Weekly Newsletter - 12.4.2024

PLUS: Canon's AI MRI launch & Glenmark enters glaucoma market

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Welcome to Sales Intelligence: Healthcare, the weekly newsletter for healthcare sales professionals. Now is the time to fine-tune your strategies, leverage cutting-edge insights, and ensure your campaigns not only engage but convert.

In a recent episode of the Candid Sales Rep Podcast, Lorraine Pettit, a top-performing Senior Account Executive at Gong sat down with Ken Lundin and Hive Perform to share her take on strategies for building and maintaining high-performance sales teams. Lorraine’s approach emphasizes the importance of leadership, trust, and intentional habits, moving beyond just metrics to create environments where sales teams can truly thrive.

💬 Lorraine discusses:

  • The role of leadership in shaping strong habits that drive growth.

  • How trust leads to greater autonomy among sales reps.

  • The importance of focusing on outcomes, not just activity.

  • The value of leading by example through open communication.

✍️ To start building a stronger sales team today, Lorraine suggests:

  • Setting clear priorities to focus on high-impact objectives.

  • Coaching curiosity by teaching reps to ask customer-driven questions.

  • Celebrating progress, no matter how small, to maintain motivation.

INDUSTRY INSIGHTS 🌐

The tariffs proposed by President-elect Donald Trump are poised to significantly impact the pricing of US medical devices. Currently, around 75% of medical devices marketed in the US are manufactured outside the country; the new tariffs will target 69% of these devices. Hospital supplies, diagnostic imaging, anesthesia, and respiratory devices, commonly imported, will be particularly affected, leading to potential supply chain disruptions and escalating costs due to increased demand and reduced supply.

The US medical device industry, valued at $197.8 billion in 2023, is projected to escalate to $305.1 billion by 2033, with a CAGR of 4.3%. Companies like L&K Biomed, relying entirely on foreign production, are likely to face challenges, whereas firms like Becton Dickinson, producing a small percentage abroad, may have a strategic advantage.

Canon Medical USA has launched its AI-powered MRI system, the Vantage Galan 3T/Supreme Edition, at the Radiological Society of North America 2024 conference. The system, which features the company’s Altivity suite of AI tools, aims to enhance image quality and reduce scan times, setting a new standard in the MRI market. 

This product innovation is one of the latest to integrate artificial intelligence in medical imaging, which is predicted to considerably influence the healthcare sector. Canon's MRI system, distinct with its Japan-made magnet, offers an expanded field of view, enhancing diagnostic capabilities.

Canon Medical, alongside Fujifilm and Philips, is at the forefront of this technological advancement, focusing on AI-assisted MRI systems. Notably, Philips introduced its BlueSeal 1.5T system, integrating MR Smart Workflow solutions to elevate automation and image enhancement.

PODCAST 🎙️

Top performing Senior Account Executive, Lorraine Pettit from Gong, recently shared her take on how good sales leadership can take sales teams from surviving to thriving.

INDUSTRY NEWS 📰

Glenmark Pharmaceuticals has launched a generic version of Travoprost Ophthalmic Solution in the U.S., equivalent to Sandoz's Travatan Z. This move reflects Glenmark's growth in the ophthalmic market, with its portfolio expanding to 200 U.S. products and exploring partnerships to enhance its pipeline further.

Novartis plans to lay off 139 employees in East Hanover, New Jersey, mainly affecting sales teams for Xolair and Taf+Mek. The company focuses on launching 15 new drugs over the next three years. Affected employees are encouraged to apply for other positions within Novartis.

Cyclopharm has secured its first orders from two US Veterans Health Administration Hospitals for their Technegas System, a diagnostic tool for lung imaging. This agreement marks a significant entry into the US market and enhances diagnostic accuracy for conditions affecting veterans, potentially serving as a model for other facilities.

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