$1.15 million, $20 million, $100 million.
These are all costs associated with fines and fees that medical device companies incur for noncompliance.
Here’s another stat. According to data by KPMG, the medical device industry’s global annual sales is forecast to rise to almost $800 billion by 2030. $800 billion. This shows that the medical device industry is growing rapidly with no signs of slowing down. While it is an exciting time of innovation and competition for the industry, compliance must be top of mind for medical device companies more than ever. Specifically, sales and marketing teams must be using and distributing compliant materials.
It is important to note that the cost of noncompliance to medical device companies goes beyond financial loss. Noncompliance can greatly taint both the brand and seller reputation—or worse yet, impact the treatment of patients. Fees and corrective actions take time away from sales and marketing activities that drive growth and redirect them to developing new internal processes and solutions.
So, what can be done?
Digital transformation and sales enablement solutions can help medical device sales and marketing teams meet regulatory requirements.
Sales enablement solutions allow marketers to control which version of content their sales team has access to. This ensures that only the most up-to-date and compliant materials are being used. It also removes the regulatory concern of sellers creating their own content or sifting through multiple versions to determine which piece is the correct one. In a highly competitive market, where sellers’ time is limited, they need immediate access to compliant content – even when they’re forced to work offline within hospitals, doctor’s offices, or labs.