GlobeSt.com recently sat down with Ted Jacobs, Sr Director at Cushman & Wakefield San Diego, to hear his views on the future of Life Sciences companies here in San Diego. Recent proposals to cut funding for medical research have raised concerns about the future viability of these companies. Check out the interview for Ted's insights into the current health and future outlook of Life Sciences here in our community.
A Snapshot of the 10x Medical Device Conference
What do you get when you take medical device enthusiasts from across the country and abroad and place them in a scenic location for three days in sunny San Diego? The 10x Medical Device Conference. In its fourth year, 10x is the annual networking event of LinkedIn’s Medical Devices Group. The event, which took place May 2-4, 2016 at the Courtyard San Diego Airport, is the brainchild of Joe Hage, a medical device marketer with a penchant for bringing people together. On the first day of the event, conference goers were treated to workshops, a keynote speech, and the manufacturers’ showcase. In the morning, attendees heard from consultants Robert Packard, Nancy Knettell, and Maren Nelson about the intricacies of a 510(k) FDA submission. The 510(k), required for class II medical devices, shows that a medical device is safe and effective for human use. Knettell particularly spoke about software documentation requirements for a 510(k) submission. “Your software is a death dealing X-ray,” Knettell quipped, reiterating that even though software isn’t implanted in the body, its documentation is just as important as that of an implantable device.
Medical device reimbursement was another workshop topic. As insurance costs skyrocket and insurers become stricter on what they will cover, reimbursement is now more important than ever. Nicholas Anderson, an analyst at Intermountain Healthcare, explained that many product manufacturers do a poor job at showing clinical utility, which insurers require to pay for a medical procedure. Anderson explained that in the case of one product, only one in 58 patients benefits from the treatment. If the insurer pays $600/treatment, that’s almost $35000 in costs to the insurer!
During the afternoon session, attendees learned about neuro sales and marketing strategy. Mike Sperduti, the workshop’s facilitator, is a serial entrepreneur who has sold two companies. He teaches people how to approach potential customers to generate greater sales. Sperduti advised attendees to focus on customers’ communication styles. Visual, auditory, kinesthetic, and digital communicators must be approached differently to get their attention and sell to them. For instance, according to Sperduti, digital communicators want to see clinical data, independent reports, and white papers before making a sales decision. Auditory communicators are swayed by testimonials from those they trust. Sperduti even told the audience about language to use when addressing different communicators. For auditory communicators, he suggested using words that connote sound, like “I’ll talk to you later,” “Does that sound good to you?” and “I hear what you’re saying.” If you don’t know the communication style of the person you’re contacting, use all of them!Read more