How Does Executive Search Address This?
At the executive level of many medical technology organizations, investors, boards and the C-Suite are looking at fresh ways to reinvent the category and redefine how traditional medical device companies differentiate themselves.
Some companies are looking to incorporate information technology to track quality of care, offering more comprehensive in-servicing for care givers to assure successful outcomes that will add value by using the new technology to make “smart medical devices”. Some of these medtech firms are utilizing sensors, RFID tags and other systems to quality of care.
Recruiting the correct leadership that can bring your company new ideas and a fresh perspective can accelerate a necessary change.
By targeting the recruitment of specific skills that fill a gap or reinvent the company’s business model, you can shorten the runway to making organizational changes take effect.
How is this done?
Many traditional medical device products have been commoditized as a consequence of multiple factors: weak product differentiation; mature markets; disruptive technologies undercutting price etc..
For example in the traditional medtech space, hospital systems look at the many of the existing products before them and see little differentiation except for price. Some of these companies need to reshape their offering to include technology services that can provide extended value in the form of information technology or data. This can provide additional differentiation and align with the industry’s value-based trend.
The skills to make such a business shift occur may not exist in your current leadership.
Consequently, searching the marketplace to find the skilled talent with the thought leadership and knowhow to bring new ideas into reality can be done economically and efficiently through executive recruitment consulting.
Reports from Board members and C-Level executives indicate that new product development costs for introducing medical devices to the market have become prohibitively expensive. This is due in part by protracted approval cycles with regulatory agencies. Recruiting competent leadership that can skillfully manage the regulatory team and medical product approval process has been shown to directly impact the cost of the introduction and determine whether the product gets into the market at all.
Clinical trials can cost medtech companies tens of thousands of dollars. This is especially true for complex Class III PMA submissions. Yet the effective use of clinical trials and the use of clinical data to amass persuasive proof can be the difference in establishing your product as the standard of care.
In these examples, the difference can be whether or not the skills exist in the organization to meet these challenges.