Sr. Product Manager

Date:  Jun 26, 2024
Req ID:  2511

Somerset, NJ, US, 08873

Company:  Terumo Medical Corporation
Department:  Cardiology

Terumo Medical Corporation (TMC) develops, manufactures, and markets a complete, solutions-based portfolio of high-quality medical devices used in a broad range of applications for numerous areas of the healthcare industry. TMC places a premium on providing customers with world-class products, training and education programs that drive clear economic value, better clinical outcomes and improved quality of life for patients. TMC is part of Tokyo-based Terumo Corporation; one of the world’s leading medical device manufacturers with $5+ billion in sales, 20,000+ employees worldwide and operations in more than 160 nations. Terumo Medical Corporation is comprised of two strategic business divisions: Terumo Interventional Systems and Terumo Medical Products.

Job Summary

The Sr. Product Manager will be responsible for all traditional marketing deliverables such as business plans, pricing, product positioning, promotional strategies, life cycle plans and advising on product improvements and new product needs for an assigned product portfolio and/or therapeutic area(s) for Terumo Interventional Systems (TIS). This includes developing, implementing, and executing effective marketing strategies and tactics to ensure that products in the assigned portfolio achieve revenue and operating profit targets. 

Foundational requirements of the Sr. Product Manager include the ability to build successful partnerships with sales teams, build clinical acumen by working with the field clinical team on education and marketing programs, develop relationships with key opinion leaders and modify strategies and tactics to reflect voice of customer and emerging market 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. 

Role will require downstream management of an existing portfolio and a focus on upstream activities and new product development.  Traditional downstream activities include product launches, sales training & education, developing go to market strategies and generally building and executing product commercialization plans.  The position is also responsible for identifying winning strategies and products and is responsible for partnering with R&D and New Business Development (NBD) on projects that fit strategically within the assigned portfolio. In some instances, this will require indirect leadership of stakeholders across various divisions of Terumo and with various functional responsibilities.  It is expected the Sr. Product Manager will have the experience to lead the team towards a common vision and deliverable of commercialization.

This position may supervise one or more marketing professionals.

Job Details/Responsibilities

  • Position TIS as the preferred product supplier by remaining abreast of market, identifying competition, understanding, and analyzing the environment to serve as an information resource for customers and all functional areas. 
  • Develop comprehensive marketing plans and product forecasts based on customer information and market analysis. 
  • Analyze and report on product usage trends, sales and competitive information, revise and coordinate with manufacturing necessary production forecasts for the US market to ensure adequate inventory of products.
  • 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.
  • Partner with Sales Leadership and Field Clinical Services to establish new sales channel and ensure appropriate case volumes to meet business case.
  • Identify and propose new projects/business case or pursue product line extensions, labeling revisions, clinical studies, and any other activities to enhance the performance or value of the product line and maximize earnings.
  • Prioritize and sequence new product development pipeline in conjunction with Marketing Management and define/optimize process for collection of marketing inputs to support the new product development process.  
  • Support sales education and 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.
  • Maintain active contact with key physicians regarding clinical research as it relates to current and future product requirements.
  • Responsible for 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.
  • Construct Marketing Specifications Documents (MSDs) to support new product development and serve as the primary contact for product development engineers and R&D leadership team. This includes hosting of monthly/quarterly project updates and creating/leading marketing advisory teams, 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. 
  • 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. 
  • Primary responsibility for Market Evaluation activities in conjunction with the Field Clinical 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.
  • Partner with Medical Affairs team including CMO, to identify Centers of Excellence and KOL partnership opportunities across the US, strategically identify sites based on market dynamics and other considerations; build stakeholder relationships.

Job Responsibilities (continued)

  • May foster experiential marketing campaigns targeted beyond Interventional Physicians to plan and execute marketing programs for other key stakeholders as the business moves into other revenue generating markets / product segments requiring:
    • Management of third-party engagements for determining strategic pricing models.
    • Collaboration across various divisions of Terumo to bring together a product project management plan that may entail a large piece of capital equipment, complex/high priced disposable, as well as to develop and sell warranty and service programs not already existing. 
    • Strategy to service and how to source and implement a viable Field Team of engineers for initial installation and maintenance of products.
  • Demonstrate a commitment to patient safety and product quality by maintaining compliance with all TMC Quality Systems requirements. This includes but is not limited to the prompt recognition and forwarding of customer complaints (i.e. adverse events, product performance reports, etc.) to Quality Assurance (QA), and by ensuring all promotional messaging (i.e. branding strategies, product claims, etc.) and materials (i.e. literature) discussed or presented to customers are clinically accurate and adhere to AdvaMed guidelines and Terumo’s policy on Interactions with Healthcare Professionals.  Maintain strong knowledge of and adherence to regulations regarding promotional material content and control. Follow procedures for good clinical practices and Design Control when participating in new product development and clinical activities. Fully adhere to all applicable FDA regulations, international guidelines, and Terumo’s policies at all times. Establish and promote a work environment amongst co-workers and direct reports that supports compliance with the TMC Quality System and Terumo’s policies.
  • Perform other job-related duties as assigned.

Working Conditions/Physical Requirements

  • This position exists in an office environment. Approximately 30% overnight travel is required including occasional weekend travel. 
  • 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. 
  • 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.

Knowledge, Skills and Abilities (KSA)

  • Requires a high level of analytical skills (including ability to create accurate forecasts), 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 venous systems. 
  • 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 iPad 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. 
  • Must exhibit strong teamwork and be adapt at working cross-functionally. 
  • Must possess the leadership acumen necessary to lead across various divisions of a complex, global organization.

Qualifications/ Background Experiences

  • Requires a Bachelor’s degree, preferably in marketing, business, biological/clinical science, or engineering. An MBA is preferred.
  • Requires a minimum of 8 years overall business experience in Product or marketing management in the medical device industry including experience in downstream and upstream marketing/new product development; cardio and vascular preferred.  
  • Demonstrated track record of managing products including meeting revenue and profit objectives. 
  • Must have proven experience developing business cases, defining marketing specifications for new product development, and working with product development teams through commercialization.
  • Prior product commercialization/launch experience in the medical device space is preferred.

It is Terumo’s policy to provide equal employment opportunity to all its employees and applicants for employment regardless of their race, creed, color, national origin, age, ancestry, nationality, marital or domestic partnership or civil union status, sex, pregnancy, gender identity or expression, disability status, liability for military service, protected veteran status, sexual orientation, atypical cellular or blood trait, genetic information (including the refusal to submit to genetic testing), or any other category protected by law. As a Company, we value diversity of background and opinion, and prohibit discrimination or harassment on the basis of any legally protected class in the areas of hiring, recruitment, promotion, transfer, demotion, training, compensation, pay, fringe benefits, layoff, termination or any other terms and conditions of employment.

Nearest Major Market: New Jersey