Medical Device 2017-10-06T15:33:41+00:00

Medical Device Executive Search Firm

can medical device executive search improve value-based care

Can you align your medical device company to a value based healthcare market?

Medtech companies that cannot adapt to the changing healthcare environment will struggle to remain competitive.

Why is this?

The way healthcare and ultimately medical devices are consumed has changed and will continue to change for the foreseeable future.

Continued consolidation of health systems, IDNs and GPOs influencing the adoption of certain medical technologies, independent physician practices becoming owned by health systems and the trend away from fee-for-service and toward value-based care, drive the current dynamic of the medical space.

These trends are having a huge impact on how medical technology companies design, develop, market and sell medical technology products. Aligning with these market forces will be essential to survival.

As a consequence of these industry dynamics, boards and C-Suite executives are seeking effective solutions.

do these scenarios sound familiar?

Do these scenarios sound familiar to you?

  • Your products have become rapidly commoditized–competing on price instead of value.
  • New product development cycles have become time consuming and prohibitively expensive.
  • Reimbursement levels are falling, crushing margins and rendering planning ineffective.
  • Clinical trials have become costly to sustain.
  • New disruptive competitors have cut into your market share.
  • The democratization of healthcare–empowering patients as decision makers–has upended your commercialization strategy.
  • Mergers of health systems have forced you out of key accounts due to continued hospital consolidation.
  • Your biggest competitors are merging, offering a buffet of medtech solutions–becoming larger and more formidable.

What can be done to address this?

is your career at risk?

Careers at Risk?

Boards investors and senior leadership are demanding change or risk being left in the dust by the competition. With shifting market forces, changing regulations and uncertain legislation, complacency is not an option.

Indeed careers are at risk and executive jobs have been lost by failing to resolve these issues.

CEOs have been pressured by stakeholders to rethink the basic thesis of their company’s business model. Some look to evolve beyond offering products to providing more comprehensive solutions that align with the new value-based healthcare environment.

The entire leadership at one medical device organization was fired by its board for gross underestimation of predicted reimbursement levels. The firm’s product and pricing model was built around certain assumptions that were not fully understood or researched.

Another senior executive was booted after many millions were invested to introduce a new product for the acute care space, ignoring the market’s requirement to demonstrate persuasive clinical proof. Deciding to save money by going to the market without the proper clinical data, proved fatal for this CEO’s career and fatal for the company.

executive recruitment bringing new ideas to the table

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.

executive recruitment as an economic solution

How Can Executive Recruitment Be An Economical Solution?

With the demand for bringing new, safe and effective medical device products to market in a timely way, senior management are concerned with hiring the talent necessary to establish and maintain a competitive edge. This is especially true where there is no suitable “bench strength” from which to draw executive talent.

The competition for effective leaders, managers, scientists and engineers with deep experience in therapeutic and/or diagnostic medical devices has steadily increased, even in the face of recent economic factors.

Having thought leaders and competent management has been the key ingredient to adapting to new market challenges.

Search has been shown to be an efficient route over the long haul as it speeds up the process considerably by bringing to your organization the expertise that can make an immediate impact.

As proof of the economics of executive search, there are multiple case studies that have shown conclusively that the investment in our services has resulted in successful product launches, market expansion, new capital investment, IPOs and successful mergers and acquisitions. In other words, the investment for search fees has been returned in multiples.

features of jp boyle & associates medical device executive search firm

JP Boyle & Associates Executive Search Consulting

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:

  • CEO
  • COO
  • CFO
  • CTO
  • Business Development Leadership
  • Quality Assurance / Regulatory Affairs Leadership
  • Clinical Leadership
  • Sales Management
  • Upstream/Downstream Marketing
  • Operational Excellence
  • Human Resource Management

Faster Service Offering You Greater Choices

When you engage JP Boyle & Associates to do executive recruitment for you we provide an end-to-end comprehensive service that delivers to you the results you seek.

Here are the some of the key advantages of engaging JP Boyle & Associates specifically:

the deep network of of jp boyle & associates medical device executive search firm

Deep Network

Having a deep network is important. Virtually every client who is considering a search firm uses this as a measuring rod. Having over 15,000 direct LinkedIn connections and tens of thousands of in-house resumes is a definite asset. Substantially more valuable however is how this information can be leveraged. With the right tools there are hidden candidates that are one, two and three degrees of separation away from this initial network who can be uncovered.

Though having a large network of contacts is essential, it is the skill of cultivating that network that gets the best yield of prospects.

This use of data mining and aggregation tools will uncover the widest and deepest talent universe. This gives you as a client confidence that all potential candidate possibilities are being explored.

Small Is the New Global

Located in Chicago, JP Boyle & Associates is an exclusive executive recruitment firm that is by design small and nimble with a global reach. Clients have been served on four continents: North America, Europe, Asia and the Middle East.

Our client load is carefully managed permitting fast results. Searches can be executed in a matter of weeks without sacrificing quality and thoroughness.

The Electronic Conference Room

One very effective technique that clients overwhelmingly appreciate is the use of the electronic conference room. On every search once a prospective candidate has made it through our initial screen, we set up a three-way conference cal–recruiter, client and candidate.

This is one of the most effective tools for rapid iteration of the search. The selection process becomes fine tuned by having everyone in the same “room” so there is consistency of screening and messaging. The immediate feedback permits any necessary correction of the screening criteria. After one to two interviews, priorities, preferences, likes and dislikes get established clearly. These small but important tweaks can speed up the process from a hit-or-miss affair to a laser focused process resulting in better quality candidates in shorter time.

extensive medical device industry knowledge of of jp boyle & associates executive search firm

Extensive Industry Knowledge

Knowledge of the medical device industry is important for several key reasons:

  • Discernment: effectively distinguishing who will make the cut in the screening process.
  • Credibility: having altitude when approaching highly sought after senior level talent.
  • Assessment: knowing precisely how to vet candidates against business, technical and cultural requirements.

This knowledge of the medtech market adds to the rapid results by being able to make judgments based on relevant skills and abilities of the candidate beyond what is presented on their resume.

Understanding Your Specific Challenge

Each client confronts business challenges that are specific to their situation. Key to the process of working with a client on a specific executive recruitment assignment is the need to fully and completely grasp their fundamental business concern. This may be an impediment that they need to overcome, an opportunity they seek to capitalize on or a goal that is critical to reach by a certain time.

However, a search to find a key executive is not the end goal. Rather the recruitment of targeted capability should lead to the resolution of your challenge, the attainment of your goal or the realization of a prime opportunity as the final deliverable.

Experience Recruiting Across All Functions

Each functional area has factors that define best practices in determining whether one is a skilled and effective performer or mediocre professional. Having done search assignments across all functional areas, we have developed a rich library of useful screening and assessment procedures that have proven to be highly effective and customizable to each client’s business situation.

This provides you with the assurance that the nuanced subtleties of the job requirements are met by selected job candidates.

Thorough Up-Front Understanding of Your Organizations Unique Culture

Every company has a unique culture–an organizational ethos. A prospective candidate’s skills and past performance may be essential when hiring but if the culture fit is wrong it could be a recipe for disaster.

At the beginning of every executive search process there is ample time devoted to doing the vitally important information gathering of the business objectives, specific position requirements and the key deliverables for the role.

Essential to this process is a thorough understanding of what defines your company’s culture and what defines a good or bad fit for your culture.

Candidates, who are culturally unqualified, do not make it to your desk saving you valuable time.

jp boyle & associates retained medical device executive search firm

Are we a fit?

Clients may have worked with executive recruiters before and have had mixed or disappointing results. There could be a variety of reasons why this has occurred. Almost inevitably the root cause traces back to the lack of a true partnership between the recruiter and the client.

To be successful, a partnership with both sides in alignment needs to be forged. This is the fundamental reason we ask for a retainer as a qualifying mechanism for new clients. Client’s who have “skin in the game” interestingly have the greatest success as they are invested in the process and fully committed to getting results.

You may have the concept that it is more economical “go it alone” and to do in-house executive search. If you’re like most, you’re going to your personal network and investing your time chasing a limited pool of potential candidates.

But what happens when that well runs dry, your network contacts aren’t interested, or those who are don’t fit your requirements?

Unless you have the infrastructure to wage a full-on search campaign using all the 21st century tools to leverage social media, industry/conference directories, deep-web data mining and other technologies, you risk wasting time–time better spent managing your business. Your in-house efforts may only scratch the surface of possible prospects–not producing the necessary quantity or quality of candidates.

contact jp boyle & associates medical device executive search firm

Moving Your Company to the Next Level

 As a medtech leader, board member or investor you can enhance your company’s value in the marketplace by partnering with JP Boyle & Associates. Doing so you will advance your organization’s objectives to help you reach your targets.

For an initial consultation, please call at: 1-847-320-1964 or email here  to explore how we can be an asset to your organization.

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