MedTecUK March 3rd 2015
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1 MedTecUK March 3rd 2015 International Partnerships, Distribution and Pricing Ian Sandison
2 Ian Sandison 12 years with Becton Dickinson and Smiths Medical in sales and marketing 12 years consulting with medtech Co s Mentor on Cambridge University MBA and entrepreneurship programmes Director of Remtec Executive Recruitment Co University Lecturer at ARU Business School Consultant to Eastern Academic Health Science Network and ARU Medtech Campus Consultant with Sirius Healthcare Partners
3 Contents What will a partner offer? Types of partners and roles? What are you giving away? Selection criteria? Motivating your partners? Sources of partners Making your choice and managing
4 What will a partner offer? Funding Access to expertise Competitor analysis Market knowledge Tenders & Contracts Registrations requirements Clinical evaluation knowledge and management
5 Types of Partner? Clinical Research Organisation Licensee Distributor R&D partner
6 What will a CRO offer? Manage clinical evaluations Patient recruitment Clinical trial design Assistance with Ethics approvals Data analysis and reporting
7 Licensee or distributor? Licensee pays you for a license to use your know how, IP, or product in a specified country, or market sector or therapeutic indication They may also assist you with the completion of the development of your product, including CE marking, clinical trials etc Upfronts, milestones and royalties.
8 Licensee or distributor A distributor normally buys the finished goods from you, takes legal title then agrees a market price and takes a margin Somewhere for the customer to call Somewhere to use as a customer demonstration site or training suite A service and repair facility A stockholding facility
9 What will an R&D partner offer? Funding for the completion of a programme for a license. Know how and technical expertise Credibility for your company Validation for investors that you have something good
10 What can distributors do? Sales and marketing Order capture and receipt Stock holding Order fulfilment and delivery, installation, training Invoicing and collection of payment Sales data Sales trends
11 What are you giving away? They are going to own part of the market interface for your product? Can they communicate effectively the value proposition to the market that you have spent years and millions developing? They will set the pricing in the local market, how will this align with your positioning?
12 Selection Criteria? Decide what do you want them to do according to - What market are you serving Primary care GP s etc Secondary care Hospitals Home care direct to patient OTC or Consumer High St Pharmacy Or a combination of the above What support, skills, resources, know how, capabilities are required How experienced are their staff? Particularly their sales people
13 Selection Criteria? Decide what do you want them to do according to - Technical expertise - applications support, IT systems Functional service and repair, installation training Customer support phone helpline- online chat Clinical trial competence Sales people on the ground or a telesales team. Who are your competitors or similar companies using Are they selling similar products, disposable, capital goods pharmaceuticals, home care, clinician led products?
14 Selection Criteria? Decide what do you want them to do according to Market, Product and Customer Knowledge Are they a sales and marketing partner or merely a box shifting distributor - Amazon Are they handling a competitor? Will they stop doing this? compensation may be required What sales and marketing share of voice will they give you? How many other products are they handling? Dilution of yours
15 Selection Criteria? Decide what do you want them to do according to What bonus scheme for your products will they offer their sales people Will they allow you to train and then work with their sales people regularly? What is their sales forecast for years 1-3? What minimums will they commit to? Will they purchase sample stock? Will they agree to regular sales data and reviews?
16 Selection Criteria? Develop a needs and wants list What do you absolutely need? What do you also want?
17 Motivating Your Partners? Why should they work with you? Develop your sales story and value proposition for the market and partner Why should they partner with you? Are you going to increase their sales, or profile and profits? Is your product better than current? Why? Is this advantage sustainable? Have you plans for new and further products or upgrades?
18 Why should they work with you? Where else have you launched? What support/training will you offer? Have you an experienced local direct contact? What warranty are you offering? Does this include spare parts or software upgrades
19 Why should they work with you? Is the market well understood? Is the need really a problem? Is the market growing? Are you offering exclusivity? Have you marketing activity and a budget that will generate leads for them? Exhibitions, trade shows etc Will you provide a suite of marketing collateral? Brochures, videos, apps, clinical papers and case studies
20 Sources of Partners? Trade fairs, shows, exhibitions and conferences Competitor analysis Investor contacts Contract and tender analysis Trade Associations and websites UK Trade and Investment help with companies entering the UK
21 Making your choice? Desk and market research? Use a needs and wants list? Meet and formally interview their management? Work with their functional team? Seek business and financial references? Draw up a commercial heads of terms agreement? Seek professional advise and be cautious?
22 Managing a Partner? Hire an experienced functional manager Detailed agreement should set out the terms of management? Sales, training, clinical support, review meetings, communication channels. Make sure you are able to exit!
23 Developing and managing pricing strategies Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
24 Consumer psychology and pricing Reference prices Price-quality inferences Price endings Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
25 Setting the right price Pricing a new product must take into account the conditions of the market and competitors prices. Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
26 Steps in setting price Select the price objective Determine demand Estimate costs Analyze competitor price mix Select pricing method Select final price Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
27 Step 1: Selecting the price objective Survival Maximum current profit Maximum market share Product-quality leadership Other objectives Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
28 Step 2: determining demand Price sensitivity Estimating demand curves Price elasticity of demand Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
29 Factors leading to less price sensitivity Table 16.2 Factors leading to less price sensitivity Source: Adapted from T. T. Nagle and R. K. Holden (2001) The Strategy and Tactics of Pricing, 3rd edn, Chapter 4. Copyright Reprinted by permission of Pearson Education, Inc., Upper Saddle River, NJ. Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
30 How can companies estimate demand? Surveys Price experiments Statistical analysis Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
31 Step 3: Estimating costs Types of costs Accumulated production Target costing Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
32 Cost terms and production Fixed costs Variable costs Total costs Average cost Cost at different levels of production Activity-based cost accounting Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
33 Step 4: Analyse competitor s costs, prices and offers Consider the nearest competitor s price Evaluate worth to customer for differentiated features Anticipate response from competition Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
34 Step 5: Selecting a pricing method Markup pricing Target-return pricing Perceived-value pricing Value pricing Figure 16.5 The three Cs model for price setting Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
35 Break-even chart Figure 16.6 Break-even chart for determining target-return price and break-even volume Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
36 What are the components of perceived-value pricing? Buyer s image of product performance Ability to deliver on time Warranty quality Customer support Supplier reputation Trustworthiness Esteem Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
37 Step 6: Selecting the final price Impact of other marketing activities Company pricing policies Gain-and-risk sharing pricing Impact of price on other parties Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
38 Price adaption strategies Geographical pricing Discounts/allowances Promotional pricing Differentiated pricing Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
39 Promotional pricing tactics Cash rebates Low-interest financing Longer payment terms Warranties and service contracts Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
40 Differentiated pricing Customer-segment pricing Product-form pricing Image pricing Channel pricing Location pricing Time pricing/demand Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
41 Ways to avoid price increases Shrink the product Substitute cheaper materials Reduce or remove product features Remove or reduce product services Use less expensive packaging Reduce the sizes and models offered Create new economy brands Kotler, Keller, Brady, Goodman, Hansen, Marketing Management, 2 nd edition Pearson Education Limited 2013
42 Questions?
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