Despite M&A Frenzy, Industry Employment Outlook Is Strong
There have been a ton of mergers and acquisitions in the medical device industry this year, and the occasional round of layoffs. We at MD&DI figured that might translate to a more negative outlook on salary and employment for medical device professionals than in the recent past. But according to the results of our salary survey and our interviews with personnel experts, which you can find in our December issue, that’s not really been the case.
A whopping 41% of respondents said that their firm has been involved in a merger or acquisition in the past 12 months. Yet only 7% of survey respondents said they are actively looking for a new job, and only 25% said they considering looking. That means that about two-thirds of respondents have no interest in seeking out a new position. (Readex Research polled 399 medical device and in vitro diagnostics professionals for MD&DI in the summer and fall of 2007.)
And qualified professionals who are being forced out are being snapped up quickly. This is especially true for disciplines such as clinical affairs, regulatory affairs, and product development. It may not be as true for sectors such as sales and marketing and manufacturing.
“Regulatory, clinical, and reimbursement people are most in demand this year,” says Joseph Mullings, president and CEO of the Mullings Group (Delray Beach, FL). “They are being offered more money and better relocation packages. A lot of these guys are game-changers. If you have bad clinicals or bad regulatory strategy, that can ruin an organization.”
If you’re reading this, consider yourself fortunate. The medical device industry is less prone to economic downturns than most other industries, because people get sick regardless of the economy. And there aren’t a whole lot of people who have the skills and background to perform these jobs. Congratulations on your excellent career choice!
Mergers and acquisitions in the device industry over the course of 2007 may provide clues to the future of the industry.
Salary Survey Qualified Candidates Hold the Power
Although mergers, acquisitions, and layoffs have shaken up the industry, demand for qualified device professionals remains strong.
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Device Talk A study in the New Enlgand Journal of Medicine says that radiation from computed tomography scans may be responsible for as many as 2% of cancers, but the Medical Imaging and Technology Alliance says the benefits of CT scanning far outweigh the cancer-related risks.
The Medical Design Excellence Awards (MDEA) program has begun accepting entries for its 2008 competition. To be eligible for the 2008 competition, products must be commercially available—able to be ordered or purchased—by December 31, 2007. The standard deadline for entries is December 17, 2007. The final deadline for entries (with payment of a late fee) is January 18, 2008.
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