5-Day Mini MBA for the Medical Devices Industry
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The 5-Day Mini MBA for the Medical Devices Industry is a hands-on training programme, highly interactive with exercises and role plays. The programme will be led by an experienced facilitator with former management experience in international companies.
Your immediate takeaway:
- Get a general overview of strategy, people management, leadership, product development, upstream and downstream marketing, sales, finance and supply chain in the Medical Devices Industry
- Understand the particularities and business logic(s) of the MedTech industry
- Use your knowledge to analyse and make commercial decisions confidently
This MedTech training course combines proven-by-practice methods with new insights and ideas that will grow your commercial and business skills. You will gain a wider perspective of management in the MedTech Industry through breakout sessions, exercises, and case applications.
How will you benefit?
After participating in this programme, you will grow your MedTech business skills & competencies and be able to:
- Get into the challenges of leaders in the MedTech Industry
- Motivate your team to implement your strategy
- Think of the product life cycle interms of competition and profit
- How to collect customer feedback to create 'Customer Value Propositions'
- Understand financial concepts to make financial decisions
- Have an overview of the supply chain process in the MedTech Industry
- Interlink all business aspects of MedTech companies for informed management decisions
During the programme you will:
- Network and learn with a diverse group of peers from different industries and countries in an international environment
- Develop a personal action plan to implement back at work
- Learn and practise new skills using real-business-world examples and exercises over 5 interactive days
What will you learn and practice?
5-Day Mini MBA for the Medical Devices Industry Course Outline
Pre-Work Preparation The programme begins with pre-work. We will send you a selection of cases and articles. Typical cases handle:
- Pricing pressure as a consequence of commoditisation and increased power of buying organizations
- Low-cost manufacturing competing from Asia, established players, niche players, new entrants, and potential disruptive technologies
- Impact of artificial intelligence and machine learning in the business delivery
These cases are actively used throughout the 5-day programme.
The programme is organised around 7 modules for maximum focus and to allow participants to assimilate the learning before moving on.
Module A: Strategy Implementation and Leadership
You will step into the role of an integrated MedTech business leader and learn about the challenges and issues facing managers in a changing and dynamic environment. We will put you in the office of the General Manager. Strategy, implementation and leadership will be the key topics. You will learn to think strategically and act as a leader across all functions. We will expose you to strategy models, strategy implementation and leadership frameworks. We will use real life examples from the MedTech industry sectors.
This module includes following topics:
- Mission, vision, strategy, business plans and execution
- The Customer Value Proposition
- Building the “Strategy House” for strategy execution
- Being a Manager or a Leader?
- Corporate strategy implementation framework: Balanced Score Cards
- You as a leader: What is your style?
- Leading in a changing environment
- Innovation: Making Engineers work with Marketers
- Setting the appropriate Operating Mechanisms
Module B: Building the Right Team and Leading People
You won't achieve a lot without having the appropriate motivated team with you. Some of your people might be close to you, sitting in the same office, but some others might be on the other side of the planet! How do you recruit, organise, challenge, develop, coach, retain your key people? What about their motivation?
This module includes following topics:
- Team members (Profile) assessment and gaps
- Hiring the needed talents
- Developing your people
- Retaining your key talents and future Leaders
- Managing remote teams
Module C: Product Development and Upstream Marketing
Given the increasing competition from low cost manufacturers as well as the highly dynamic nature of the MedTech and Diagnostic sectors, it is of critical importance to manage and control the product life cycle of their product lines to maintain differentiating power and profit margins. We will explore how to stay ahead of competitive product offerings and which management processes and procedures are involved in the MedTech diagnostic product development activities.
Following are the topics of this module:
- What is innovation? What does the market need?
- Reconciling medical, commercial and/with global and regional requirements
- Managing cost, benefit and reimbursement expectations
- Dealing with clinical and regulatory procedures (FDA, CE marking, GDPR, HIPAA, etc.)
- VOC, customers complaints
- Managing cross functional teams in a matrix organization
- Choosing between the “Made Inside” vs. “Made Outside”
- Sustainable vs. disruptive innovation
Module D: Downstream Marketing and Sales
This module is dedicated to understanding, defining and meeting customer needs. You will learn how to obtain deep customer insight. We will explore how to reconcile sometimes conflicting priorities from the Medical, Technical and Commercial functions. You will learn how to formulate “customer value propositions” and how companies become truly customer-centric. The respective roles of marketing and sales will be explored and the key marketing and sales responsibilities will be explained. The emphasis will be on the integrated approach, removing the barriers between the functions.
The sessions include following topics:
- Marketing in MedTech
- Customer relationship management and stakeholder mapping
- Consolidating and clarifying customer insights and the customer journey
- Mapping the competitive landscape
- Segmenting, targeting and positioning your product offerings
- Box vs. Solutions
- Defining customer value propositions
- Incorporating “Market Access” into your commercial plans
- The new product launch process
- Sales organization and management
- Sales models and procedures for investment goods (capital expenditure)
- The Challenger Model
- Sales force incentive plans and training
- Metrics & Dashboard: Which ones and when/how to use them?
- Direct vs. Indirect Channels: Pro's and Con's
- Win/Loss analysis
Module E: Financials
Building the essential business skills in the financial and accounting area are the objective of this module. You will discover the financial implications of decision-making, understand, interpret and act on financial information. Fundamental principles of financial accounting are explained to analyse financial statements, balance sheets, P&L accounts, or cash flow. We take a practical look at the basics of financial management such as cash budgeting and financial planning, investment and development project appraisal, risk and returns, management of working capital and key financial ratios. We will compare two competitive business opportunities (implementing a CRM versus conducting a post-marketing trial) and use a Net Present Value analysis to take a decision.
This module includes following topics:
- Accounting and finance
- Financial statements
- Analytical tools for financial performance
- Investment and development project appraisals: Net Present Value (NPV)
- Product and service costing and pricing methods
- Financial planning and assumptions
- Budgeting as a management tool
- ROI and ROMI
Module F: Supply Chain and Logistics
This module is devoted to Manufacturing & Supply Chain Management and the delivery of products and services. We will explain the importance of the Supply Chain and its practices in MedTech and Diagnostic sectors. In both sectors the quality, reliability, and prompt delivery of equipment, consumables and services are major competitive. We will look into outsourcing the warehousing, and working with a consignment stock at the customer site.
The following are the topics of this module:
- Manufacturing and supply chain challenges
- Align manufacturing and supply chain to corporate strategies
- Supply chain tools and measurements
- Quality control and service loops
- Principles of warehousing and logistics
- Measure supply chain operations
- Trends in healthcare’s supply chain
- The LEAN journey
Module G: Case Study Presentations and Wrap-up
During the last part of the programme we close the programme with short presentations on the business case you have worked on during the week. The programme leader will give you feedback and recommendations as conclusion of the programme.
- Case study presentations
- Group discussions and facilitator coaching
- Personal action planning and your next steps
- Post-programme reading list
Who should attend
If you are a manager in the MedTech or Diagnostic Sectors with 5-10 years of experience, typically having held positions in commercial, technical, scientific or clinical functions, this programme is right for you.