With the recession on everyone’s mind, it is reassuring to be associated with the relatively stable medical device industry. Merger and acquisition (M&A) activity continued to be strong in all segments of the medical device industry over the past year, despite the generally difficult economic environment.

Respondents to MD&DI’s annual salary survey seem content to stay where they are. An astounding majority (84%) of respondents indicated that they feel their job is more secure now or about the same compared with 12 months ago. The majority of respondents in each job function are not even considering a job search.

It's important to note that device companies are being cautious. The downturn in the economy is affecting the device industry’s hiring decisions, and companies are filling only positions that are absolutely necessary. But companies in certain sectors—and thus the jobs at those companies—are poised to weather the recession. According to experts, the job market is extremely strong for companies catering to the aging population, such as those companies that design and manufacture products for spinal and orthopedic needs.

Roger Brooks, president of Leading Edge Medical Search (Boulder, CO), notes that companies are watching their competition and are following the pack to remain competitive. The only departure from this mentality, he says, is in those companies with a strong or growing patient base. Baby boomers are positively affecting the bottom line of these companies and, as a result, hiring remains strong to support that growing demand for their products.

The good news is that unlike many industries, the medical device industry has growth momentum. And, because so many medical procedures are truly essential rather than discretionary, the industry is perceived as being recession resistant—and that perception will be welcome in the coming months.

Sherrie Conroy
sherrie.conroy@cancom.com