From John Hodge, Jr., Principal
In Miramar’s Digital Health Talent Report: Part 1, we discussed best practices and considerations for MedTech companies looking to hire leaders within the Tech sector to lead Digital Health initiatives. In our second installment, we will delve into how MedTech companies can foster digital transformation by recruiting talent from adjacent markets such as Healthcare IT and amongst others. Additionally, we will explore strategies for building diverse leadership teams in the digital era. As an executive search firm specializing in MedTech, Miramar Global has witnessed the evolving talent landscape and offers insights and recommendations based on our experiences.
Exploring talent within the Healthcare IT sector for MedTech companies
Healthcare IT presents a rich talent pool for MedTech companies seeking digital expertise. Professionals in this sector possess a deep understanding of the healthcare landscape, regulatory compliance, and data management, making them valuable assets in the MedTech digital transformation journey. Their expertise can accelerate the integration of technology into the medical device sector, enabling companies to deliver innovative and patient-centered solutions while ensuring compliance with healthcare regulations.
Leaders from Healthcare IT tend to be a good culture fit in MedTech companies. They are accustomed to working under regulatory constraints, they understand the ultimate commitment to the patient, and they have already undergone modernization initiatives from legacy technology and development methods to more advanced, modern approaches. Additionally, leaders from the Healthcare IT industry can bring insights on interoperability, data security, and electronic health records, which helps MedTech companies navigate the complexities of data-driven healthcare systems.
Advantages of recruiting a digital workforce with experience in other regulated industries
Recruiting digital talent from other regulated industries like aerospace and automotive can offer several benefits to MedTech companies. Firstly, professionals from these industries bring a wealth of experience working with complex systems, safety protocols, and stringent regulatory requirements. Secondly, these professionals often possess strong technical skills in areas such as software development, data analytics, cybersecurity, and systems integration. This level of experience and knowledge can be leveraged to enhance the digital capabilities of MedTech companies, enabling them to develop innovative solutions and stay at the forefront of technological advancements. Many leaders within these industries will have recently undergone transformations in the way products are developed, delivered, regulated, and monetized. As a result, they will be well-prepared to navigate through transformations facing the MedTech industry and can utilize their experiences with managing tremendous shifts in mindsets, people, processes, and business models.
Professionals from these regulated industries can contribute fresh perspectives and novel approaches to problem-solving in the medical device context. This convergence of expertise can drive transformative breakthroughs and propel the digital transformation of healthcare.
Building diverse digital leadership teams
To achieve diversity within leadership teams, MedTech companies must implement intentional and inclusive hiring practices. Looking at talent from other industries can support this as it widens the overall candidate pool. Many companies benefit from mandating that a certain percentage of the candidates considered must belong to an underrepresented group. If efforts aren’t made by employers to actively recruit diverse talent, then the likelihood of non-diverse candidates being considered for positions is far greater as they represent the large majority of the candidate pool. As underrepresented groups inherently represent a small portion of a given candidate population, it can be difficult to find candidates with the exact experience hiring managers are looking for. However, when experiences are translated into specific skills and characteristics, the accuracy in hiring decisions improves and simultaneously provides candidates from underrepresented groups greater career opportunity.
The evolution of the talent landscape presents opportunities for MedTech companies to embrace digital innovation while fostering an inclusive and diverse culture.