In a reform environment mandating “better care outcomes at lower cost”, a new basis of competition for healthcare product manufacturers has emerged — economic and clinical value (ECV). This change has profound implications for even the most successful companies, requiring a re-thinking of fundamental business models and go-to-market strategies. In their June 2010 article published in PM360 titled Reinventing Marketing to Reinvigorate Growth, authors Rita E. Numerof, Ph.D., President, and Bill Ott, M.B.A., Senior Consultant, explain the steps necessary for manufacturers to succeed under these circumstances.

Competing in this market will require a reinvention of marketing … traditional market practices will be increasingly ineffective and cost prohibitive. In this article, the authors describe the factors that have contributed to this difficulty, and identify three critical steps manufacturers must take to reinvent marketing and thrive in this environment.