With this COVID 19 pandemic, medical equipment trading is facing enormous challenges around the world. Although it a good time for blooming business, there is a risk in everything.
Factory and research workers also face the same infection risk, which is faced by frontline health workers with limited human and physical resources. There are several challenges faced by medical equipment manufacturers, including manufacturing, supply chain, and marketing. These challenges occur with the fluctuation of both the demand and supply of medical equipment. Even though China is advancing fast in manufacturing medical equipment, the US has the largest market of over $410 billion.
Government rules and regulations
During this COVID crisis, several countries updated their laws regarding Medical Device Reporting (MDR) regulation. Manufacturers should obey these rules during manufacturing as well as marketing. It is quite challenging to maintain these new safety guidelines with the massive demand. One of the hardest challenges is to keep tabs of performance. There is a conflict in terms between MDR and the EU, which makes marketing even more challenging.
Higher demand from customers and high competition
Marketing teams of medical equipment face a hard time coordinating large orders with the manufacturers and distributors due to high demand. Sometimes it gets worsen with the problems of SKU with suppliers. Many supplier are overwhelmed with huge demand. Therefore it might lead to the loss of customers to another manufacture with higher capabilities. Several new manufacturers have emerged rapidly with higher demand.
Disturbance in transportation
With several lockdowns of countries, there is a disruption in transportation. Several international airports and harbors have closed for weeks. This disturbance makes new challenges on the supply chain as well as the marketing of medical equipment trading.
In these hard times, it is wise to overcome these marketing challenges to face this pandemic and make most out of the resources.