Life Sciences Market Update - Q2 2022

The sales process – post-Covid

The New Year saw a commercial reset post-Covid with several businesses launching new strategies centered on?investment in sales and service departments.?We’ve seen a big boom in surgical, diabetes, and imaging equipment sales roles for example.?A shift in medical device sales methodologies since the pandemic has influenced this increase in investment.?

A rise in the digital delivery of health services, such as virtual meetings with surgeons in hospitals rather than face-to-face interaction, has changed the process forever. Although face-to-face meetings have returned, initial meetings can be held virtually, freeing up Consultant time and creating efficiencies for salespeople, service teams, and manufacturers.

Recent studies have shown that?virtual engagement is preferred, driving higher levels of satisfaction. Companies that had a low digital presence pre-pandemic, or failed to adapt to a digital-first strategy are likely to suffer.

Regulatory update

During this quarter, the May 2022 IVDR certification applications closed. This landmark month produced a flurry of?new IVD guidance documents?and a serious debate over delays encountered in?the implementation of the Medical Device Regulation (MDR) and (In Vitro Diagnostic Regulation IVDR).

Changes include:

• The Medical Device Coordination Group (MDCG) updated guidance regarding how manufacturers must draw up a Summary of Safety and Clinical Performance (SSCP) for implantable devices and class III devices.
• European Commissioners issued updates to their implementation plans for the IVDR with new guidance on the Joint Implementation Plan.
• The technical documentation for the European Databank on Medical Devices (EUDAMED) that affects the Notified Bodies (NB) and Certificates module, as well as the Unique Device Identification/Devices module, has been updated by European regulators.

What is EU MDR??

According to IQVIA, “Prior to IVDR and its new concept of classifications, only 20% of IVDRs had to undergo an assessment of conformity by a notified body. Now as many as 80% will need a notified body assessment. However, there continues to be a shortage of notified bodies. Even if the notified body shortage begins to recede in the back half of 2022, clinical performance evaluation requirements and post-market requirements will present significant challenges for both MedTech and IVDR manufacturers.” *

Looking ahead to?June 2023, companies will need to prepare for the UK Conformity Standard which will be required for all devices entering the UK market.?

Innovation around IVD Diagnostics and Digital Health

Unsurprisingly, the diagnostics market is still soaring. The pandemic put huge pressure on IVD companies to rapidly develop point-of-care testing. Our clients operating in this highly competitive market are recruiting skill gaps to help manage increasing demand.

As digital health delivery takes precedence, point of care testing has become essential in the assessment of conditions with similar symptoms as Covid 19, such as a rash, temperature or sore throat. Home-based testing has provided patients with the tools to get clinically reliable, rapid results – saving clinicians time versus traditional face-to-face consultations.?

Sustainability becomes a priority

The packaging industry saw a huge spike in demand through the pandemic with the rise of disposable test kits.?

The World Health Forum and other sustainability advocates are searching for?innovative solutions to provide sustainable packaging.?Demand is also rising for e-commerce, virtual and digital design, providing alternatives to traditional distribution channels thereby reducing environmental impact.

As more large corporations and financial investors seek to improve their record on sustainability, market economics is becoming a new driver of climate change initiatives. The trend towards sustainability is resulting in innovation and new business models in the packaging sector.

Examples include:?

• Vertical development of the supply chain
• Creation of new materials
• Predictive maintenance?
• Increased use of e-commerce and big data
• Package design that includes digital printing, 3D printing, and smart packaging.

Working smarter

Population Health Management is a way of working to help frontline teams understand current health and care needs and predict what local people will need in the future. Healthcare leaders have highlighted three major benefits:

1. Information-powered clinical decision-making
2. Primary care-led clinical workforce
3. Patient engagement and community integration

With the huge growth in investment into population health management projects predicted by 2026, there is a big push to develop the best technology for the NHS and get ahead of the trend. That investment is being pumped into all areas, from a commercial and technical perspective.

For more insight into hiring trends and talent demand, get in touch with me.