Can Medtech Manufacturers Adapt to a Rapidly Evolving Future of Work?

One of the biggest challenges facing medtech manufacturers is adapting to a rapidly evolving future of work. How companies perform R&D, oversee regulatory tasks, and commercialize products will differ vastly in just the next five years as a convergence of factors reshape the way business is conducted. Transformation of work will accelerate like never before as organizations make unprecedented investments in their people, tools, and processes.

Labor market, industry, and technology trends are shaking up how medtech firms acquire and deploy a range of work resources. Changing worker preferences, medtech’s shift to more contingent talent, and the acceptance of automation in recruitment are all impacting the talent strategies of many organizations. The device sector, in particular, will likely undergo greater changes since it trails others in digitalizing business. However, that also means OEMs and their suppliers may potentially garner bigger gains in workforce productivity as AI, data analytics, and a skills-based mindset proliferate across organizations. These disruptive forces will significantly elevate the industry’s ability to deliver next-generation diagnostic and therapeutic devices.

Indeed, an exciting future of work awaits manufacturers and their workforce, but these benefits can only be fully realized by organizations committed to new ways of resourcing and skilling. The biggest beneficiaries will be those willing to reimagine the future of work holistically and purposefully—those that will build their workforces with well-integrated strategies. This effort will also require long-term vision rather than ad hoc, band-aid approaches that often occur during peaks and lulls in labor demand.

AI Sparks a Seismic Shift

It’s no surprise device makers are evaluating the impact of AI on work. The rise of generative AI, machine learning, and data analytics is offering device makers an opportunity to significantly improve productivity, product quality, and patient outcomes as these technologies are incorporated into devices at a greater scale.

Consider the impact on compliance, for example. According to EY, AI is enabling predictive models to enhance or accelerate decision-making by automating risk scoring for transaction monitoring and screening alerts.¹ Companies such as GE are also using AI models and diverse data sets to perform validation.² According to AdvaMed, device makers are even using AI solutions to identify, mitigate, and educate on potential bias and discrimination in AI-enabled devices.³

The fact so many companies are increasing their use of AI across many functions shouldn’t come as a surprise. Randstad Enterprise’s 2024 Talent Trends research finds 75% of life sciences companies report that such technologies have either transformed or positively affected their business over the past year.⁴ Nearly a quarter (23%) wish they could invest more in such tools. Several employers we support have already implemented generative AI as a way to help their workforce automate and expedite many tasks that used to be highly laborious, and the use of automation technology will only grow.

This trend will surely reshape the future of work as people’s jobs transform. Time spent on many repetitive, time-consuming tasks will be shifted to higher-value activities such as relationship building, ideation, and collaboration, which are all key to the development of new devices and diagnostics. Furthermore, AI will also shorten the time to market and even improve post-market surveillance, leading to more successful PMAs in the future.

Greater Urgency for Building Skills

People can only benefit from technology if they have the right skills. That’s why more than ever before organizations must prioritize learning and development, and communicate clear use guides. As AI-empowered tools become more powerful and ubiquitous, specialized knowledge will be required. Workers must carefully apply new technologies in a safe, compliant, and responsible manner, especially when people’s data is involved.

For instance, within the talent acquisition function, recruiters increasingly use ChatGPT to draft job descriptions. While this may seem like an innocuous activity, a user may unwittingly upload proprietary and personal data in violation of their organization’s policies. Since such applications are still relatively new, many organizations have yet to provide the proper training and guidelines to ensure compliant and efficient practices.

Beyond the need for AI skills, device makers face a medical market that’s rapidly evolving. In the June “Talent Matters” column, it was pointed out that the FDA approved a record number of devices last year, and this pace is not letting up.⁵ The proliferation of telemedicine, software as a medical device (SaMD), and mobile devices is driving demand for different, unique skills, some of which don’t currently exist. For example, complex combination devices may require engineering and expertise. Some skills are so specialized only a handful of people on the planet possess them, so competition for their services is fierce.

All this points to the need for OEMs to invest more in learning and development resources. Talent scarcity will persist for years to come due to structural deficiencies in the labor market (these include an aging demographic, lower workforce participation, a widening gap in education, etc.). Competition for skills will only grow. While medtech employers have always maintained robust skilling initiatives, market trends are forcing them to acquire even more capabilities, whether that’s in R&D, regulatory, or marketing and sales. This is a must for maintaining a competitive edge.

A Better Experience for a Better Workforce

Training and development aren’t just good for organizations; it’s something workers strongly desire. A positive talent experience has emerged in recent years as a top motivator of talent, and many companies are investing in the elements behind it. Randstad’s 2024 Workmonitor research finds more than three-quarters (76%) of workers surveyed around the world say access to learning and development is important to them, a percentage even higher than those who prioritize remote and hybrid work schedules (71%).⁶

Providing skilling, however, is just one component of an outstanding talent experience. Many other considerations such as work-life balance, job flexibility, and organizational culture are becoming more important to people. In the post-pandemic era, people have reassessed what they want from their careers, and it’s more than just pay. While money is still important to their professional desires, many also value personal growth and fulfillment. In fact, 24% of those surveyed say they have quit a job due to a lack of career progression, and 57% wouldn’t accept a job that negatively affected their work-life balance.

As a result of this shift in sentiment, talent experience is even more critical today to candidate attraction and employee retention. As competition for specialized skills grows, companies must align their employee value proposition to the desires of their workers. From diversity, equity, and inclusion initiatives to employee assistance programs, such offerings will be critical to not only recruitment and retention but also engagement and productivity. However, medtech companies must stay vigilant and informed about evolving needs.

Conclusion

As the medical device industry continues its whirlwind pace of innovation, it’s clear companies must reimagine how work gets done to meet the growing market demands. Technology is a linchpin for achieving this, but so are the activities that make people more engaged and productive. Better training and development offerings as well as other incentives will surely be critical to workforce empowerment and, ultimately, commercial success.

References

1. tinyurl.com/mpo240721
2. tinyurl.com/mpo240722
3. tinyurl.com/mpo240723
4. tinyurl.com/mpo240724
5. tinyurl.com/mpo240725
6. tinyurl.com/mpo240726

Tania de Decker is the managing director of global strategic accounts for Randstad Enterprise Group. She works with Fortune 500 companies to develop and implement processes that improve and drive recruitment and retention solutions. de Decker has more than 28 years of recruitment experience and has worked more than 18 years with life sciences companies. The emphasis has always been on improving the quality of her clients’ talent acquisitions.