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The medical device industry is one the biggest industries in the $3.2 trillion global healthcare sector. The last decade has seen the industry go through a big shift, driven by innovation and new technologies. Asia Pacific presents unique opportunities for medical device producers. According to Euromonitor, the region was the fastest growing medical device market over 2008-2014, rising at a CAGR of 10% fuelled by rapid expansion of the healthcare industry, an aging population and a burgeoning middle class. The region’s healthcare industry is expected to continue to grow rapidly over 2016 as well. For instance, China’s and India’s healthcare service revenues are expected to advance by 12% and 9%, respectively, in 2016 alone resulting in a large number of new hospital construction projects and thus soaring demand for medical and surgical equipment. However, the Asia Pacific region also poses significant challenges for medical device producers. According to a survey by Emergo, Medical Device Regulatory Consultants, the ever-changing regulatory environment continues to perplex executives in the region along with new product development. Interestingly, 31% of the executives in Asia are facing the challenge to recruit or retain employees in comparison to 21% of their European and 24% of their Northern American counterparts.

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Sales & Marketing in the Medical Device Industry In the rapidly changing Medical Device industry, the need for customers to explore and experience products to determine quality and suitability has not changed, especially for critical-care and life-saving devices. Additionally, the complex nature of the sales process for medical devices makes it very difficult to build and deliver a meaningful experience. Sales & Marketing teams need to show varied customers: hospitals, doctors, laboratories, and private practices; how to solve very specific problems. In the traditional selling process, buyers often played a passive role — listening to sales presentations, watching case study videos, etc. They have no interaction with the product whatsoever. However, digital innovation and technology is revolutionizing this by equipping Sales & Marketing to create compelling experiences, increase audience engagement, and build credibility and context. Some examples of how innovation has been adopted by sales and marketing in the medical device industry are detailed below:

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From a talent perspective, in the future, sales and marketing professionals in the Medical Device will not only require a deep comprehension of product knowledge, but also a robust, informed view of the needs, requirements, expectations and perspectives of various healthcare stakeholders. Additionally, they will also need to grasp the full power and trends of the whole spectrum of digital tactics and innovation trends to create maximum business impact. However, employers are seeing a gap between the skills that they are looking for and the skills available in the local labor market in Asia. Despite the focus on localizing the workforce, more than half of our clients consider employing or sponsoring a qualified overseas or expatriate candidate in this skill-short area. This is indicative of Asia’s severe talent mismatch. This challenge can only be met by upgrading recruitment and talent mapping capabilities. This is where Morgan Philips Executive Search comes in with our value proposition:
  • Our international research centers enable us to quickly identify the best talents anywhere in the world, whether they are actively seeking a new position or not.
  • We can call on the 5000 Club, our network of industry insider experts, to identify the best talent in the industry wherever they may be.
  • Our international database of candidates, evaluated during interviews, enables us to quickly identify the profile that best meets your needs (skills, company culture, etc).
  • Our specialised consultants, experienced and recognised experts in their field with a robust professional network, will work with you to find the right candidate.

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CONNECT WITH US FOR RECRUITMENT EXPERTISE 

Share your opinion, updated resume or recruitment needs with us today.

Connect with Romika Gangly, Senior Consultant Asia Pacific Healthcare & FMCG practice on LinkedIn.

Follow our latest jobs and career information on www.morganphilipsexecutivesearch.com

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