The buying process in the medical device & diagnostic industry has always been demanding, requiring complex and lengthy decisiveness. Many buyers prefer to carry out extensive research, source, compare and re-qualify the shortlist of potential partners. While suppliers tend to create their own shortlist of distributors, they should know in the medical device & diagnostic industry, buyers are also very particular when qualifying their next suppliers.
As such, this blog will focus on the factors buyers consider before making a purchasing decision.
While there are several factors that might be considered before sourcing for new suppliers, it is important to know the following four factors that European medical device buyers consider when shortlisting for new suppliers.
Price of products
In Europe, medical device buyers are looking for long-term partners with manufacturers. While North America has a strong medical device market with more than 5000 medical device manufacturers, it is important that most buyers will analyze different product suppliers before the look at the final one. Buyers will always look for any supplier that offers the lowest price for the product, and high quality for the product. So this should not come as a shock that buyers in Europe consider price to be an important factor in selecting a high-potential manufacturer.
Hence as a European Business Development expert, we advise that you are always transparent about your pricing and provide all necessary product or service information on your website in a design that's easy to navigate. This will make it easy for buyers to come to quick conclusions on whether you are fit to do business with them or not.
Certifications and regulations that allow you to operate in the European market
European Buyers of medical devices are very critical when it comes to regulations and certifications. There are many regulations that medical device manufacturers should be aware of and should ensure they comply with before they start operating in Europe. If you have these certificates or regulations, ensure that they are easily accessible or visible on your website.
Related Resource: European Medical Device Regulations (MDR) - Regulation (EU) 2017/745
Availability of the medical device manufacturers
Whenever buyers are looking for their next partner, they always look at how quickly a supplier responds. This helps them understand challenges that are being faced with supply chain issues, product issues, and many other concerns that buyers might incur.
Most of the distributors we work with tend to overwhelmingly identify delivery performance as an important factor before they choose to work with one of our Medical device suppliers. Hence, in this competitive industry, it is really no surprise that a strong on-time track record can set a good supplier apart.
Even though the buying process is hideous and tiresome, buyers would not expect suppliers to be slow with their supply. They want to receive or stock up their inventory as fast as possible. Whenever they reach out for a quote or pricing of the product, you should be true to your pricing. Medical device buyers in Europe would like a response from the suppliers in less than 24 hours and with the best cost-efficient proposals.
Does your company have verifiable information?
While you are setting up your company product line, ensure that your company information is visible to everyone. Ensure that the location is available on the website, and set up customer support numbers and your social media tags for the buyers to easily find you. Most buyers get frustrated when company information is not updated. For instance, if you registered your information on Linkedin, Yelp, Google, and other platforms, make sure it is always up to date.
In addition to having the right information, create a robust library of case studies and testimonials. Ensure that all this information is available on the website.
It is important that medical device manufacturers understand these factors and ensure that their products can be accessible to European buyers. EuroDev helps North American manufacturers with business development expansion. We help make your business easily accessible to European buyers.
Related content: The European Medical Device Market
About EuroDev
EuroDev, established in 1996 with offices in The Netherlands and France, has a single, defined purpose to help mid-sized North American companies expand their business in Europe. We have created a proven, successful business development model and since our founding, have partnered with over 300 companies to help them define and meet their European business goals. Services provided include Sales Outsourcing, HR Outsourcing, and Digital Marketing.
