Contact your state public health department or medical board to find out if you need a licence to sell the types of medical equipment you are interested in. You should be clear about how you plan to finance your medical supply business and how this financing will affect your budget now and in the future. Unlike most other lucrative industries in the world, the medical supply sector has low barriers to entry. You don't need a medical degree to venture into this industry, but a comfortable knowledge of orthopaedics, medical equipment, safety devices and other products will help.
Pay close attention to mergers and acquisitions, the entry of new medical devices, technological advances and health legislation. Once you understand the requirements of that particular niche, you can expand into other medical supply needs. But how committed are you as a sales representative? One of the most impactful things you can do as a medical device distributor is to provide ongoing communication, support and guidance to your customers (and potential customers). Some of the marketing strategies and ideas you can adopt for your medical supply business are:.
The medical supply industry is one of the largest industries in healthcare, driven by new ideas and new technologies. But companies in the medical supplies sector face strict regulatory controls and relatively high fixed costs, such as warehousing technology, transport equipment and complex machinery. In recent years there has been immeasurable growth in innovative and improved technologies, which in turn has fuelled the development of cutting-edge medical devices and catalysed growth and improvement in the healthcare industry. If you want to start a retail business and would like to work in the healthcare sector, consider starting a medical supply company.
If you have decided to open a supply business, you should write a comprehensive business plan to outline the objectives and focus of your medical supply business. Revenue growth in this industry is expected to slow over the next five years as the Affordable Care Act continues to bend the industry with massive regulation and increased taxes on medical devices. In the beginning you may be able to run your business on your own, but it is always a good idea to have a sales representative who knows medical equipment well, a customer service representative to answer customer emails and phone calls, warehouse workers to pack and ship orders, and a bookkeeper to keep track of billing and shipping orders.