A Literature Review about the UK Medical Device Industry
Traditional medical device trade exhibitions have been hosted in various places worldwide and have served as the primary marketing tool for disseminating promotional activities, highlighting industry trends, and fostering partnerships to influence buyer behaviour. The concept and growth of virtual trade exhibitions as commercial platforms enable industry buyers and sellers to connect and cooperate virtually anywhere, at any time. This study begins with PhD Literature Review, addressing and assessing medical sector attitudes and reactions to virtual trade exhibitions instead of traditional trade displays. Second, the study improves knowledge by describing virtual trade show interactions and value generation.
Introduction
The medical device industry is a forward-thinking, diverse, and fast-paced industry that designs, develops, and manufactures many healthcare goods, from single-use surgical masks to cardiac stents and diagnostic imaging implements. The PhD medical dissertation sector is critical to creating breakthrough medical technology that may be used to diagnose, improve, and treat sickness. Medical devices are divided into three categories: general, in-vitro, and active/implantable, with four subcategories (I, IIa, IIb, and III) based on use, usage, and inherent risk.
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Due to its unique characteristics, the medical device industry is an alternative, highly regulated enclosed industrial sector that differs from traditional marketing and promotional efforts. End products may be massive, scientifically complicated, proprietary, and unavailable to the general public since end consumers are medical practitioners and healthcare professionals. Medical device therapeutic claims, private information, and limited licence usage are all subject to regulation, posing substantial marketing strategy issues.
Medical device companies recognise trade shows as an essential marketing strategy that complements their existing marketing mix and substantially impacts in Phd medical dissertation their ability to position and compete in the global market. Trade exhibitions are an essential and effective marketing technique for accumulating and maintaining buyer-seller connections to increase interest and engagement.
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The organisational perceptions of participating in conventional trade show
The National Healthcare Service (NHS) in the United Kingdom is commonly considered a conventional public healthcare provider and a special status symbol, with the Literature Review supporting UK government sponsoring medical, clinical, diagnostic, and surgical products and service makers. Medical device companies have worked to create and grow international networks, collaborations, and alliances on various levels, including official, informal, integrative, and subcontracting activities. Ad hoc interactions have been replaced by these new cooperative relationship-building tactics involving medical device companies, customers, and governments. The relevance, usefulness, and success of organisations’ engagement activities, notably in marketing and participation in trade exhibitions as an effective communication channel, have been recognised in the existing literature. [1].
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Medical device organisations achieve their marketing objectives
Online communication and virtual meetings, contrary to common belief, are extensively used, powerful, and essential for organisational survival, and they include practically all aspects of a company’s marketing tools. On the other hand, conventional trade shows often maintain a classic style while using technological advancements by providing Literature Review writing help extra communication channels to support strategic marketing and promotional efforts. Developing technologies continue to affect modern marketing operations, with email, online registration, and live virtual customer care assistance supplementing traditional trade exhibitions. By gathering registration data, professional specialities, commercial interests, and social media profiles, technology continues to boost trade show and exhibitor marketing capabilities, allowing exhibitors to provide customised advertising to engage prospects and customers better.
Factors influence organisations to attend a virtual trade show
Medical device companies know that attending trade exhibitions is just one stage in the long procurement decision-making process. They remain optimistic about the potential of virtual trade shows as a sales-generating instrument. Medical device companies that can participate in virtual engagements after making a PhD thesis writing service direct investment and announcing new marketing initiatives would have a distinct competitive edge. Many medical device companies have seen a convergence of information and marketing technologies, with existing telecommunications, information technology, and near-field communications allowing them to deploy and enhance their presence in virtual marketing engagements almost seamlessly[2].
The construction of a pleasant virtual exhibitors buyer experience, supported by intelligent marketing, stimulates buyer engagement and facilitates the dialogue between buyer and seller, enhancing the virtual experience in a medical literature review. Finally, creating a great experience that betters customer expectations throughout the sales cycle leads to consumer pleasure, brand loyalty, and profitability[3].
Conclusion
Conventional corporate events are a valuable and effective marketing tool for companies looking to build and maintain buyer-seller partnerships by connecting with participants through direct advertising, promotional events, and buyer-seller interactions. Conventional trade exhibitions are costly, requiring a significant amount of time, effort, and dedication for an uncertain return on investment. Beyond traditional trade show attendance, medical device companies continuously seek additional cost-effective marketing techniques to promote and advocate buyer-seller relationships.
Following the scholarly study, the primary reasons for medical device companies participating in virtual trade exhibitions include growing market access, improving sales income, enhancing return on investment, and promoting brand loyalty. If cost benefits, capabilities, and industry direction are not recognised, the advantages and sustainability of virtual trade fairs may not be utilised appropriately and challenged by medical device companies. The healthcare industry is exploring virtual trade show capabilities, features, and functions as a new concept for future trade show development.
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References
- Bayon, J., Bohner, M., Eglin, D., Proctor, P., Richards, R.G., Weber, J., Zeugolis, D.I. (2016). Innovating in the medical device industry – challenges & opportunities ESB 2015 translational research symposium. Journal of Materials Science: Materials in medicine, 27, 144.
- Gottlieb, U., Bianchi, C. (2017). Virtual trade shows: Exhibitors’ perspectives on virtual marketing capability requirements. Electronic Commerce Research and Applications, 21, 17- 26.
- Edge, M., Sid Ghosh, and Yan Liang. “The Evolution of Virtual Trade Shows: A Literature Review from the UK Medical Device Industry.” European Marketing Academy, 2020.
