Sam Brusco, Associate Editor10.03.22
Although not as drastically as last year’s COVID-19 impact on wages, salary stagnation continues to affect medical device industry professionals. About 40% of this year’s survey respondents reported they did not receive a raise. About 20% received the “cost of living” raise of 3%, and 10% of respondents reported a 5% salary bump.
However, more medtech professionals expect to receive a raise next year than last, with about 22% expecting the cost of living raise and 13% anticipating a 5% raise. Satisfaction with wages appears to be positive, with about 62% of survey respondents reporting their compensation reflects their level of responsibility.
The labor shortage as a result of the Great Resignation and applicants’ more ambitious compensation demands are also affecting the industry in a big way. The trend to “shop around” to pinpoint an ideal career is apparently not doing applicants any favors, either.
“My team and I have increased hours and my time is spread out more, as my team and I have more activities to cover due to challenges in hiring experienced professionals,” one respondent commented. “Applicants are asking for much higher wages and their common experiences include multiple jobs with limited real experience in each.”
Although the COVID-19 pandemic has all but completely receded, its long-lasting effects on the medical device supply chain continue to plague the industry. Many respondents reported supply chain constraints as the main economic factor impacting their job. Projects are consequently slowed, and lead times on components and especially raw materials are lengthening turnaround times, to the detriment of manufacturers. Backlogs are growing as the far-reaching supply chain crisis continues to rage.
The issue is so pervasive that roughly a third of survey participants cited supply chain issues as their main issue.
“Much more time spent managing details driven by supply constraints, at the expense of spending time engaged in proactive activities including new product introduction and next-gen programs,” a respondent noted.
Other frustrating job aspects included internal politics, which 27.5% of respondents cited as their main gripe.
“[There are] more work and more meetings with the same or less people at times,” one survey participant said. “Other groups we are dependent on are not getting backfills approved, which hurts all groups in addition to theirs. Required leadership and performance accountability is starting to happen which is great for groups watching others ‘punch the clock.’”
Regulatory process annoyance also turned up high on medtech professionals’ list of grievances, with about 13% reporting it as their chief frustration.
“[There is a] higher and higher demand on suppliers for documentation and regulatory,” commented one respondent. “It is sometimes very absurd, but there are no ways to walk around [it]. It takes very many recourses and knowledge that sometimes do not exist.”
“[There are] higher regulatory body costs/processes with a reducing supply of materials and higher attributing costs, which passes over and directly impacts the patient end users—where medical insurance coverages don’t adapt or change,” stated another.
Concerns about the industry at large run the gamut from political interference to new tax laws, as well as increasing costs to get products to market and fears of yet another economic recession. However, some feel the medical technology industry is “recession-proof” because of its necessity.
“[The medical device industry] is tied with tech in that it is heavy on venture capital, making it fickle and dependent on meeting shareholder expectations,” said a respondent. “That being said, existing companies shouldn't feel the recession the same that [non-medical] tech should.”
Geopolitical problems turned up among the responses as well, largely due to the ongoing Russia-Ukraine conflict.
“World economy—mainly war in Ukraine—I live in Poland where we have a lot of war refugees and lately injured soldiers [have] made prices higher,” commented an overseas respondent. “[There are] more people around, [which has] made longer waiting lists to doctors.”
What medical device professionals like and value about their jobs doesn’t seem to change year over year, which should be indicative of strategies for those feeling the talent acquisition squeeze. A large portion of survey respondents cited genuine passion for their work and the ability to help patients as a chief driver of their job satisfaction.
The classic extra benefits of healthcare insurance coverage, generous vacation time, 401(k) matching, and tuition reimbursement continue to come up, as well. (Employers, take notice!)
Interestingly, work-life balance was mentioned more than a few times as the main reason for satisfaction. Although the pandemic had many negative effects on the industry, it did awaken employers to the positive impact of hybrid and/or flexible schedules so employees can work from home as needed.
That said, the volatile market situation from the pandemic is starting to clear.
“2020-2021, as a manufacturer of disposable infusion devices, the pandemic curtailed visits to hospital for regular visits and surgery,” said one respondent. “Usage for infusion products dropped dramatically. [In] 2022, the market has opened, and usage of infusion devices [have] recovered to near pre-COVID.”
However, more medtech professionals expect to receive a raise next year than last, with about 22% expecting the cost of living raise and 13% anticipating a 5% raise. Satisfaction with wages appears to be positive, with about 62% of survey respondents reporting their compensation reflects their level of responsibility.
The labor shortage as a result of the Great Resignation and applicants’ more ambitious compensation demands are also affecting the industry in a big way. The trend to “shop around” to pinpoint an ideal career is apparently not doing applicants any favors, either.
“My team and I have increased hours and my time is spread out more, as my team and I have more activities to cover due to challenges in hiring experienced professionals,” one respondent commented. “Applicants are asking for much higher wages and their common experiences include multiple jobs with limited real experience in each.”
Although the COVID-19 pandemic has all but completely receded, its long-lasting effects on the medical device supply chain continue to plague the industry. Many respondents reported supply chain constraints as the main economic factor impacting their job. Projects are consequently slowed, and lead times on components and especially raw materials are lengthening turnaround times, to the detriment of manufacturers. Backlogs are growing as the far-reaching supply chain crisis continues to rage.
The issue is so pervasive that roughly a third of survey participants cited supply chain issues as their main issue.
“Much more time spent managing details driven by supply constraints, at the expense of spending time engaged in proactive activities including new product introduction and next-gen programs,” a respondent noted.
Other frustrating job aspects included internal politics, which 27.5% of respondents cited as their main gripe.
“[There are] more work and more meetings with the same or less people at times,” one survey participant said. “Other groups we are dependent on are not getting backfills approved, which hurts all groups in addition to theirs. Required leadership and performance accountability is starting to happen which is great for groups watching others ‘punch the clock.’”
Regulatory process annoyance also turned up high on medtech professionals’ list of grievances, with about 13% reporting it as their chief frustration.
“[There is a] higher and higher demand on suppliers for documentation and regulatory,” commented one respondent. “It is sometimes very absurd, but there are no ways to walk around [it]. It takes very many recourses and knowledge that sometimes do not exist.”
“[There are] higher regulatory body costs/processes with a reducing supply of materials and higher attributing costs, which passes over and directly impacts the patient end users—where medical insurance coverages don’t adapt or change,” stated another.
Concerns about the industry at large run the gamut from political interference to new tax laws, as well as increasing costs to get products to market and fears of yet another economic recession. However, some feel the medical technology industry is “recession-proof” because of its necessity.
“[The medical device industry] is tied with tech in that it is heavy on venture capital, making it fickle and dependent on meeting shareholder expectations,” said a respondent. “That being said, existing companies shouldn't feel the recession the same that [non-medical] tech should.”
Geopolitical problems turned up among the responses as well, largely due to the ongoing Russia-Ukraine conflict.
“World economy—mainly war in Ukraine—I live in Poland where we have a lot of war refugees and lately injured soldiers [have] made prices higher,” commented an overseas respondent. “[There are] more people around, [which has] made longer waiting lists to doctors.”
What medical device professionals like and value about their jobs doesn’t seem to change year over year, which should be indicative of strategies for those feeling the talent acquisition squeeze. A large portion of survey respondents cited genuine passion for their work and the ability to help patients as a chief driver of their job satisfaction.
The classic extra benefits of healthcare insurance coverage, generous vacation time, 401(k) matching, and tuition reimbursement continue to come up, as well. (Employers, take notice!)
Interestingly, work-life balance was mentioned more than a few times as the main reason for satisfaction. Although the pandemic had many negative effects on the industry, it did awaken employers to the positive impact of hybrid and/or flexible schedules so employees can work from home as needed.
That said, the volatile market situation from the pandemic is starting to clear.
“2020-2021, as a manufacturer of disposable infusion devices, the pandemic curtailed visits to hospital for regular visits and surgery,” said one respondent. “Usage for infusion products dropped dramatically. [In] 2022, the market has opened, and usage of infusion devices [have] recovered to near pre-COVID.”
