My Mother was right, “If you are passionate about what you do, you won’t work a day in your life”.
Over the years I have been privileged to work with extraordinary people and a wide range of extremely innovative MedTech products. Incubating start-ups, nurturing them, and helping them scale up is not just my job…it’s my passion.
Having mentored many MedTech developers, I have some insight into what success in the MedTech sector looks like. I also have some insight into what makes a MedTech customer happy.
One thing I can tell you is to take as much care selecting a MedTech vendor as you would a life partner – for the same reasons. The last thing you want is to find yourself stuck in a toxic relationship with a vendor that providing products and services your organization relies on.
Think about what makes a good life partner…
- Someone you can communicate with.
- Someone you trust and respect.
- Someone who is consistent and you connect with.
- Someone with common goals and a shared vision.
Intelligence, financial independence, background, and culture are also important considerations.
The same applies to selecting a MedTech vendor. And, like a marriage, it is a relationship that shouldn’t be rushed into.
Before you even start selecting a MedTech vendor, ensure you have a clear and detailed scope of work. There is no point in trying to find a suitable partner if you aren’t sure what you want or need. Once you have a short list of possible vendors, you can save time by looking out for these 5 red flags.
I’ve created this list in an effort to save everyone involved the time, energy, and sometimes even pain, of eliminating unsuitable partnerships. Vendors will also benefit from this list because these red flags signal potential causes for a promising business to fail.
1. BACKWARD COMPATIBILITY
One crucial factor to assess is backward compatibility. A solution that would demand upgrading all existing systems for successful integration can be time-consuming and resource-intensive.
2. NO BUSINESS PLAN
A vendor, particularly if it is a start-up, should have a long-term plan for their business. Selecting a MedTech vendor that doesn’t have a clear strategic plan indicates the possibility of a lack of commitment to ongoing support. To avoid being left in the lurch, organizations should seek vendors who demonstrate foresight, transparency, and long-term commitment in their own business.
3. A SOLUTION FOR EVERYTHING
While it is natural for vendors to show confidence in their solutions and products, beware of vendors who promise that their single solution can address every problem in your organization. The reality is that businesses are diverse, each facing unique challenges that may not be resolved by a one-size-fits-all approach. Pragmatism is key, and organizations should look for vendors who provide realistic assurances tailored to their specific needs.
4. WILLINGNESS TO ADAPT
Integrating new systems with existing systems is often a pivotal aspect of adopting new technology. A MedTech vendor who is reluctant to assist in this process should raise a red flag, particularly when it is perfectly feasible to accommodate the existing system. Prioritize vendors willing to collaborate and support integration efforts.
5. NO OPEN API
Integration challenges with existing and future systems are compounded when there is no open API. The ability of developers to customize or integrate software according to organizational needs is impossible without open API. Vendors offering this flexibility empower organizations to tailor the solution to their evolving requirements.
The MedTech sector has a myriad of technology providers who prioritize ease of integration and updates, and who streamline implementation and support. Don’t waste your time with vendors who raise these red flags. Take your time to find a MedTech vendor that aligns with your organization’s objectives and vision as well as offering a suitable solution.
What red flags do you look out for when selecting a MedTech vendor?
