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How the Boston Medical Device Industry Changed Over a Decade
A new year marks an opportunity to look back on what we’ve accomplished so that we can make reasonable plans for the future. The year 2020 offers the opportunity to do not only this, but also reflect on an entire decade of innovation and advancement.
The medical device industry in Boston looks very different today than it did in 2010. Looking back on what’s changed will help us to make projections and anticipate the needs of this sector going forward.
So, what trends should professionals in this industry pay attention to?
As with every branch of business, the evolution of technology has left its mark on the medical device industry. Whether it is in the production of these devices, or their basic functionality, tech has changed the very nature of the field.
President of MassMEDIC, Brian Johnson, said, “In terms of technological advances, I would put this past decade as one of the most important for medical technology. From connected devices and robotics, to advances in material sciences and biologics, the technological leaps our industry made over the past 10 years are astounding.”
Connectivity, digitization, personalization, AI, and more are becoming more prevalent in the medical device space. We are even able to 3D-print some biomaterials. While these processes are still in development, even discussing them would not have been realistic in 2010.
Technology has allowed businesses, developers, and scientists to connect on a global scale. This means that medical devices can be developed and sold across borders.
The World Bank reported that all but two regions worldwide have increased spending in healthcare over the last couple decades. In just the latter half of 2010-2020, global medical device sales increased over 6% year over year.
Researchers and developers in Boston and the greater New England area now have opportunities to reach the opposite ends of the earth with their advancements. Therefore, staffing decisions will have to take globalization into account. People with experience overseas, who can liaise with other global companies and know the needs of those populations, will be especially in-demand during this decade.
While medical device manufacturers and the FDA did not always see eye to eye at the beginning of the decade, that’s changed a lot over the last ten years. Ever since the FDA focused on human factors testing on medical devices, the two parties have had a more collaborative relationship. This will lead to faster, safer innovation in the years to come.
For example, the FDA is giving Boston-based company Intarcia Therapeutics a second chance to have their innovative, matchstick-sized diabetes pump approved. Their application was denied two years ago, but a second one was approved late last year. The treatment for Type 2 Diabetes will hopefully be approved by March 2020.
With all the innovation and advancement discussed above, manufacturers need more people to meet the demand for these new devices. However, there is currently a shortage of talent in this space.
Working in the New England job market, we’ve seen that this candidate-driven environment creates a conundrum for business owners. Because half of the manufacturing jobs here go unfilled, leadership is too busy making up for their workforce shortage to fill vacant positions.
Even though we have phenomenal schools in the area churning out talent each year, these excellent candidates are employed quickly, and therefore off the market before many potential employers can react.
Fortunately, this is where Michael Page can help. We have the local and industry expertise combined with wide networks to find talent that can fill the gaps for any medical device manufacturer in the greater Boston area. We also have the capacity to fill multiple jobs at once, saving our clients valuable time.
If you are interested in learning more about our services and finding the proper talent for your business, please reach out to the expert recruitment consultants at our Michael Page Boston office today.