Wanted: Change-Makers to drive the Post-Covid MedTech Revolution

From vaccines needles to remote healthcare devices, MedTech found itself at the heart of both the immediate and the longer-term response to this pandemic. It is an industry that, as EY puts it, is ‘at a crossroads between crisis and opportunity, and between the past and whatever future we create as we emerge from the COVID-19 pandemic’.

Of course, the pace of that emergence is very unpredictable, but whatever shape the future takes, MedTech leaders will be required to be change makers at a level like never before.

The power of digital

There is little doubt where a great deal of MedTech’s future lies: digitization. Already the huge opportunity of harnessing the potential of big data, AI, mobile applications, 3D printing, robotics, advanced sensors and other developing tech has begun.

The potential to improve patient care, have better go-to-market capabilities and improved internal processes is clear.

However, taking data alone, this potential is a huge challenge for an existing, often conservative, industry ethos. For too many, data is something to be protected and ‘owned’ rather than an asset to be shared to create value.

Difficult regulatory environment

A conservative culture is not the only challenge for MedTech leaders to overcome.

The Medical Device Regulation (MDR) changes will shortly represent a completely revised regulatory system for medical devices - from implants to reusable surgical instruments or, very significantly, software.

This means new certification of hundreds of thousands of existing higher class medical devices, but also a new designation of the so-called Notified Bodies throughout the EU.

At the same time, the quality management system of the respective manufacturer must be certified.

Despite a transition period until 2025, the numbers are enormous. There are more than 500,000 medical devices to assess, 50,000 product certificates to be reissued, as well as 10,000 quality management certificates. Delays cannot be ruled out.

There are also challenges for the industry on other matters: how to achieve better outcomes for patients at lower costs, drive more innovation, create more value products, ensure the effective consumerization of tech to bring patients into the care process, and, as ever, how to drive efficiencies and reduce costs.

Talent battle requires fresh perspectives

In a constantly -transforming world, talent is key to success. Existing companies will be fighting on two fronts to attract the best talent into the industry.

How do you attract talent that might prefer to go to other perhaps more forward-thinking tech firms, whilst competing with new entrants with a pure, and to many, more attractive, start-up culture?

When it comes to finding the talent to meet these challenges, too many MedTech companies still recruit mainly within their own sector or even sub-sector (e.g. equipment, devices, instruments, consumables), unless they are hiring for functions such as HR, Finance or IT. That mindset must change.

As market needs continue to evolve, hiring outside the box, thinking beyond your niche, so to speak, will pay dividends. “Recruiting leaders from consumer will help to address the opportunities arising from increasing healthcare consumerization”, states Veronika Ulbort, Partner and Head of Life Sciences. ”And if for example, your next CMO comes from a FMCG company that could well lead to a stronger customer perspective and drive strategic brand management”. Or, hiring supply chain leaders from the automotive world might inject expert skills and new insights in making medical device supply chains more resilient.

Looking beyond the obvious will inject fresh perspectives and new ideas, creating more diverse leadership teams. This could be a valuable new road to follow, with real benefits.

New skills required

In an increasingly disrupted environment, greater collaboration — with competitors, tech firms and customers - requires new thinking and new skills.

A key skill for driving these partnerships will be managing complex relationships and communicating effectively with many different stakeholders, finding the value add between each one of them.

As MedTech firms go beyond the product to providing services and integrated solutions to help improve patient outcomes and reduce total costs of care, negotiation and contracting competencies are needed, e.g. when dealing with authorities and C-level administrative decision-makers of hospitals rather than individual physicians.

Marketing, too, is gaining a more important role in the selling process: selling arguments need to be made around value and clinical outcomes and health economic data analysis.

Finally, economic value needs to be built into new products at the earliest part of the product development stage, so leaders will have to have a strong commercial sense.

This all emphasizes the massive ongoing change within the sector starting from how products are developed, all the way through to tailoring different messages to more diverse audiences.

Making change happen

To successfully lead in this new evolving environment will require true agents of change.

We defined the characteristic of this breed of leadership in our 2020 Global Leadership Confidence Index research. We identified the 15% of those who inspired others with their ability to manage disruption successfully. In a disrupted environment, they lean towards change, they do not shy away from it.

It is their mindset, not skillset, that defines successful leaders, and often they have shown that tendency in their track record to date.

Seeing and seizing opportunities

Confident leaders have the mindset and vision to seize opportunities. In fact, we have observed that many are doing right now, even in the current difficult circumstances.

For these leaders, it is natural to drive a steady pace of constant evolution, even in a world that is far from steady.

“They are often game changers, value creators, entrepreneurs, and risk takers. Even in a crisis, they take decisions quickly, but thoughtfully”, states Silvia Eggenweiler, Partner Global Life Sciences. “They identify and seize on innovative, resourceful solutions to immediate and critical issues. They display character traits such as humility, emotional intelligence, self-awareness, compassion and empathy.”

What effect do these leaders have on their teams?  It is a magnetic effect, charismatic and motivational, for their colleagues, collaborators and customers.

The future is challenging for MedTech, but the opportunity is vast. For the right leaders, real change-makers, it is a very attractive prospect. To discuss your MedTech career, or talent requirements, please do not hesitate to get in touch. We are keen to hear from you.