medical devices companies in the United States, with Europe and China following behind. These companies employ 400,000 people directly, and more than 2 million people indirectly. Majority of the employees are field based reps. The future of medical devices is driven by innovation and emerging technologies, and filled with lots of growth and opportunities.
The global medical device market is expected to reach an estimated $409.5 billion by 2023. The United States is the world’s largest medical device market, and accounts for about 40% percent of worldwide sales. In 2016, it was valued at $147.7 billion and it’s projected to increase to $173 billion this year.
Medical sales jobs are in high demand because of the high earning potential, even though they can often be challenging. According to MedReps, the average salary base is $92,698 with an average bonus $63,318 totaling to $149,544. They also found that reps who promote health IT/software were the top earners, making an average of $167,554. Simply put, medical device reps are the king of the sales hill.
As a medical device rep you need a powerful selling tool to help you sell complex products. You have to engage with a variety of customers, in different departments (i.e. surgeons, senior nurses, or hospital procurement departments). You need to be familiar with all the different types of product offerings, which each has its own unique sets of challenges. Not to mention, regulations and rules are constantly changing. So how do you make sure you are prepared on the job, whether you are in the operating room or visiting a prospect on site?
A sales enablement platform provides the solution for medical device field based reps. It allows them to have access to cutting edge tech to streamline their complex products and overcome their many pain points.
Confidence that Content is Compliant
As a medical device sales rep you have to make sure all your content is up to date and compliant with the strict FDA regulations. When you use a sales enablement tool, your marketing team is able to manage and update versions, so you know you always have the most up-to-date content and approved client-facing content.
Adapt to the Selling Environment
You are constantly on the go and spend a lot of time at working in hospitals, being in the operating room, and talking with physicians. You need a tool that you can take with you everywhere you go, that’s wifi independent, and helps you build and maintain strong relationships with customers. With a sales enablement solution, you can share and track content on your favorite device, wherever you are. You can quickly pivot the conversation and tailor it to that specific customer.
Easily Showcase Complex Products
More often than not, the products you are trying to sell are big, bulky, and impossible to haul around when visiting with prospects. So you do you show off all the features and benefits without actually having the physical product in hand? You make sure you have a conversation filled with powerful content whether that be one sheets, videos, AR, or other collateral. After you are done presenting, send that content as a digital leave behind so you can keep the conversation going.
Acquisition and Mergers
In the last couple of years there has been a significant increase in mergers and acquisitions in medical device companies, and it doesn’t seem like it’s slowing down. Companies are constantly being bought, sold, and merged. While this can be a cumbersome process, a sales enablement solution helps make it easier for everyone. It streamlines the workflow processes, and gives everyone a clear understanding of the available content and training materials. This aids in keeping everyone content aware and organized.
Join the thousands of medical device reps around the world that use SoloFire to stay on top. Request a demo today!