The medical devices sector has experienced unprecedented changes over the past decade, and the pace of evolution seems to be accelerating. Fierce competition between manufacturers, increasingly stringent regulations, and introduction of new technologies are creating new opportunities, complexities, and challenges for medical devices manufacturer. As a result, businesses operating in the medical devices sector are seeking new ways to produce technologically advanced products with lower price points in order to stay ahead of their competitors.
Faced with immense challenges, medical device manufacturers are banking on growth through technology adoption. Introduction of wireless technologies and sensor-based wireless devices has ushered the sector into a revolutionary era of mobile medical devices. While these devices offer unparalleled opportunities to reduce costs and improve patients’ quality of life, they offer unique security and technical risks. With security threats getting more destructive with each passing day, medical devices manufacturers must seek ways to keep hackers from intercepting, modifying, or extracting patient data.
In recent years, the number of medical devices recalls has increased significantly, affecting some of the high-profile manufacturers as well. This is the result of an increasingly regulated environment that focuses on ensuring transparency, quality compliance, and cost efficiency. It is no longer sufficient for medical devices manufacturers to simply obtain an approval from the FDA in order to bring their product to the market. Instead, they have to deal with local regulatory laws as well. This pressure to ensure compliance has significantly increased cost, constrained innovation, and prolonged the time required to market a product.
With an increasing number of people demanding access to better, more cost-effective care, healthcare providers and payers are evaluating medical devices on the basis of their cost, value, safety, and procedural efficiency. While physicians’ preferences still matter, medical devices manufacturers can no longer solely rely on it to sell their equipment. In addition, shrinking profit margins have reconditioned the purchasing behaviors of healthcare organizations. Instead of paying for equipment upfront, they are now looking for manufacturers that can offer them flexible leasing programs.
At Allen Austin, we understand the diverse range of challenges faced by the medical devices sector. Utilizing our deep industry expertise and exposure, we devise specialized talent and leadership solutions that ensure your people are prepared to drive your company’s success today and tomorrow. Our consultants leverage their extensive professional network and industry insight to deliver results-oriented solutions that ensure measurable results.
Being a leading retained executive search firm, Allen Austin is uniquely positioned to fulfill the leadership needs of medical devices manufacturers. Our focus is to help you identify the most competent individuals who will become your visionary leaders and who have the unique ability to anticipate and manage all the risks and challenges of the future.