Crossing into the MedTech Industry: Six Reasons Why Now is the Time

I had a call this week with an engineer who decided not to pursue our client's opportunity after initial exploration. He was considering moving to the medical device industry from a consumer robotics company. His decision centered on what he called "challenge". He wants to be creative, and the documentation associated with a regulated industry turned him away. In his words, "I don't want to be bogged down with the paperwork". Under further scrutiny, there were more moving parts going into his decision, but in the big picture, this industry is not for everyone.

Less than a decade ago, the medical device industry was generally reluctant to hire engineers without prior medical device experience. Clients offered reasons along the lines of “understanding the FDA”, as well as the ability for new hires to adapt to “the pace”.  Documentation associated with bringing a medical device to market is daunting, and far different than the life cycle. These nuances led to experienced individuals moving from medical device companies to other medical device companies, resulting in engineering in an echo chamber.

Yes, product commercialization cycle can be longer, however the payoff of making the transition can be significant. There has never been a better time to crossover from other industries into medical devices. The diversity of thought brought by best practices from other areas is evolving the game. This is translating into better outcomes for patients worldwide. Bringing the user interface expertise from companies like Epic Games, or robotics expertise from Amazon, can be of high value to medical applications. Innovation in healthcare is accelerating based on a layer of digital capabilities, sophisticated algorithms, data analytics, cloud computing, and robotics. From remote patient care to navigation and tracking, our future is largely driven on successful implementation of tools found historically in other industries. 

If you are considering opportunities, here are a few reasons medical device companies should be top of your list:

1. The quest for living long, healthy lives is ongoing. The Medtech industry tends to be the most resilient over time, including during economic downturn.
2. The pace of the regulatory process may be longer than consumer goods or gaming, but it is much shorter than pharmaceuticals. Seeing the results of your work and impacting patients can happen in a few years, which pales in comparison to the decade plus associated with regulating drugs.
3. The patient is coming to the physician with more information than ever before regarding their health. Consumers are driving their own research and finding solutions. The innovation in medical devices embraces consumer advocacy, allowing marketing professionals opportunities with dual direct to consumer and direct to physician solutions.
4. The experience you gain over 3-5 years in the medical device industry can be leveraged into other future opportunities. Demonstrating the patience and aptitude to navigate the clinical and regulatory path successfully will be testimonial to your abilities, regardless of industry.
5. As our team at TMG has discussed frequently, all of us have been directly or indirectly impacted by innovation in medical devices. Seeing something we have played a part in bringing to market is incredibly rewarding.
6. The FDA regulates a wide range of foods, drugs, biologics, and devices. The greatest stories are yet to be told from medical device companies. Pharmaceuticals and food have historically gained the most attention. Be part of the story.

I will not look to change the mind of someone who resists a regulatory process and the documentation associated with MedTech. As we assess our career over our lifetime, it is important to weigh the tradeoffs in each experience and ensure it resonates with your goals. For our team at TMG, the quest for better healthcare options, more robust patient access, and seeing the true impact of your work benefiting people everywhere, is extremely rewarding.  For career development, working in the medical device industry is a skillset you can build on, even if you transition to another industry in the future. There has never been a better time to do it.