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MedTech Talent Briefing October, 2 nd, 2012 Mary F. Moriarty AvaMed/MassMEDIC.

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Presentation on theme: "MedTech Talent Briefing October, 2 nd, 2012 Mary F. Moriarty AvaMed/MassMEDIC."— Presentation transcript:

1 MedTech Talent Briefing October, 2 nd, 2012 Mary F. Moriarty AvaMed/MassMEDIC

2 Objectives >Med Tech Overview Segments Functions Niche Opportunities >Market Trends and Impact on Hiring Needs >Preparing for a MedTech Career

3 Medical Device Diagnostics Healthcare IT Distribution Supply Med Tech Overview Market Segmentation

4 MedTech Overview Functions to Consider EngineeringR&D Regulatory Affairs & Legal Quality Assurance IT Finance Operations & Supply Chain Sales, Marketing & Business Development Human Resources Multiple Roles Based on Your Skill Set

5 MedTech Overview >Global, established companies vs Entrepreneurial Start up >Commercial enterprise vs R&D focus >Multiple vs Single Product Portfolio >Build to Build vs Build to Sell Find Your Niche

6 Market Trends: Recent Hiring Where are the Jobs? Our Experience at Spencer Stuart >Medical Device and Diagnostics hiring jumped 22% in the 2 nd quarter of 2012 with both Siemens and Covidien showing healthy global appetites (Global Life Sciences Hiring Index) >The MedTech industry is forecast to have a 4% CAGR over the next 5 years (Datamonitor) >Infrastructure: IT, Finance and General Administration represent 45% of total roles hired globally(Global Life Sciences Hiring Index) >In the last 3 years, Spencer Stuart has conducted more than 350 MedTech senor level searches around the globe. >122 President/CEO/Country or Product Head >32 Board Director >53 sales and marketing >36 finance and accounting >29 operations, supply chain and planning >22 research and scientific executives >numerous others across IT, HR and communications MedTech Roles by Function

7 Market Trends: Impact on Skills/Competencies With the increase in excise taxes, companies are cost conscious > Impact: Strong operating/analysis skills Metrics to monitor spending P&L - margin management Hands-on approach: doing more with less Results orientation Cost Containment MedTech is highly dependent upon continuous innovation > Impact: R&D/Innovation – build the bench for succession Engineers/Clinicians Strategic Product Development M&A - Business Development and Legal Competitive intelligence Innovation Demand With FDA delays to approve products, Europe and ex-US launches critical to commercialization schedules > Impact: Global regulatory exposure/expertise Quality assurance focus Cross functional team leadership Regulatory Delays With population, economic and access increasing in Asia and South America, companies strive to match talent and geography > Impact: Global Perspective International experience Communication/Influencing Skills Emerging Markets Boom Hiring to Address Market Challenges

8 Preparing for a MedTech Career Best in Class Hires Demonstrated Passion for MedTech Track Record of Relevant Accomplishments Meaningful References High Potential for Future Success Ability to Make Immediate Impact How do I Get In?How do I Move Up? >101: Prepare the Resume Make it flawless One is enough >Network Develop a systematic outreach plan and follow it Leverage alumni and social networks (Linked-In) >Demonstrate focus AND flexibility >Prepare thoroughly and follow up on ALL meetings >Leverage prior experiences – technical or commercial >Remain open to new assignments/rotations >Exhibit leadership: every day in every way >Collaborate: up, down, across >Strive for excellence

9 Preparing for a MedTech Career >Return the call/ – start the dialogue >Prepare to engage or refer o Review the position specification o Assess for match >Share resume as appropriate >DON’T pursue if the role is not for you! >Establish and build the relationship o Refer high potential prospects or sources o Provide updates with career progress Guidelines for Responding to Search Outreach

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