A word from MedTech Momentum’s Founder about the impact of the Coronavirus and what it means for your company.
Even if the pandemic slows down faster than we think, businesses around the world are going to struggle for at least 12 months as they’ll try to compensate for their losses.
However, the world of medical devices and healthcare in general is in a very unique situation during every crisis and even more so during the Covid-19 pandemic.
- It’s a fact that healthcare has topped every list of recession-proof industries. Even during 2008-2012 great recession, health care spending in the U.S. grew 4.2 percent annually.
- It’s also a fact that the currently frozen sectors of the healthcare ecosystem, such as elective surgeries, will come back with a vengeance by Q4-2020, as people in debilitating pain are desperately waiting to feel good again. Click here to listen to Robin Young’s forecast.
What I’ve learned from going through multiple crashes in the past 30 years, is that if most businesses suffer, the ones who keep the momentum going and make the right decisions always survive, thrive and end-up gaining market share. How do they do it?
They use the recession to engage their customers emotionally, help those in needs, present alternative solutions; in other words, they show that they care and never stop communicating.
A crisis well managed is a major opportunity to build brand loyalty and ultimately grow. Most people don’t realize it.
Humanity is resilient; we’ll come out of Covid-19 together and we’ll be stronger as a society because of it.
Please be safe,
MedTech Momentum, Founder & President