Vince Marchetti has extensive commercial expertise in driving business growth in the medical industry. Vince is a graduate of the University of Central Missouri with a B.S. in Business Administration and is currently located in Coronado, California. Previously, Vince worked for Kinetic Concepts Incorporated (KCI) as Regional Vice President of the active healing solutions division.
With 21 years of medical device experience, including 13 years of outstanding results in the Vascular and Cardiovascular divisions of medical leaders Boston Scientific and Medtronic. He helped establish two new minimally invasive cardiovascular device markets and successfully saw them through to liquidity events. These included Lumend (acquired by Johnson & Johnson) and Novoste (acquired by Best Medical).
Other career accomplishments include being an established leader with a track record of building strong sales teams with effective sales processes and methods executed with the highest level of quality, speed, and efficiency—extensive experience at large established medical device companies and privately funded ‘first to market’ companies. Proven best practices were recruiting, developing people, managing, market development, selling in a highly competitive environment, and change management.
How did you get started in your industry?
There was an upstart medical device company called Medi-Tech that recruited salespeople from outside of the medical industry. Their primary focus at the time was recruiting salespeople from the consumer products industry, which is where I had previously been working. At that time, the consumer products industry provided great training and experience in selling. Medi-Tech was growing rapidly and needed a large pool of candidates to pull from. Medi-Tech eventually became Boston Scientific and is now one of the largest medical device companies in the world. There were three sales reps from that era that eventually became division presidents at Boston Scientific, dozens more became CEOs and founders of small and large companies in the medical industry, and one of those sales reps is actually the current governor of a western state.
I am proud to have also been one of those sales reps for Boston Scientific and thankful for the opportunity to work into the medical device field. My experience at Boston Scientific prepared me for the other medical device sales jobs that I had and ultimately starting my own life sciences company in 2013.
What do you do in your spare time? What problem are you currently grappling with?
I spend the majority of my spare time focused on my family, doing outdoor activities such as hiking with my dog, Knox, who is a Vizsla, and biking.
Outside of the pandemic that everyone is dealing with, when the healthcare industry goes through major iterations, many distractions form opportunities for the next disruptive technology. It is very important to distinguish the next opportunity from the next shiny object in the street. Good business development is critical to keeping on the correct path avoiding short term opportunities.
My company is currently involved or doing due diligence in dental patient financing, dental insurance replacement, and telehealth.
I believe telehealth will continue to explode because it is efficient for the provider, the patient, and saves the system money. The practitioners, the patients, and the insurance company all benefit from telehealth.
Telemedicine has not taken off previously before because people do like the personal interaction with their provider. The pandemic has caused both the provider and patient concerns about going into an office particularly for wellness visits or prescription needs. Telehealth filled that need. Providers and patients who have used telehealth now realize how much more efficient it is.
You can have a physician visit at your kitchen table in 10 minutes versus spending 90 minutes just driving, parking, waiting, and seeing your provider in person. The medical providers’ offices are equally more efficient with this model freeing up both staff and office space for other patients. The insurance company is also pushing many patient-provider interactions towards telehealth.
A specific example is our insurance company has a $100 copay to see a specialist, but a telehealth visit from the same physician is zero dollars out of pocket.
What is the toughest decision you’ve had to make in the last few months?
I have had to close one of my companies as we recalibrate to the changing times in the medical industry.
What is your most satisfying moment?
My most satisfying moments are creating memories with my family and meeting new people and developing new friendships.
What business books, articles, journals, people have inspired you?
Early on, sales training mentors helped me the most. Both Zig Ziglar and Brian Tracy were people I drew the most inspiration from, through presentations and books specifically. These days it’s all about TED talks, Dov Baron, Elon Musk, and Michael Hyatt, among others.
What did you learn from your biggest failure?
You cannot possibly do enough due diligence on anything, and it is important to always hire people more talented than yourself who are honest and trustworthy.
What are some red flags to watch out for in daily life?
Avoid talking about politics with anyone in line at the grocery store or in a business environment. If I were in that situation, I would stay focused on whatever the business task is at hand.
What advice can you share with others?
Networking and the ongoing cultivation of relationships is the most critical component to success in a sales career. It’s crucial to stay disciplined in this practice. It easy to develop a few professional relationships, but sometimes you move on to a new company and 10 years pass without any contact. Many times, you will benefit from these relationships down the road. It is so disingenuous to have someone call you years since you last talked to them, asking you for a favor. If a former co-worker who has maintained contact with me reaches out needed a recommendation, an introduction, assistance with a project, or a career opportunity, I will do anything to help them.
It is not complicated to maintain contact with your network. LinkedIn can sync with your iCal. I have all my contacts birthday set up with a two-week notice in order to send a card, make a phone call, or simply send a text.
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