The Sr. Product Manager is responsible for all marketing-related aspects of the products within the assigned product portfolio and/or therapeutic area(s) for Terumo Interventional Systems (TIS). This includes developing and implementing effective marketing strategies and tactics to ensure that products in the assigned portfolio achieve revenue and operating profit targets.
Key to the success of the Sr. Product Manager is the ability to build successful partnerships with the sales force, develop relationships with key opinion leaders and to modify strategies and tactics when necessary based on voice of customer and emerging trends. Successfully developing and cultivating relationships throughout the Shared Services group that support the business is critical to success. Through these partnerships, the Sr. Product Manager is responsible for ensuring uninterrupted product availability, high quality and proper promotional efforts and ensuring products meet all product performance-related characteristics.
This role is responsible for both downstream and upstream activities. Traditional downstream activities include product launches, sales training & education, developing go to market strategies and generally building and executing product commercialization plans. Traditional upstream activities include providing direction on the product portfolio planning, estimating long term strategies that enable the business unit to meet long term sales objectives and participation in the New Product Development (NPD) stage gate process. This position is also responsible for identifying opportunities with New Business Development (NBD) on projects that fit strategically within the assigned portfolio.
This position may supervise one or more marketing professionals may manage an APM or PM as needs require.
Job Details:
Downstream: • Develop comprehensive marketing plans for assigned products. • Prepare regular product forecasts based on customer information and market analysis. Analyze and regularly report on product usage trends. • Analyze, revise and coordinate with manufacturing the necessary production forecasts for all market areas (US, Canada and in some instances global markets). Ensure that an adequate inventory of products is maintained at all times. • Responsible for traditional marketing deliverables such as business plans, pricing, product positioning, promotional strategies, life cycle plans and advising on product improvements and new product needs. • Develop sales and marketing tactics to include but not limited to brochures, trade advertising, training manuals, show materials and other collateral materials with input from Marketing and Sales. • Support sales education with updated materials and communications on an ongoing basis. • Analyze and report on a regular basis market trends, sales and competitive information and its effect on the performance of the portfolio. • Pursue product line extensions, labeling revisions, clinical studies and any other activities which would ultimately build the value of the product line and maximize product line earnings. • Routinely communicate with the sales force regarding product updates and availability, competitive activity, sales positioning, best practices, and new product development updates. • Develop rationale and make recommendations to management on pricing, manufacturing, packaging, distribution, promotion, market research, regulatory, legal and any issue which impacts product responsibility. • Develop and expand technical knowledge necessary for product line management and customer interaction. • Remain abreast of the market, the competition and the environment. Act as an information resource to all functional areas. Identify key competitors, understand and analyze the competitive market environment and act to position TIS as the preferred product supplier. • Identify and propose new projects which will enhance the performance of the product line, broaden the offerings and maximize the product line earnings. • Maintain active contact with key physicians regarding clinical research as it relates to current and future product requirements.
Upstream:
1. Primary responsibility for constructing Marketing Requirements Documents (MRDs) to support new product development. This includes collecting and summarizing voice of customer inputs on key performance criteria, intended use, indications for use, competitive products and positioning, and market and sales opportunity.
2. Primary marketing contact for product development engineers and R&D leadership team. This includes hosting of monthly/quarterly project updates and creating/leading marketing advisory teams.
3. Primary responsibility for representing marketing/customer on new product development teams to support the business. This includes regular in-person attendance at core team meetings at offsite R&D facilities.
4. Primary responsibility for Market Evaluation activities in conjunction with the Field Clinical and Clinical Affairs team. Includes identification and recruitment of physicians, scheduling and execution of evaluation cases, and reporting back to product team and senior management with "go-to-market" recommendations.
5. Primary responsibility for any Key Opinion Leader (KOL) Advisory Panel to support the business. Key objectives for panel include identifying and quantifying new product opportunities based on emerging trends and procedures, collecting input on new product development initiatives, and accelerating market evaluation testing and clinical study activities.
6. Primary responsibility for creating business cases for new product concepts to support the business.
7. Key contributor in prioritizing and sequencing new product development pipeline in conjunction with Product Lifecycle management team.
8. Primary responsibility for defining/optimizing process for collection of marketing inputs to support the new product development process.
Demonstrate a commitment to patient safety and product quality by maintaining compliance with all TMC Quality Systems requirements and adhere to AdvaMed guidelines and Terumo's policy on Interactions with Healthcare Professionals.
Perform other job related duties as assigned.
Working Conditions:
1. This position exists in an office environment. Approximately 30% overnight travel is required including occasional weekend travel.
2. Occasional entry to hospitals and other medical facilities is required. Many facilities have instituted vendor credentialing policies which require vendors to meet defined training, background check and proof of immunization requirements as a condition of entry. Terumo Associates entering these facilities are required to abide by these credentialing requirements.
3. When visiting hospitals and other medical facilities, must be able to gain access to and work in the IR suite, cath lab and operating room. Entry into these areas requires an ability to wear appropriate gowning, stand for long periods of time, comply with hospital policy/protocol and be aware of potential biohazards such as blood borne pathogens.
Position Requirements: • Knowledge, Skills and Abilities (KSAs)
Requires a high level of analytical skills (including ability to create accurate forecasts, assess financial information and market data), an ability to think strategically and translate into effective tactics. Must be able to use these skills to solve complex problems.
Must have strong knowledge of the human anatomy specifically including the vascular and venus systems.
o Must have a knowledge of brand strategies and developing integrated marketing communication plans.
o Ability to understand complex medical procedures and engage in in-depth technical conversations with physicians, staff and key opinion leaders regarding medical procedures and proper product usage. Is seen by physicians, staff and others as knowledgeable and credible.
Proficient in Microsoft Office applications (Word, Excel, PowerPoint, Outlook and Project) and I-Pad navigation.
Ability to work on multiple projects simultaneously and be flexible enough to change priorities with short notice when necessary.
Must possess excellent interpersonal skills and an ability to relate well with Territory Managers, Region Managers, and customers on the phone and in person.
Must be able to work independently with minimal direction.
o Must exhibit strong teamwork and be adapt at working cross-functionally. • Background Experiences
o Bachelor's degree, preferably in marketing, business, biological/clinical science, or engineering required; MBA is preferred, or equivalent combination of education, experience and training.
o Requires a minimum of 8 years overall business experience in Product or marketing management in the medical device industry. Demonstrated track record of managing products including meeting revenue and profit objectives.
Prior experience in both downstream and upstream marketing/new product development for medical devices is necessary.
Must have proven experience developing business cases, defining marketing specifications for new product development, and working with product development teams through commercialization.
o Prior product commercialization/launch experience in the medical device space is required.