Is Your Medical Device Company Staying Competitive in the Post-Affordable-Care Market?
Healthcare provider consolidation, increased regulation, new foreign competition and increased government tax policy are but a few of the key challenges facing medical device companies.
Amid stark changes, what we can say with certainty is that subject matter experts and executives with essential skills remain in short supply for firms with urgent needs.
Opportunities and Challenges
With an aging population the demand for healthcare is stronger than ever and will continue to increase. Given these market drivers, the opportunities for growth in MedTech have never been greater.
Are You Ready for the New Ground Rules?
Firms offering products that demonstrate economic benefit for providers and patients are those who will prevail in today’s medical device market.
As shifts in reimbursement policy emphasize outcome-based care and patients wield greater decision making power, medical device leadership needs to be nimble to adapt to the dynamics of a rapidly evolving, new healthcare paradigm.
Reward will come to leadership teams that effectively navigate:
- Uncertainty and frustration with changing FDA regulations
- Threats from increased competition from companies abroad eager to unseat the U.S in their dominance in technology and innovation
- Growing legal challenges over product safety
Those medical device companies who fail to adapt are also likely to experience declining profit margins, due to downward pricing pressure from larger healthcare providers and GPOs that purchase in bulk.
As independent hospitals join larger systems, the customer pool for medical device companies will consolidate, permitting hospitals more leverage to demand more, such as improved levels of support, longer trial periods and lower prices for the products they consume.
The Need for Leadership
With the demand for bringing new, safe and effective medical device products to market in a timely way, boards and senior management are additionally concerned with hiring the talent necessary to maintain a competitive edge. This is especially true if little or no succession plan exists or if there is no suitable “bench strength” to draw executive management from.
The competition for effective leaders, managers, scientists and engineers with deep experience in therapeutic and/or diagnostic products has been steadily increasing, even in the face of recent economic factors.
Having thought leaders and competent management on your team will always be the key ingredient to adapting to new economic and market challenges, to move your organization forward.
Addressing Your Distinct Needs
JP Boyle & Associates is a medical device executive search firm serving startup, mid-cap and large cap MedTech companies that design, develop, manufacture and sell medical device products.
We research, screen, select and provide executives for you in the following functions:
- Business Development Leadership
- Quality Assurance / Regulatory Affairs Leadership
- Clinical Leadership
- Sales Management Leadership
As the originator of 21st century executive recruitment best practices, JP Boyle & Associates remains at the forefront of the executive search industry. Having developed state-of-the-art research, data mining and aggregation tools, we leverage the power of “big data” to maximize our client’s opportunities for success.
Of major importance in any hiring process is the ability to access the most sought-after executives. We have perfected for our clients the ability to reach into market niches with thoroughness, to access and engage potential talent in ways that could not have been done even 5 years ago. The extent to which JP Boyle & Associates leverages the power of the internet, social media, email and other web 2.0 technologies is unparalled in executive recruitment.
What is Your Message in the Marketplace?
This, however, is only the beginning. Honing and perfecting your unique message to gain attention and inspire genuine interest in your opportunity are crucial to any executive search. We work with you to develop your unique narrative, and to deliver your message so the people you want to reach will hear what you have to offer.
Selecting a recruitment firm that fits your organizational culture, that understands current market dynamics and that can provide rapid results is invaluable.
Moving Your Company to the Next Level
If your needs demand an executive search firm with deep skills and knowledge in the medical device market please contact us here or call JP Boyle & Associates by phone at: 847-221-2744 to explore how we can be an asset to your organization.