Industry Stable Despite Floundering Economy
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.
February 9–12, 2009 | Anaheim Convention Center, Anaheim, CA
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Noting key developments and events, the snapshot depicts the current and projected performance of the device and diagnostic industry.
Mergers, Acquisitions Spur Growth (online extended version)
By Clyde Burkhardt and Stephen Tardio
Mergers and acquisitions continued to provide lucrative options for device firms looking to grow. The trend is expected to continue next year.
Device Job Market Cautious but Secure
By Sherrie Conroy
Qualified device professionals remain in demand, but the economy has many people staying put.
General and Corporate Management
Sales and Marketing
Product Design Engineering
Production and Manufacturing
Quality Assurance and Quality Control
Regulatory and Legal Affairs
Research and Development
Web Exclusive! Use MD&DI's Salary Approximation Worksheet to calculate your cross-tabulated salary based on this year's survey results. Then take a poll to tell us how your salary matches up.
FDA's Enforcers, Budgeteers Hit High and Low Notes in 2008
The agency kept itself busy with litigation, plans to move staff abroad, and efforts to pacify unhappy constituents.
Combination Products: The Podcast
Web Exclusive! Download an audio presentation of Combination Products: A Convergence of Technologies and Market Opportunities, MD&DI's panel discussion at the MD&M Minneapolis 2008 conference.
Special Report: Hot Topics at Cleveland Clinic
Web Exclusive! The editor-in-chief provides an inside look at the Cleveland Clinic Innovations Summit.
Industry's Top Performers
A snapshot of high-earning CEOs and award-winning innovations that made headlines in 2008.
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, 2008. The standard deadline for entries is December 15, 2008. The final deadline for entries (with payment of a late fee) is January 20, 2009.
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