Medical supplies are a $425 billion global industry, with the U.S. representing nearly half of the market at $156 billion.
This industry is ideal for physicians with an entrepreneurial spirit. It’s also an excellent industry for medical school graduates, healthcare professionals, engineers, scientists, and inventors.
Starting a medical supply company requires several steps to success, starting with the basics.
Here’s everything you need to know about medical supply companies.
Choose a Medical Supply Niche
There are countless medical supplies and niches to consider.
Which supplies and equipment are you most passionate about? Which topics are you most knowledgeable about? These questions matter because authoritativeness is so crucial for medical marketing.
Suppose you’re a licensed orthopedic surgeon. Which products would make most sense for your business? Your demonstrated background is a marketing asset for orthopedic shoe inserts, foot massage supplies, ankle supports, and knee braces.
If you’re a pediatrician, you can make a lot of money in the pediatric supply market, selling pediatric strollers, baby formula, hygiene products, and children’s cough syrup.
Business-to-consumer (B2C) isn’t the only medical supply business model. Most medical supply companies are B2B, or business-to-business. B2B companies sell directly to hospitals, community clinics, and private practices.
If you’re a trained engineer, you could make a name for yourself with new x-ray technology or hospital beds.
Furthermore, anyone can invent an ingenious medical product. Many top baby products were invented by everyday parents looking for solutions.
Create a B2B Medical Supply Brand
Thriving companies have impeccable branding.
If you’re staying within the B2B lane, you don’t have to get too flashy. Hospitals and medical businesses gravitate toward professional brands with simple logos, fonts, and industry-relevant messaging.
Speak the B2B Language
B2B medical supply companies should understand professional medical terms and jargon. These consumers are looking for more technical specifications rather than benefits; they already understand the benefits.
Thus, brand mission statements, web copy, and marketing materials should read as technical and professional; whereas, B2C branding should appeal more to medical benefits and emotion.
Medical Supply Logos
Pharmaceutical companies are a good example of medical branding. You’ll notice similar branding identities among pharma companies too.
Study logos from Pfizer, Johnson & Johnson, and Allergan to get an idea of what B2B consumers want. What do these logos have in common? Do you notice similar fonts, concepts, and brand colors?
Medical Supply Branding Colors
Most medical niche brands have blue and white color palettes, and medical supply companies are no exception. According to color theory studies, blue and white elicit feelings of trust, wisdom, and intelligence. Trustworthiness is absolutely critical for medical marketing.
B2C Medical Supply Branding
B2C medical marketing is different than B2B, with some notable similarities.
B2C consumers also respond positively to blue and white color palettes, especially for prescription medication and over-the-counter medical supplies like Neti Pot.
However, you can get a little more creative with B2C medical marketing.
For example, there’s a lot of room for creativity with pediatric medical supplies.
Children’s medicines, bottles, thermometers, vitamins, bandages, and masks can feature bright, colorful designs and characters. Therefore, your medical supply company can create more fun marketing material while still eliciting trust in parents and kids.
Since B2C consumers are more emotion-driven, highlighting benefits works best for sales copy. Too much technical information may confuse consumers who are looking for quick, satisfying solutions.
Women’s Hygiene products are another niche with creative wiggle room.
Tampons, maxi pads, and women’s personal care products often use pink, purple, and yellow brand colors, including blue and white.
Focus groups and market research also reveals what your target audience prefers.
Medical Supply Marketing Tips
You need a strong brand that communicates well through marketing materials, whether they’re B2B whitepapers or B2C social media campaigns.
Deep dive into market research to discover the best marketing opportunities. For example, you would need a sales rep to market to hospitals, while a new children’s medical product would be ideal for Instagram.
Don’t forget to study the competition!
Immerse yourself in your competitor’s commercials, case studies,
social media, and print marketing materials.
Competitor research is essential for brand building.
Trade shows and medical conventions are excellent marketing opportunities for B2B companies. Invest in high-quality displays, demos, videos, and informative brochures to attract attendees to your booth.
Launching Your Medical Supply Company
You have a fantastic product, brand, and marketing strategy. It’s time to launch your company on the right foot.
Every medical business needs a reliable and knowledgeable staff.
Most medical supply companies start small and scale from there. Even small companies need sales reps, in-house customer service staff, workplace managers, engineers, product safety experts, and many more employees.
Medical eCommerce businesses require far less overhead, which is one reason behind their appeal.
These companies typically carry a large selection of medical supplies from multiple vendors. Therefore, you’ll need managers that are good at building and maintaining vendor relationships.
If you’re launching an eCommerce store, remember to automate your website.
For example, automated websites instantly update inventory counts after purchases. Therefore, you don’t have to worry about a customer ordering a product when it’s out of stock; you can set up automatic pre-ordering too.
Closing Your Medical Supply Business
Are you ready to close your medical supply business after a long run instead?
There are a few exit strategies for medical supply companies. For example, you could hire healthcare business brokers to help sell your business without the hassle.
You could also pass down your medical supply business to a family member.
Join the World’s Best Medical Supply Companies
Do you have what it takes to flourish in the medical supply industry?
Learn from the world’s top medical supply companies, and remember these tips for choosing, branding, marketing, launching, and selling your business.
More information is just a post away. Follow the blog to discover more essential tips and tricks!