How to Manage Innovative Healthcare Solution Tenders?

How to Manage Innovative Healthcare Solution Tenders?

Infographics - How to Manage Innovative Healthcare Solution Tenders

Background and Challenges

A multinational medical device company needed support in order to participate in a tender, organized by a major Finnish hospital. However, the company was facing two challenges:

1. Hospitals need to achieve greater efficiencies (e.g. decrease patients’ hospital stay, lean approach in OR management, etc.) due to decreasing profitability and significant budget pressures
2. As a result, Life Science companies need to provide win-win solutions, in order to increase outcomes and efficiency for hospitals

The company asked Tefen to support it across the whole tender process, from account needs assessment to customized offering definition. The company also asked Tefen's help in defining its optimal cross-divisional product and service bundles, and related pricing model options. While in the process, Tefen took into consideration the tender scoring system and expected competitors’ proposals.

Methodology

The methodology included three parts:

1. Define the service and product bundles offering, and demonstrate the overall health economics impacts
2. Define KPIs to assess and track the offering’s impact on accounts performance, to enable a “pay-for-performance” model
3. Design a work plan for the bid preparation and support the coordination and communication mechanisms among team members

Results

As a result of the project, the company won the tender, gaining up to 70% of key account business.
Not only that, but the company's revenues exceeded $2.5M by year two and a total expected sum of about $20M over the tendered period.
The company has also achieved significantly higher profits than on pure product offers.