The Forward-Thinking, Resilient CEO:

Steve Sapot
October 29, 2024
Blog - Forward thinking and Resilient

The Right C-Level Leadership Needed for a Dynamic Product Launch

When conducting a product launch, the successful CEO knows how to build and lead an ambitious, peak-performing team.

As strategic problem-solving partners, they operate from the mindset: “We’re all in this together.”

Even recently in the toughest market, where funding may be challenging to secure and launches are delayed, a forward-thinking, resilient CEO is imperative to the healthcare organization’s success.

Take it from me, an experienced executive and consultant – a go-to-market expert for med-tech companies. This type of CEO represents the backbone of an organization.

They are the clinical champions.  When times get tough, they never give up.

They thrive on adaptability and think strategically, especially when making hard decisions.

YOU NEED PLAN A AND PLAN B

This type of CEO always has a plan A and B – which are crucial in a highly competitive and unpredictable healthcare market.

…  From the initial idea to gathering and evaluating the right data to the funding to building and training a high-performing team to the right messaging …. to creating, testing, presenting, and launching the product.

Without the right team that offers the right blend of experience, passion, and collaborative mindset, the launch will fail.

In this market, there needs to be Plan A – and Plan B. …..if the idea, the data, and funding fail, and the team members leave for whatever reason.

Don’t get me wrong.

I am not trying to suggest CEOs or medical teams give up on their dream of launching the best technology.

Medical product launches are a huge investment for a company concerning revenue, profit, and customer outcomes.

But I want to give people a realistic dose of the leadership type needed for a dynamic product launch in a volatile economy or demanding healthcare market.

THE HIGH COSTS OF OVERREALISTIC EXPECTATIONS

The main problem with CEOs is that they get so excited about a new product or medical device. Yes, it holds promise and it can help improve healthcare delivery and patient care outcomes.

The obstacle? They have overly realistic expectations and consequently, rarely can anyone reach these targets.

Does this sound familiar? “Yes, we will likely hit a billion in the first year!”

The dream is bigger; reality can be harsh.

As a consultant, I must nudge them to get out of their way.

They set the bar too high with the process, their teams, and the anticipated revenue in the first year.

Stretch goals are needed.

Rightsizing the business is crucial for success.

No company wants to scale too fast – even though it’s tempting – otherwise, they can expect swift and serious challenges.

Nice and steady may win the race. Unless you are well-funded, have a coherent plan, have done an LMR, and are seated at a few hospitals…

But what happens – if no one knows you and your brand has not been appropriately introduced or well established in the targeted market?

OPERATE WITH INTEGRITY AND ETHICS

The dishonest CEO is focused on achieving big wins fast.

However, the forward-thinking, resilient CEO is always honest with their team, the board, and key stakeholders.

They need to be quite honest about the time and money it will take for the product launch or project – these CEOS win in the short term and the long term, especially in making wise decisions.

Transparency is key. Because even half-truths – can sting – and can cause problems down the road.

The best CEOs know the medical product launch process won’t be easy. And yes, no one wants to hear this – BUT it will take enough time.

So, they are patient.

They take pride in embracing and confidently addressing the challenges, the setbacks, the thought-provoking questions, and the tough conversations.

They learn to adapt – to pivot for setbacks and embrace hard work – bravely steering their ship in the right direction.

From years of hard-won executive and consulting experience, I have seen early-stage startups, even multiple-stage CEOs or VP, Sales who talk about turnover in the first few years.

The main reason? They set expectations that no one could achieve.

Bad hires could be the case, too, of course. However, often, CEOs have unrealistic expectations of what that certain technology would do early on. The technology may not have been ripe enough to accommodate the market shifts and rapidly changing customer needs.

If the successful CEOs are honest, they will tell you about their numerous inaccurate forecasts when scaling and all the tough conversations they had to engage in.

MATURITY: BALANCING REALISM AND VISION

Full maturity is one trait I have seen in CEOs to survive a hit or tough times with product launches. A CEO who confidently handles challenges – can lead sales and marketing teams –and has access to the right data to present to the board.

Executives and their sales teams need a lot of push and pull and trust.

Guess what?

There are an astounding number of product launches that fail to hit their targets.

Like, 50 percent.

Sure, there are different CEOs out there.

Some don’t take all this seriously enough and expect their team to achieve great results, but they are not mature or resilient enough to lead that team.

A successful CEO carefully balances realism and vision.

When challenging decisions need to be made, they know whether to downsize or cut spending or how to balance profit, planet, and people.

They know that people are imperative to their organization, but so are profits and the planet – sustainability. Remember, the triple bottom line applies in healthcare as well.

CEOs need to balance different hats all the time. For example, from raising capital to understanding the commercial market dynamics to interfacing with other departments – from regulatory to engineering – and how it all works throughout the organization.

…Like a finely oiled machine, each role’s functions work harmoniously, because the CEO can lead in a way that empowers, inspires, creates, and sustains success.

I have always been the glass-half-full guy who is both optimistic and realistic. I understand the data, spend ample field time with the customers and the entire organization, so I know the market trends and developments to move the organization forward.

I’ve learned that just because one buys expensive market reports that may generate fairly accurate forecasts does not always manifest. It’s about balancing theory versus practice, and sharing your insights with the key stakeholders.

The best CEOs watch for “misforecasts.” They are not afraid of demanding communications, and they address the gaps, realistically.

HARNESS THE POWER OF DUE DILIGENCE

Today’s CEO engages actively in due diligence throughout every launch stage.

They do not lend themselves to believing misconceptions – like sales are easy, launching a new product is no big deal, and technology is fantastic.

CEOs often believe is that if it looks good on paper and the pricing is reasonable, the medical device should fly off the shelf.

False!

First, CEOs know the answer to these crucial questions:

  • What sales cycle you are in?
  • What contracts have been signed?
  • What about the F-question – funding? Have you raised capital?
  • How connected are you to certain key organizations?
    Have you thought about stakeholder involvements?

Indeed, the CEOs needs to ponder a lot of details to plan, lead, and execute.

The reality: many fail to review the details, thinking they will take care of themselves.

Myth.

CEOs know how to look at and balance the big and small picture when setting and implementing a plan.

STRATEGIC CEOS: PREPARED FOR ANYTHING

The best CEOs are strategic – they are prepared for anything that comes their way.

They are resilient, strategic, and exercise emotional intelligence when building and leading the team.

Finally, they never push their insecurities onto their team. Otherwise, this toxic energy can infuse the entire team and organization.

Rather, you must exude energy that is positively motivating, empowering, and realistic.

They know how to stay calm under pressure. Emotional intelligence is a finely learned skill – like a muscle. It takes practice.

Resilient executives serve as role models in healthcare. Healthcare leaders with high EI create an environment where teams feel valued and respected, which fuels improved productivity and better patient care outcomes.

We all need empowering role models in healthcare.

What sets them apart?

These role model leaders exercise mindfulness.

They know how to communicate and when to communicate.

They create and harness a distinct vision and a concrete plan to launch that innovative product – so it can enhance the quality of people’s lives.

You’ve got this.
Stay in action (the right ones),
-Steve Sapot