The Current State of the Industry
Medical device industry trends show continued growth in recent years, resulting in a variety of potential career opportunities. According to PwC’s Pharma 2020 initiative, medical device and life science companies are grappling with a variety of healthcare industry trends and challenges such as:
- Evolving national and international corporate reporting requirements
- Maintaining revenue growth
- Complying with increasingly complex regulatory requirements
- Increasing supply chain effectiveness
- Managing high tax rates
- Attracting and retaining a skilled workforce
- Maximizing innovation and R&D productivity
- Continual merger and acquisition (M&A) activity
Where the Industry is Headed
Each of these challenges create MBA healthcare jobs that can grow into exciting, rewarding, and lucrative careers. The U.S. Bureau of Labor Statistics projects that MBA jobs in the medical and health services industry will grow faster than jobs in most other industries. In fact, the growth rate projection for medical and health services managers is 23% through 2022.
Due to the aging Baby Boomer generation and innovations in healthcare, the need for medical equipment has increased and the industry must find ways to satisfy this trend. Between 2001 and 2011, the population of those over the age of 65 jumped from 35 to 41.4 million and continues to grow. This is a huge potential for industry growth and for those who have completed business administration healthcare management courses, as they must lead the way in research that will incorporate new technology. Clinical trials are often thought to just be a function of pharmaceutical companies, but the medical device industry must also manage trials to ensure their equipment functions properly, is easy to use, and provides positive outcomes.
Medical device companies also need business savvy professionals – including those with a deep understanding of IFRS and Multi-GAAP requirements – to deal with the intricacies of global financial corporate reports. A quick search of healthcare job boards shows many CFO roles open in companies all over the country. CFO salaries typically start around $80,000-100,000 per year, and financial analysts and tax accountants have high earning potential as well. Additionally, since many medical device companies have global operations and multiple facilities, there may be an opportunity to work in other countries.
Managing regulatory affairs is a key concern of medical device companies. People in these roles must have a strong grounding in the regulations of every country where the company’s products or services are sold, and every country has slightly different regulations. The U.S. Food and Drug Administration oversees regulations for the life science industries in the United States. Similar branches of local governments administer regulations in other countries, including the Japanese Ministry of Health, Health Canada, and Emergo for countries in Europe. Regulatory affairs specialists and directors have excellent career prospects because of the high salaries – which average more than $90,000 and can exceed $150,000. They also have the ability to work in almost any country in the world. Since there are more than 6,000 medical device companies in the United States alone, these jobs will remain abundant.
The entire healthcare field – including life sciences and medical devices – is changing and growing rapidly, with market size projections reaching $133 billion in 2016 for medical devices in the U.S. alone. Some of the top medical device companies in the world include industry giants Johnson & Johnson, General Electric Co., Medtronic Inc., Siemens AG, and Baxter International Inc. The diversity of products, the global nature of the industry and the variety of roles that require an MBA ensure that this field will be ripe with exciting opportunities for candidates with an MBA and a specialization in healthcare.