I am just one person and an individual recruiter, but I am trying to help my friends in device companies through this difficult time.
Over the last couple of weeks, I have been talking with many orthopedic leaders during this strange time of cancelled procedures. Leaders are scrambling to figure out what to do and most are laying out contingency plans.
During this temporary crisis, leaders must play both defense and offense.
Sorry, I have no advice for your defensive game. In a nutshell, you must plan for worst case scenarios and reset your expense line to first take care of your employees, customers and investors.
However, I do have some advice for your offensive game that involves some new thinking in a C19 world.
If you are asking… How to return a device company back to normal? This is the wrong question.
You should be asking… How can a device company morph to be competitive in the new COVID world?
3 quick points and some challenge questions for you.
Point #1 – The procedure rebound will come.
After we pass through the abyss with peak infections around mid-April, there will be a BIG rebound. Elective cases will rebound with a boom at some time in the near future. Nobody knows when the boom will happen but here is the best guess from the OrthoStreams community at this point.
Point #2 – Use this time to clarify
Business adversity is clarifying. It’s a good time for some soul searching.
Orthopedic companies should use this time to refocus and crystalize on what your true value is. Get lean. Get skinny. Refine your organization and how you deliver your services. Do you sell implants or pain relief? Do you sell drills or holes in bones? What is your secret sauce that separates you from your competition? Can your models for selling and servicing be improved?
Point #3 – Rethink your business models to be more competitive in a C19 world.
Please understand this.
When hospitals and ASCs come back online 100%, there will be permanent changes in orthopedics.
Remember after 9-11… airports changed the security protocols FOREVER, because the terrorist threat was in the airports.
After C19… hospitals will change their protocols for how they deliver healthcare and how they work with orthopedic device companies FOREVER, because hospitals are the front lines for the war on COVID.