According to Fortune Business Insight's 2023 report[1], the U.S. medical devices market is anticipated to grow from $192.78 billion in 2023 to $291.04 billion by 2030, at an annual growth rate of 6.1% during the forecast period
An experienced sales force may make all the difference in the competitive marketplace of medical device sales. Effective medical device and pharmaceutical sales training is essential for any size business to be competitive, whether they are scaling or not.
Regardless of the target audience, be it hospitals, clinics, or individual practitioners, it is critical that sales reps possess not just strong sales skills, but also industry and product expertise.
This Post will examine the benefits of medical device sales training for businesses while emphasizing the key elements and best practices that will enhance sales output and client happiness.
If you want to boost the efficiency and effectiveness of your sales team and stay ahead of the competition, keep reading to learn more!
Table of contents:
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Understanding medical device sales
Definition of medical device sales
Medical sales career refers to the business process of selling medical equipment and devices to healthcare providers like hospitals, clinics, and individual practitioners. This process of medical sales involves the transaction of selling a product as well as legal requirements associated with these devices.
The sales process involves building and maintaining good relationships with healthcare professionals, educating them on the essentials of proper use of the devices, and more. Effective medical device sales are crucial for improving access to the new technologies that improve patient care and outcomes.
Market overview
The medical device market is a fast-growing sector within the healthcare industry. It is mainly driven by advancements in technology, the increasing age of global populations, and the demand for medical solutions.
The market includes products from various levels such as simple bandages to more complex products like implants, sports medicine, and more. The market has grown significantly in recent years as a result of the increased number of people who suffer from chronic illnesses and rising healthcare costs.
Some important markets that contribute to the overall growth include surgical tools, durable medical equipment, and diagnostic gadgets and tools. In addition, the competitive environment is shaped by legal frameworks and strict standards that make companies pay attention to the quality and safety of product development.
Key components of medical device sales
When it comes to selling medical devices, there are a few key things that sales professionals and reps need to focus in order to be successful. These components help sales professionals ensure that they not only make sales but at the same time provide real value to healthcare professionals and their patients.
Product knowledge
Sales reps must be well knowledgeable about the products they are promoting. This of course means being aware of all the technical details, the way the products operate, and how well they compare to the competing products. Understanding the clinical applications well and being able to describe how the product might enhance the patient's care are both quite critical to sales success.
Customer relations
It is quite critical to establish and preserve good connections with medical experts who are mainly doctors. Sales reps need to be reliable and knowledgeable so that these doctors or other healthcare professionals can feel comfortable reaching out to sales representatives with any questions or issues they have.
At the end of the day, strong relationships can result in recurring business and long-term business alliances.
Sales skills and techniques
In the market, a medical device sales rep should carry certain skills and strategies in order to further expand business and carry out effective selling.
This covers a wide range of strategies, from direct cold calling and networking to more sophisticated techniques like consultancy in selling, where sales reps serve as consultants to assist healthcare professionals, students, and other clients in identifying the appropriate products for their needs.
According to the article by Mckinsey & Comapany[2], In 2023, the FDA approved more novel medical technologies than in any previous year, highlighting a surge in innovation across various segments like cardiovascular, neuromodulation, and digital health devices thanks to AI and machine-learning based products.
Benefits of medical device sales training
An enterprise will see significant benefits from putting investment into medical device sales training. Ensuring that sales representatives do their duties accurately and offer genuine value to clients is just as important as training them how to close deals. Here are some of the key benefits of medical and online training and device sales training for sales reps:
Improved sales performance
With new ideas and improved product and market understanding gained by training, sales representatives often achieve higher sales numbers.
The sales team and reps are then better able to interact with their clients and complete deals when they are fully aware of what they are offering and how it benefits both them and the healthcare professionals in the equation.
Better compliance with regulations
There are strict regulations within the medical device industry. Effective and adequate training guarantees that sales reps are knowledgeable about all relevant industry guidelines and policies while assisting the enterprise in avoiding legal problems and possible penalties.
At the same time, it can also imply that they can provide their clients with greater compliance-regulated services and guidance.
Enhanced customer satisfaction
Well-trained sales representatives are better able to assist their clients when it comes to satisfaction with the product.
This involves providing accurate answers to questions as well as delivering insightful support and helpful assistance with any problem that may come up.
Customers who are happy with a company are more inclined to keep working with the same enterprise and even refer it to other healthcare professionals.
Increased market competitiveness
An enterprise may expect to gain a major competitive advantage in the market over rivals, as long as the sales team is trained well and comprehensively.
When compared to organizations with less trained sales teams, the team can possibly have access to a greater market presence and better sales output since they are more informed, efficient, and successful in their responsibilities.
Best practices for medical device sales and training
It is critical that companies stick to certain best practices in order to be successful in medical device sales and guarantee the fact that the team is continually becoming better each time.
The best practices below contribute greatly to building a solid basis for both efficient sales and efficient sales rep training. Here are the 5 best practices to achieve this efficiency:
1. Understanding the customers' needs
The sales process should start with determining the true demands of the client which are doctors and other health professionals.
This of course involves certain initiatives such as completing the assigned reading before the meetings, addressing relevant questions, and directly and indirectly paying close attention to their worries.
Being aware of buyers and their specific issues enables sales reps to customize the proposal and offer the most relevant solutions.
2. Effective communication and presentation skills
It is vital to be able to explain complicated and intricate medical items and what kind of advantages and disadvantages they have to healthcare professionals.
Effective communication is essential to establish trust and ensure that the patient and doctors know how to get the most out of the said product.
This involves having the ability and capacity for clear and interesting ways of presenting the ideas and information at hand as well as effective writing and spoken communication.
A medical device sales representative who lacks these crucial skills to communicate with healthcare professionals will result in a decreased number of sales for their company.
3. Providing regular training
Like many industries, the medical device industry is prone to constant change, with new products, advancements in technologies, competition, and even continual changes in regulations and laws. Sustaining the sales team's knowledge of the most recent developments can be ensured by giving them regular training.
This training includes new product training, all updates on any changes to laws as well as refresher education sessions to build upon prior knowledge.
Regular training sessions can also bring fresh approaches and possibly handle typical sales issues such as lack of product knowledge. Maintaining the team's high-quality skills and knowledge gives the company a stronger competitive advantage.
4. Measuring training data for continuous improvement
To make sure the training initiatives are producing the intended outcomes, it is critical to observe their effectiveness. Before and after the training sessions, measuring information on the team's sales performance, the feedback from clients, and other metrics should be gathered.
This data provided by the online training platform could be analyzed to find out where the training is effective and where it might need some modifications.
Regular evaluation of training materials and employees makes it possible to adjust training strategies and resources to better meet the needs of the sales team.
Training initiatives that are regularly improved can guarantee that the team will continue to be productive and capable of hitting sales goals with success.
5. Tailoring training to different individuals
Not every sales rep receives the necessary information in the same way or from the same resources. Training programs will be more successful if they are customized to meet the specific needs of each individual employee. It is unfortunately quite rare to achieve above-average results with a "one-size-fits-all" approach.
This type of training initiative could involve various training resources such as job shadowing, interactive role-playing scenarios, online coaching services, and more. Such an approach accommodates various learning preferences for reps with different behavior patterns.
Types of medical sales training
Any sales staff should be aware of the many forms of medical sales training. Medical sales include a broad spectrum of fields of study, including neurosurgery, cardiology, and orthopedics.
Here's a table that breaks down the various categories to help clarify where sales reps might focus their training efforts to better serve their customers:
| Types | |||
| Orthopedics | Craniomaxillofacial | Spine | Sports medicine |
| Joint reconstruction and replacement | Trauma | ||
| Non-Orthopedics | Ear, nose, throat | Neurovascular | Cardiovascular |
| Endoscopy | Neurosurgical | Urology | |
Role of AI coaching in medical device sales
Based on the survey done by Deloitte[3], 63% of respondents agreed that digital therapeutics will have a major impact on the industry over the next 10 years
AI coaching is becoming more and more significant in the world of sales training for medical devices. It helps sales reps improve their methods and broaden their product knowledge by giving them tailored advice for their very specific needs.
This is where Retorio's AI coaching platform makes a difference. Retorio is the pioneer coaching company when it comes to integrating AI coaching in medical sales device training to revolutionize medical training.
Retorio's AI coaching is able to provide many more elements for sales reps: it can evaluate interactions, pinpoint the different areas of strength and weakness within employees, and provide targeted guidance for them at the same time. With Retorio, sales reps are always developing and remaining current with the most recent advancements in the business thanks to this method of continuous learning.
Companies will develop more capable and confident sales reps by adding Retorio's AI coaching into medical device sales training. We will improve client interactions and boost revenue. AI coaching may also mimic different sales situations, giving representatives a psychologically safe environment to practice sales scenarios and polish their abilities.
It is really easy to get all these advantages with the help of Retorio, all you have to do is click to get started!
