How important is a successful executive hire in the MedTech… | Medexec
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As the MedTech industry is rapidly evolving & expanding, the appointment of a successful executive plays a critical role in a company's success.

An executive with a proven track record can bring new ideas, experience, and expertise to the table, driving both growth and profitability.

Looking at the top 10 Medical device companies in the world from the Proclinical report below. We can see that there is a clear exponential growth trajectory in the industry with 6/10 companies reporting revenue in USD Billions up marginally from 2021. Four of which with growth of upwards of 18% from the previous year, a monumental amount.

The top 10 Medical Device companies in the world (2022)

So just how important is it having the right executive team to lead the direction of the business and ensure continued growth year on year?

In a single word, extremely.

What can hiring executive roles and creating a stable top level structure within your company provide?

Improved Innovation: A successful executive can bring fresh perspectives and ideas, driving innovation and leading to the development of new products and services that benefit patients.

Expanded Market Reach: An experienced executive can help a company expand its reach into new markets, both domestically and internationally, leading to increased revenue and brand recognition.

Strong Financial Performance: An executive with financial acumen can improve performance and maximise profitability through cost-saving measures and revenue-generating strategies.

Elevated Reputation: A reputable executive can enhance a company's credibility and trust with customers, partners, and investors, leading to increased investment and customer loyalty.

Improved Talent Management: A successful executive can attract and retain top talent, creating a positive work environment and promoting diversity and inclusion.

Looking at the Top 5 Recruiting Priorities from a report by Jobvite in 2021. It is clear that a huge emphasis was placed on improving quality of hire.

This outlines how businesses are recognising the importance of impactful hiring. Rather than looking to spend less and recruit more, there is a shift in awareness and companies are more interested in high quality hires.

Jobvite, Top 5 recruiting priorities in 2021

In conclusion, a successful executive hire is invaluable to the overall success of a business. It can provide endless benefits for a MedTech company. From driving innovation to expanding market reach and improving financial performance, a well-chosen executive will make a significant impact. By leveraging their skills and expertise, MedTech companies can position themselves for long-term growth and success.