In this episode of Med Device Unleashed Podcast, we have invited Nick Grossman, CEO and Founder of Maverick Medical. With more than 15 years of experience in medical device industry, his medical and sales expertise stemmed from working with massive medical companies like Pfizer, Zimmer Biomet, SI-Bone, etc. Today, Nick educates young entrepreneurs the crucial aspects of a goal-driven company, hiring insights, and network-building to boost your market presence.
Nick’s company is built around “paradigm-shifting” devices for orthopedic and pain management purposes. Few people thought it was provocative but his team aimed for going against the status quo, help surgeons and patients have an open-mind, and to improve the medical system for improved outcomes.
Nick thought that if he built his company at some other time, he would have failed. Thinking of his career experience, you need to have a degree of understanding in sales and medical practices.
Do you have the network to tap in to entrepreneurship? Asking this question helped Nick assessed that he made the right decision.
Don’t wait for the stars to align because if you do, doing this is not for you—find comfort in chaotic times.
Learnings at SI-Bone
Patient as the center is SI-Bone’s clinical mission. Paired with superior product, Nick was able to soak everything—sales, sales leaderships, medical practices, etc.
Having an irreversible bond with the customer, you now have an opportunity to service the local market through referrals. It was Nick’s first time to find the convergence of business and medical sales.
Find where talented people go, understand their model, how will it get you a warm lead and find trustworthy people that can provide you a small territory to start. Couple it with doing the right thing for your career, the confidence of independence and knowing that there will be people who supports you are your gauge will help you break in the barriers that prevents you from entering the market.
Show you track record and launch strategies are not enough. Nick encountered challenges when other distributors pitched earlier or have a connection with a prospect customer. However, he resolves this through goal alignment and finding an avenue for mutual success.
Do what you can do and fight for it. Don’t make false promises and inflate expectations to you companies—be modest and project realistic expectations for yourself and for people you are working with.
Models of Distributors
For Nick, there are distributors with limited market scope but offers unique devices or distributors who offers unique devices to the masses—he resonates with the second model.
Nick felt that this world has enough positive feedback and appetite for the adoption of a novel technology.
Nick made mistakes of hiring people thinking they are the same as him. Look for people who show up every day, expressive, hard-worker and likeable. They should be passionate about winning and the space they are working in.
Barriers of a Hospital System
Nick finds the world to be different. It changed the way his team evaluate their products. You need full honesty to your customers in terms of patient outcomes and efficiency standpoint.
Value analysis committee hardly cares on the bottom line as they do with the top line. Therefore, you need to have sufficient evidence to support the claims you introduce if you wanted to make something big—otherwise, you get rejected.
Lastly the insurance company. If the hospital, surgeon and insurance company does not align, then it is not the right time for you. Find representatives that can fight for a few years and prime the market.
Nick hopes for big companies to be looked as a partner. By understanding contracts, facilitating reimbursement and volume, he wanted various facilities to lean on them. Through developing the right relationships and being consistent for a long time, they would reach out more.
For Nick, you can be successful as long as you have an aptitude of recognizing launch strategies and market dynamics.
Nick thinks that 99% of little tips that happen in the industry is not worth following. You need to stay focus on your mission, goals and be optimistic.
Advice for Young Entrepreneurs
You don’t know what you don’t know and stick to what you have. If you are new the business, have the confidence to lead and don’t stress on small things.
Have the focus and responsibility to be better. Don’t get to a certain point of losing the edge—have a healthy level of paranoia but not to the point of preventing you from moving forward.
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Apple Podcasts: https://podcasts.apple.com/us/podcast/med-device-unleashed/id1513156937