Tackling the credibility crisis in MedTech

In the rapidly evolving MedTech industry, brand building is not merely an option; it is a necessity. Establishing a strong brand can significantly influence a company's reputation, credibility, and ability to attract and retain top talent.

As the industry faces more competition and transformation than ever before, it is of critical importance that MedTech firms build and maintain trust to win customers, patients, and investors alike.

Our recent Health Voices webinar with Nick Delmonico, Founder and CEO at Strados Labs, and Christian Mazzi, CEO at CORCYM, explored the essential aspects of brand building. Both have guided their businesses through pivotal moments to establish legitimacy and build robust brands, underpinned by a clear and tangible purpose.

Brand building for investment

Brand building in MedTech is a multifaceted endeavour that requires a clear purpose.

Strados Labs is a startup that had to, for a long time, rely on the founding team’s reputation to establish itself in the market. "For startups, the founding teams are the brand for a long time. It's the founder's vision that starts to develop into a company brand," Delmonico notes.

It was imperative for Strados Labs to find its product market fit in order to build investment that would allow it to continue providing its life-changing technology. As with many startups, however, they don’t start out with a well-defined product market fit.

To continue building credibility in the market, it was incredibly important that Strados Labs hit the right balance of showing the vision but also being transparent. Bringing scientists into the team ensured they had the right expertise onboard and could appeal to their audience.

“If you're going to [introduce] something new and novel, [people] need to be convinced. We’ve always been really focused on that level of credibility in the way we communicate what we do,” Delmonico explains.

Carving a new brand following 50 years of heritage

CORCYM experienced a similar balancing act when the business demerged and had to build a new brand, being mindful of the 50 years of heritage that came before it. Under previous ownership, there was a lack of strategic vision that led to a deterioration of the brand. As Mazzi emphasizes, “We knew, going in, that we had some really good things to work on, but we needed a clean separation from the past to the future. And that, of course, required us to develop a new brand and a new positioning which is hyper-focused on a customer-centricity.”

Carving out a new position in the market is never easy and can lead to an erosion of trust. In the three years following the demerger, CORCYM has evolved its brand to be seen as a trusted partner that brings the expertise of its 50-year tenure yet operates as a new business.

Regaining trust and building credibility is crucial for businesses that have experienced pivotal moments of change.

Build credibility and trust

"Trust is at the centre of building a brand, especially for us, as our devices are lifesaving," says Mazzi.

CORCYM's approach of being "hyper-focused on the customer", in their case the cardiac surgeon, is a prime example of how targeted branding can create a strong, credible presence in the market. This focus allows CORCYM to differentiate itself from competitors by building a brand that is not only trusted but seen as a partner in the evolution of cardiac surgery.

Delmonico echoes this: “healthcare is highly regulated. It’s very much built on trust.” As an industry that relies on getting buy-in from several stakeholders to see progress, it tends to lag behind other industries when it comes to making advancements, for example, in technology. That’s why trust is paramount for maintaining and enhancing credibility.

"You have to demonstrate that you are who you say you are," Mazzi adds.

Attracting and retaining specialized talent

Mobilizing talent in the MedTech sector is increasingly tied to a company's brand and purpose. As Mazzi points out, "Brand and purpose are completely intertwined. Talent looks for a very clearly stated purpose and will align to it."

CORCYM has leveraged its brand to attract talent by emphasizing its mission to support cardiac surgeons and evolve the discipline. This clear focus helps potential employees understand the impact they can have within the company and the broader industry.

Strados Labs takes a similar approach, emphasizing its mission to improve patient outcomes.

This alignment of personal values and company mission can be a powerful motivator for employees.

Both companies also highlight the importance of providing employees with opportunities to connect with the end users of their products. CORCYM, for instance, has initiated a program where employees can observe their devices being implanted in operating rooms, either in person or virtually.

"Getting our employees as close as possible to the patient makes a huge difference. It brings the mission to life and enhances retention," Mazzi says.

Building a strong brand in the MedTech sector requires a focus on reputation, credibility, and purpose. Whether a startup or a more established player, by aligning the company's purpose with the needs of its customers, MedTech companies can create a credible brand.

Watch the full recording of our Health Voices conversation with Mazzi and Delmonico here.