Why work in the Medical Device Industry?
The global medical devices (MD) market will see a steady growth over the coming years with the sales revenue and international trade value expected to exceed $550 billion and $300 billion respectively by 2020 driven by aging population, increasing healthcare expenditure and technology advancement.
But what is it like to work in such an industry, one heavy in regulation but still able to move at a lightening pace. Where companies are bought on the strength of an idea, but only have a small window before competitors strike. A truly global industry searching for the tools to allow us to prolong life…
A medical device is any device intended to be used for medical purposes. What differentiates a medical device from an everyday device is its intended use. Medical devices benefit us by helping health care providers diagnose and treat us or by helping us overcome sickness or disease, improving our quality of life. Significant potential for hazards are inherent when using a device for medical purposes and thus medical devices must be proved safe and effective with reasonable assurance before regulating governments allow marketing of the device in their country.
Interesting, Challenging Work
Many will tell you the work is interesting and fast paced. This in essence is what most peopelk search for, a career where they will be challenged to think of what has not been thought before and where your very ideas can shape the way we look to prolong life or treat illness.
Depending on its Intended Purpose, a medical device may be classified as Class I (including Is & Im), Class IIa, IIb and III, with Class III covering the highest risk products. The higher the classification the greater the level of assessment required.
From a simple syringe to the most complex artificial heart, a career in the medical device industry can give you exposure to devices we simply cannot do without up to the latest nanotechnology being utilized to save lives
Amazing Company Culture
Many medical devices will begin life as the idea of 1 or 2 people. Maybe it is an adaptation of an original device, a new software idea that can improve performance of existing treatment methods or a radical new idea never been seen before. Because of this there is a wide range of types of company you can work for:
The up and coming Start-Up:
Fast paced, crazy times…. Lets just get it done mentality needed. Often a melting pot of brilliant minds with brilliant ideas this can be an environment where you are pushed to go above and beyond but the rewards are massive.
The medium sized well invested business:
The idea was a winner and initial trials have gone well leading to investment. Medical Device companies can attract huge figures of investment from experienced entrepreneurs to the largest private equity firms. At these sized companies you may still only have the 1 device to be involved with but the security is greater now you have a well-funded device that is bringing in sales revenue.
The global beast:
These environments can be just as exciting as the start up. There could be 100’s of devices being manufactured and sold or just that 1 that every person in the world needs access to. Either way the pressure to ensure regulatory compliance and maintain the share price means work will always be fast paced and exciting, just this time on a global scale!
Areas to explore
Clinical Data Management
Discovery / R&D
PVG & Drug Safety
Computer System Validation
For more information on any of the areas above please contact our team at Adaptive Life Science