Digital is the new normal and the relationship with the end-user or patient continues to evolve with some users becoming prescribers themselves. End-users are sometimes even more informed and aware of new products and solutions than professionals. This means the dynamic has shifted.
Research and Development is important to MedTech and innovations happen quickly. Right now, globally, R&D investment is approximately running at 8% of sales. This is pertinent as products have quite a short shelf life. As a consequence, iterations are happening every 18 months to two years, so turnaround is swift. Patent applications are also happening at pace. In fact, 7.7% of patent applications emerge from medical technology, so it is an extraordinarily exciting field in which to place candidates. Everything is changing and those working in this field have learned to embrace both risk and change.
Therefore, it is essential to understand current trends, economic forecasts, and never assume anything. None of us can predict the future but we can certainly be prepared for what might happen next. Making thoughtful choices about people and technology while understanding what is happening around will help your business remain positive while being in a state of high alert. Our role is to help you discover enduring candidates who can adapt to any environment and the fast-paced changes that happen in the industry. Call us now and see how we might help you find the right people to develop your business further.