Value co-creation in the MedTech industry

Reflections on course module 2 – Value exchange, value-in-use, value co-creation. The term “value exchange” is defined as the price a customer pays at the time of purchase whereas the “value-in-use” is defined as the value created by the customer during use. In MedTech, the value exchange exists both as “Capital sales”, “Rental” and “Service sales” where the latter two are driving re-occurring revenues. When the caregiver is using goods/service the value-in-use could be e.g. less back injuries for the staff when using a lift equipment and as a consequence fewer sick leave days. Other value-in-use could be less patient falls or less staff needed to perform a task. According to my experience “value co-creation” together with a hospital/ward can be done via a number of co-creation platforms:

  • During product development where the caregiver is a co-producer
  • Product trainings which could really be a reciprocal value creation opportunity
  • Through assessment of equipment at a hospital where needs are clarified and value propositions are presented to address the needs
  • Through advanced service products that improves the caregivers work procedures and use of equipmetn. The firm commits to a guaranteed outcome and the two parties join in the value creation.

The last item is a challenge but very rewarding for both the provider and the customer. The relationship is long term (years) it creates a strong bonds. #MSSL141


Kommentarer

Value co-creation in the MedTech industry — 2 kommentarer

  1. Hi Anders,
    I believe that your case with equipment supply to hospitals who are taking care of patients, is an excellent example of co-creation where the supplier and the hospital are working together to create values for the patients.
    Brgds
    Bo

  2. Although from a different industry perspective there are parallells to your first 3 points in co-creating value as a paper/board supplier with a packaging material coverter.

    1 – joint product development to strengthen paper properties of importance in the customer’s, or often the customer’s customer’s application. For example – high purity grades for medical packaging applications.
    2 – product training, or paper conferences – educating customers on paper properties, and at the same time gaining better insight on the demands in the customers applications. A reciprical exchange.
    3 – assessment of equipment and available paper grades for a converter/customer to suggest improved packaging design solutions drawing on the material knowledge of the supplier.

    Different industries – but similar appraoches on a general level it seems.

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