Leveraging Commercial Excellence and Generative AI for Growth in Medtech: Key Strategies and Opportunities

Medtech companies are facing significant challenges and opportunities in an increasingly competitive and complex global market. Research has shown that medtech companies with strong commercial capabilities grow 1.4 times faster than the market average. While many medtech companies excel in basic commercial functions, there remains substantial room for improvement, particularly in omnichannel strategies and ecosystem selling. As technology advances, generative AI (gen AI) is becoming a crucial tool for driving commercial excellence, helping companies identify the right customers and optimize their sales efforts. In this article, we explore how medtech companies can leverage AI and navigate geopolitical uncertainty to achieve sustainable growth. 

The Importance of Commercial Excellence in Medtech 

Strong commercial capabilities are key drivers of growth in the medtech industry. However, there is significant variation in how companies are executing their commercial strategies. Leading companies are setting the benchmark by utilizing advanced technologies, particularly generative AI, to gain a competitive edge. These technologies are transforming traditional commercial functions, enabling businesses to identify potential customers, personalize account-level insights, and drive sales with more precision. 

How Generative AI Is Revolutionizing Medtech Sales and Marketing 

Generative AI is already delivering substantial value to the commercial operations of leading medtech companies. These companies are capturing significant commercial gains by applying AI to four critical drivers of commercial excellence: targeting the right customers, delivering the right content, optimizing the right frequency and channel of communication, and ensuring the right investment. Here are some of the key use cases where generative AI is making a transformative impact: 

1. Rep Copilot: Empowering Sales Reps with Data-Driven Insights

Generative AI assists sales representatives by providing them with instant access to customer information and automatically generating account plans. This enables reps to focus on high-potential accounts, improving their efficiency and effectiveness. 

2. Next-Best Action: Automating Sales Recommendations

AI-driven systems now generate fully automated next-best-action recommendations tailored to individual buyers. These recommendations include optimal messaging, timing, and preferred channels, which replace outdated call plans and enable reps to engage with customers more effectively. 

3. Tender Excellence: Focusing on High-Potential Opportunities

By leveraging analytics, generative AI helps companies identify the most promising prospects—not just based on their size but also on their growth potential. This helps sales teams prioritize high-value opportunities in both new and existing customer relationships. 

4. Content Generator: Streamlining Marketing Efforts

AI has revolutionized the marketing content creation process by automating much of the workflow. From drafting initial content to optimizing marketing materials, generative AI significantly reduces the time and resources required to produce high-quality marketing assets. 

Geopolitical Uncertainty: Adapting to Global Challenges in Medtech 

Geopolitical uncertainty is another significant challenge facing the medtech industry. Factors like emerging competition from companies in China and India, regulatory changes, and regionalization of growth have complicated the global landscape. Leading medtech companies are responding to these challenges by focusing on several key strategies: 

1. Discipline in Must-Win Geographies

Top medtech performers prioritize their efforts in the largest and most lucrative markets, such as the United States, China, Japan, and the European Union. However, they are also looking beyond traditional markets to invest in emerging regions with significant growth potential, like Southeast Asia and Latin America. 

2. Embracing Localization for Competitive Advantage

Localization has become a critical strategy for medtech companies, particularly in markets like China, Indonesia, and Saudi Arabia. Companies are increasingly investing in local innovation, research and development (R&D), and manufacturing to fuel growth in these regions. This approach enables companies to adapt their products and solutions to meet local demands, giving them a competitive edge. 

3. Strategic Partnerships with Local Organizations

Global medtech companies are recognizing the value of partnering with local organizations to overcome the complexity of managing large global footprints. Collaborating with local partners not only helps companies navigate regulatory and operational challenges but also enables them to cover more of the value chain and unlock new growth opportunities. 

4. Streamlining Global Footprints

In response to the challenges of managing complex global operations, some medtech companies are reducing their geographic footprint to focus on high-value markets. By cutting back on smaller markets that deliver lower volumes and higher costs, these companies are simplifying their operations and reducing complexity, which in turn boosts efficiency and profitability. 

The Path Forward: Medtech Companies Must Embrace Change for Sustainable Growth 

To stay competitive in an increasingly complex and dynamic market, medtech companies must embrace technological advancements like generative AI, while also adapting to geopolitical shifts. Companies that can harness AI for commercial excellence and streamline their global operations will be better positioned to achieve sustainable growth and meet the evolving needs of patients and stakeholders. 

How BioBoston Consulting Can Help You Navigate the Future of Medtech 

At BioBoston Consulting, we specialize in helping medtech companies optimize their commercial strategies and embrace cutting-edge technologies, like generative AI, to drive sustainable growth. Whether you are looking to enhance your sales and marketing efforts, adapt to geopolitical changes, or streamline your global operations, our team of experts can provide the insights and strategies you need to succeed in a rapidly changing environment. 

Ready to unlock the full potential of your medtech business? Contact BioBoston Consulting today to discover how we can help you leverage AI, navigate geopolitical uncertainty, and achieve long-term growth. Let us be your partner in navigating the evolving medtech landscape.