Webinar, Research Report

2023 Clinical Innovation Market Outlook & Five Insights to Enhance Your Clinical Innovation Sales Pitch

Posted By The Academy

October 12, 2023

In October we presented our first Clinical Innovation Market Outlook and what it means for industry sales strategy. We surveyed 30 LHS clinical innovation leaders on the following subjects; challenges around adoption, decision making strategies & strategic motivators, priorities around quality, patient experience, preventive care, and screening, and perspective on future impact of clinical innovations and from these we formed five recommendations for industry partners on how to navigate the Leading Health System (LHS) marketplace:

1. Appeal to health systems’ brand prestige, first: Health systems are keen on earning and receiving recognition for their scientific and clinical expertise, especially if their brand is centered around their status as a research institution or academic medical center. Positioning yourself as a true thought partner who sees them as a pioneer, values their contributions to the field, and looks to learn from their expertise can help get your foot in the door with key stakeholders.

2. Build champions in both the C-suite and the front line from the start: The majority of health systems utilize both a top-down and bottom-up approach to decision-making around clinical innovation strategy. Building relationships with the C-suite while simultaneously appealing to service line and clinical leaders as well as front-line stakeholders will help you build a stronger system of supporters around your product or solution.

3. Model how your product can boost health system market share in areas prioritized for growth: Cardiovascular, oncology, and neurology are the top three service lines health systems are placing their bets for growth in the near future. When paired with an increase in market share and/or revenue, health systems will likely be more receptive to innovations centered on these service lines versus others or innovations that are more generalized. Make the case for how your solution can directly drive this growth.

4. Showcase financial ROI – not just quality – it’s critical to win investments for clinical technology and techniques: High upfront cost and uncertain reimbursement standards for new clinical techniques and technologies remain the biggest barriers to clinical innovation at leading health systems. While the quality of the innovation and improvement in patient outcomes remain critical to secure sales, executives need reassurance that their significant upfront investment, with little promise of payer reimbursement, will yield some kind of financial ROI. Prepare to ease these concerns in your pitch.

5. Double down on showcasing both customer service and product efficacy in your pitch: Health systems place service and product efficacy above all other metrics when selecting new vendors to partner with. It’s critical to highlight how you will support their team and their goals after signing and provide evidence to prove your product can produce the results it claims.

Academy Iq Clinical Innovation Market Outlook October 2023.pdf