Back to list

Watercooler conversations February 09, 2024

Post-Covid Developments and Essential Skills for Employees in the Medical Device Industry (2023-2024)

The medical device industry has been significantly impacted by the Covid-19 pandemic, leading to a shift in the work environment and the skills required by employees. This article will explore the recent developments in the industry across the US, EU, and Asia region, and the necessary skills that employees in this field need.

United States

In the US, the medical device industry has seen uneven growth in 20231The industry has faced challenges in performing consistently across geographies1However, growth in medtech has accelerated since the Covid-19 pandemic, bringing with it higher expectations for medtech companies1The industry is expected to stabilize at a higher level than the pre-pandemic average1.

The industry has also seen a trend of layoffs, with companies like Zimmer Biomet, Illumina, and Globus Medical announcing plans to cut jobs2This has led to a need for attracting, nurturing, and retaining highly-skilled workers2.

European Union

In the EU, similar trends have been observed. The industry has also seen a trend of layoffs3However, the industry is also seeing growth, with companies refocusing on their core capabilities1.

Asia Region

In the Asia region, the industry has also seen uneven growth in 20231The industry has faced challenges in performing consistently across geographies1However, growth in medtech has accelerated since the Covid-19 pandemic, bringing with it higher expectations for medtech companies1.

Necessary Skills

In this changing landscape, certain skills have become paramount for employees in the medical device industry. Analytical thinking has been deemed as a core skill by more companies than any other skill4As the industry moves towards digital healthcare and connected devices, employees need to be adept at using these technologies1.

Moreover, as companies are developing virtual selling strategies for differentiated go-to-market models, employees need to be skilled in these areas5The shift to alternative sites of care will require medtech companies to respond with new and innovative products5, necessitating employees to be innovative and adaptable.

In conclusion, the medical device industry has seen significant changes in the post-Covid era, impacting the work environment and the skills required by employees. As the industry continues to evolve, employees will need to adapt and acquire new skills to thrive in this dynamic industry.

References:

https://www.mckinsey.com/industries/life-sciences/our-insights/what-to-expect-from-medtech-in-2024

https://www.mddionline.com/manufacturing/how-to-attract-skilled-medical-device-manufacturing-workers-in-2023

https://www.medtechdive.com/news/medtech-layoffs-continue/707294/

https://www.weforum.org/agenda/2023/05/future-of-jobs-2023-skills/

5. https://www.bain.com/insights/medtech-the-post-covid-19-growth-strategy/

https://www.mckinsey.com/industries/life-sciences/our-insights/medtech-pulse-thriving-in-the-next-decade

https://mcdmag.com/2024/02/rethinking-healthcare-design-to-address-post-pandemic-workforce-shortage/

https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19

https://www.nsmedicaldevices.com/analysis/covid-19-medical-device-markets-impact/

10 https://www.medtechdive.com/news/5-ways-covid-19-is-reshaping-the-medtech-industry/585375/

Most read

February 16, 2024

An executive summary of the regulatory requirements for in-vitro diagnostic medical devices, wellness and fitness products, and aesthetic products in North America, EU, and Asia including India:

February 02, 2024

Challenges in the Medical Device Industry in 2024: A Global Perspective

January 25, 2024

Voice - Regulatory Experts On ISO 10993-1 by Helin Raagel and Audrey Turley

January 22, 2024

Opinion - An Integrated System for Cybersecurity, Design Controls and Risk Management throughout the PLC by Fubin Wu

January 26, 2024

A Picture is Worth a Thousand Words - Food For Thought Mehrtash Soltani, PhD

February 09, 2024

Post-Covid Developments and Essential Skills for Employees in the Medical Device Industry (2023-2024)

January 24, 2024

Regulatory Affairs 1o1 by Ethan Drower

January 22, 2024

Remark - FDA's Adoption of ISO 13485 by Gregory Jacobson

January 21, 2024

Call - Results Concerning EU IVDR Dutch Ministry of Health, Welfare and Sport

January 22, 2024

Summary - A Rundown of MedTech Expert Panel Discussions, including MDR Article 61 (10) by Sean Smith

September 14, 2022

We help you find YOUR best solution

Watercooler
conversations