Seizing Opportunities for Medicines and Medical Devices Supply
As a medical sales representative serving the healthcare
industry, several items in the latest budget announcement are relevant. Some
notable items include:
- RM36.3 billion allocated to the Health Ministry, which may indicate an increase in funding and potential opportunities for partnerships or collaborations with healthcare providers and organizations.
- RM120 million for Skim Perubatan Madani to help the poor access health services, which may indicate potential opportunities to work with government-sponsored healthcare programs to provide access to medical products and services.
- The government's focus on improving and upgrading hospitals, which may present opportunities to provide medical equipment and supplies.
- The government's efforts to improve digital connectivity in industrial areas and schools, which may lead to an increase in demand for telemedicine and digital health solutions.
- The focus on environmental sustainability and the allocation of funds to support environmentally-friendly projects, which may indicate potential partnerships with healthcare organizations to implement sustainable healthcare practices.
Overall, the budget announcement presents potential
opportunities for medical sales representatives to collaborate with healthcare
organizations and government-sponsored healthcare programs, as well as to
provide medical products and services to support the government's focus on
improving healthcare and sustainability.
Based on the latest budget announcement, there are several
suggestions that a medical sales rep can escalate to upper management to seize
the opportunity:
1. Increase focus on environmentally friendly medical
products: With the increased focus on environmentally friendly projects, there
is an opportunity for medical companies to develop products that are
environmentally sustainable. Medical sales reps can suggest exploring this area
of innovation to their management.
2. Promote healthcare services for vulnerable groups: The
government has provided incentives to employers of vulnerable groups such as
the disabled, ex-convicts, homeless and unemployed. Medical sales reps can
suggest developing and promoting healthcare services that cater to these
groups.
3. Enhance digital connectivity: With the allocation of
RM725 million to implement digital connectivity in industrial areas and
schools, medical companies can leverage this opportunity by providing digital
solutions that enhance medical services. Medical sales reps can suggest
exploring this area and promoting these services to their customers.
4. Capitalize on the luxury goods tax: With the introduction
of the luxury goods tax, medical sales reps can suggest targeting luxury
healthcare products such as high-end medical devices and equipment, luxury
healthcare packages, and other luxury healthcare services to cater to the
high-end market.
5. Upgrade healthcare facilities: With the allocation of
RM1.2 billion for upgrading clinics and schools, medical sales reps can suggest
partnering with the government to upgrade healthcare facilities in rural areas.
This could create an opportunity for medical companies to provide essential
medical supplies and services to these areas.
There are several opportunities for medication and medical
device supply in the latest budget announcement.
For example, there is an allocation of RM36.3 billion for
the Health Ministry, which includes nearly RM3 billion for the appointment of
more permanent and contract health workers. This presents an opportunity for
pharmaceutical and medical device companies to provide healthcare facilities
with the necessary medications and equipment to support the increased staffing.
Additionally, the government plans to upgrade 26 hospitals,
allocate RM700 million to upgrade the Melaka hospital, and provide RM120
million for Skim Perubatan Madani to help the poor access health services,
which could create opportunities for companies that supply medical devices and
equipment.
Companies may also want to explore the possibility of
providing medical supplies to the various programs and initiatives aimed at
improving healthcare services, such as the PEKA B40 health scheme, which has an
allocation of RM80 million.
For instance…
I would like to share an idea with you that I believe has
great potential for local pharma companies in the current business landscape.
As you all know, the government's latest budget announcement emphasizes the
importance of improving healthcare services and digital connectivity in the
country. One area where we can potentially leverage these opportunities is in
the supply of medical devices and medications to telemedicine providers.
With the growing demand for telemedicine services, more
healthcare professionals are turning to digital platforms to provide medical
consultation and treatment to patients remotely. However, many of these
providers face challenges in sourcing reliable and high-quality medical devices
and medications to support their services.
Medical sales companies are well-positioned to address this
need and provide telemedicine providers with the necessary medical supplies to
support their operations. By partnering with these providers, those companies
can establish themselves as a key player in the telemedicine industry and tap
into this growing market.
To achieve this, they can start by reaching out to
telemedicine providers and offering them their medical products and services. They
can also develop a marketing campaign to promote their products to potential
telemedicine clients and build their brand in the industry.
I believe that the telemedicine industry presents a
significant opportunity for pharma companies to expand their business and
contribute to improving healthcare services in the country. With their
expertise in medical sales, they can be at the forefront of this growing trend
and establish themselves as a leading provider of medical supplies to the
telemedicine industry.
Some examples of companies that provide telemedicine
services in Malaysia:
DoctorOnCall - This is a Malaysian telemedicine company that
offers video consultation services with a registered medical practitioner. The
company also offers online prescriptions and delivery services for medications.
BookDoc - BookDoc is a Malaysian healthtech company that
provides a mobile app platform for users to book appointments with medical
professionals, including teleconsultation services. The app also allows users
to view the ratings and reviews of medical professionals.
Naluri - Naluri is a digital health coaching platform that
provides personalized support and guidance for individuals with chronic
conditions. The platform uses AI to deliver customized programs to help
individuals improve their health and wellbeing.
HealthMetrics - HealthMetrics is a healthtech company that
offers a platform for businesses to manage their employees' healthcare
benefits. The platform includes a telemedicine feature that allows employees to
access medical consultations from the comfort of their homes.
MyDoc - MyDoc is a telemedicine company that offers virtual
consultation services with certified doctors, as well as online prescription
services and medication delivery. The company also provides corporate
healthcare solutions for businesses.
These are just a few examples of the telemedicine services
available in Malaysia, and there are likely more companies emerging as the
demand for remote healthcare services continues to grow.
As a medical sales rep, it's always good to keep an eye out
for new opportunities and trends in the healthcare industry. If there are clear
opportunities for the company to expand into new areas or adopt new
technologies, it may be worth presenting these ideas to upper management.
However, it's important to do your research and be prepared
with a solid pitch that includes the potential benefits and risks of the
proposed opportunity. It's ultimately up to the individual sales rep and their
company culture to decide if and how to pitch new ideas.
The likelihood of management taking a sales rep seriously
varies based on the company, industry, and individual circumstances.
In general, sales reps can face challenges in being taken
seriously due to common perceptions of their role as primarily focused on
selling products rather than providing strategic input or insight. However,
this perception can be overcome by building relationships with key stakeholders
and demonstrating a strong understanding of the industry, market, and customer
needs.
In Malaysia, it is also important to consider cultural
factors and communication styles, which may influence how receptive management
is to input from sales reps. Ultimately, the key to being taken seriously as a
sales rep is to provide valuable, data-driven insights and solutions that align
with the company's goals and priorities.
It is important to remember that even as a medical rep, you are a valuable member of the organization and may have valuable insights and suggestions to offer. Therefore, it is important to approach the conversation with confidence and professionalism, and to be well-prepared with data, research, and a clear plan of action. Ultimately, it is up to the individual company and its management to decide how receptive they are to new ideas from their employees.
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