Strategically Aligning Your MedTech Product Portfolio

In the evolving landscape of medical technology, aligning your product portfolio with business strategy is essential for reducing risk, maintaining compliance, and delivering value in increasingly regulated markets. With the European Union’s Medical Device Regulation (MDR) now fully enforced, strategic alignment and compliance stakes have never been higher. In this post, we look at how utilizing localized contract data at a hospital level can accelerate much of the strategy development process, step by step.

Evaluate and Categorize the Product Portfolio

The first step is implementing regular reviews of how each product performs in terms of sales, market share, and customer engagement. Examine future potential in terms of the competitive environment and market relevance. Evaluate how each product fits within the broader long-term strategy of the company. NLP can be employed to identify actual market share based on contract data. Given the vast amount of contract data produced every month, using machine learning is necessary to make this exercise practical by structuring the data and making it searchable

Allocate Resources Strategically and Manage Risk

Direct resources toward offerings with the highest strategic and financial return. Maintain a balanced mix of established, emerging, and cutting-edge products to ensure steady performance and future growth. Identify potential risks early to avoid disruptions or compliance issues. To identify which products have the highest revenue and margin opportunity, it is necessary to have accurate market sizing and analysis of the competitive environment. This also stems from structured contract data, which provides a detailed mapping of buyers and suppliers, their buying patterns, deal value at a product level, and renewal timeframes. Based on product-level average sales price analysis for a particular market, an assessment of COGS can be incorporated to understand the margin opportunity.