Change for a successful 2023 starts from within, said Mike Monovoukas, founder and CEO of AcuityMD, a commercial platform for the medtech industry that helps companies target, manage, and execute on commercial opportunities more effectively.
Medtech companies are going to have to focus on empowering rather than monitoring their sales reps in the new year.
“I think there are a lot of factors that have … sprouted up over the last two years with the ‘great resignation,’ which is … hitting all industries. Folks are itching for new opportunities, testing the waters, and leaving their current employers,” Monovoukas said. “In the medtech industry specifically, supply chain issues have reverberated all the way to the sales rep where the reps are unable to sell product, get commission, and hit quota. On top of it all, you have this push into monitoring tools to make sure the sales reps are using their time productively, effectively. Kind of a Big Brother type feeling.”
The scenario is leading many to look for new opportunities.
“That’s a huge risk to a medtech company…. How do you grow commercially?” Monovoukas said. “I think in ’23, the smart companies are going to be the ones that wake up to that earlier and start investing in empowering their salesforce as opposed to monitoring or taking a Big Brother approach.”