COVID‐19 has created a humanitarian crisis of unimaginable chaos, related to death and disease, while creating economic impacts the world has never managed before. Yes, the world has seen disease pandemics and global economic crisis before, but nothing like that experienced from COVID‐19. The speed and depth of disruption created significant challenges for societies and economies across the world. This is especially difficult on the frontlines of healthcare.
As wound carers, we rely on both the pharmaceutical and medical device industries. Probably more on the latter. But do we really understand the impact of COVID on the very companies that serve our needs?
COVID‐19 has put the medical device industry front of mind, with unparalleled demand for some products like diagnostic tests, ventilators, and personal protective equipment (PPE). However, not all medical devices are essential in the management of patients during the pandemic. Because of the dramatic drop in elective medical procedures, many of which are being postponed or cancelled so that hospitals can focus resources on treating COVID‐19 patients, results in a drop in use of other products.
Medical device companies initially focused on the immediate crisis response: keeping employees safe, ensuring business continuity, and dealing with the rapid changes in the healthcare ecosystem. This has also involved adapting to the rapid shifts in the location of care and patient behaviour. We, clinicians and industry, are seeing patient behaviour evolve in unexpected ways and our services having to evolve to serve their needs. It is too early to say whether these changes in behaviour reflect a longer‐term reset of patient expectations and care delivery, but both healthcare practitioners and industry leaders should monitor this closely. This should ensure a smooth transition both out of the pandemic but also to the new norm.
The planning and actions taken in the short term can have significant implications, not only for company survival during the pandemic, but in shaping its longer‐term recovery for what is likely a significantly different future for the medical device industry.
Medical device companies have changed how they reach their customers and provide services. In addition, the playbook for launching new products and services may need to be rethought post pandemic. The lessons learned during the pandemic will surely shape this new way forward, creating a world that works for both industry and its customers.
Most companies quickly prioritised new digital capabilities to enable digital touchpoints with their customers (such as online customer service representatives, webinars with key opinion leaders, and professional education). This is more easily done for larger and medium‐sized organisations. For the smaller, more start up organisations, not so easy but some have managed. Digital capabilities, such as digital detailing and product demonstrations will perhaps become a more normal component of a go‐to‐market strategy.
One area of major change for most companies was the impact on their sales force and service teams. Some degree of restricted access to hospitals and customers was the normal during the pandemic. Most companies engaged physicians and patients differently and some of this may continue in the new world. The impact on the medical device industry with regards to human resources remains unknown for the most part, but there likely will be some change.
Another area where COVID‐19 impacted industry, the most was in the area of clinical trials. Access to both clinicians and patients essentially stopped and most trials paused or cancelled. The industry may need significantly different approaches for clinical trials including patient follow‐up. Companies and clinicians need to expand the potential applications of real‐world evidence in their integrated evidence‐generation plans.
When growth restarts, field forces, for both sales and support, will continue to encounter a challenging environment. Providers are likely to face significant ongoing challenges as they try to deal with deferred essential care and building capacity for new patients moving forward. Access to customers may continue to be partially restricted as healthcare systems will be recovering financially and likely be cautious with expenditures.
Another important consideration is that the location and structure of care delivery is likely to change for many companies. This poses new challenges as sales teams adapt to effectively incorporate the appropriate pricing and contracts to support the changes in care services and delivery. Marketing teams will likely continue to us the digital tools developed and scaled during the pandemic, enabling some companies to thrive in the longer term.
In the pandemic‐recovery phase, executing clinical trials will continue to be a challenge. Clinical teams should begin planning for a potentially heterogenous recovery with restricted access at trial sites. In addition, site selection and trial recruitment may require new strategies and capabilities. Companies will also need to prepare for the fact that, over the longer term, a renewed focus on patient safety may result in shifts in clinical trial design. These could lead to more stringent reviews by institutional review boards and ethics committees.
While the COVID‐19 outbreak is an overwhelming humanitarian crisis, it also presents an opportunity for reform in healthcare delivery. From both system and industry perspectives.
For forward‐looking companies, taking steps now to fundamentally reimagine the system, patient journey, and their interfaces and relationships with healthcare providers is critical.
Responding with new products, services, and operating models that support healthcare organisations and their patients will position companies for success in the years to come.