Looking to Leave Medtech?

Most medtech professionals say they are happy with their careers. But a minority of employees say they are disenchanted with medical devices and diagnostics. What's behind their dissatisfaction and what industries are they targeting for their next job?

The medtech industry has a lot of devotees. In response to MD+DI's 2016 Medtech Salary Survey, many medtech professionals told us that they love the industry for its job security, innovation, and its meaningful impact on patients.

But, as with any industry, not every person surveyed was head over heels for their job in medical devices and diagnostics. In our survey, we asked whether the professionals plan to keep working in the industry or are hoping to switch to another industry. The overwhelming majority, 93% said they plan to stay in the space, but the remaining 7% voiced interest in other areas.

What industries are drawing these professionals' attention away from medtech? A few of the respondents pointed to biotech and pharma as their top interest. A couple other people mentioned a potential switch to consumer products and wearables.

A perception of too much regulation seems to be the main culprit behind these professionals' frustration with medtech. A number of respondents cited the red tape of regulation and paperwork as a problem for the industry. Here are their thoughts in their own words:

It's not just the high level of regulation that is leading these employees to look elsewhere. There's also a feeling that a career in devices and diagnostics doesn't pay as well as some other high tech jobs--or perhaps doesn't pay enough to offset the higher regulatory requirements.

As one person put it, "[the] medical industry is more strict than other industries but does not necessarily pay more." Another professional wrote, "Managed care and poor reimbursement limits profitability and innovation. Relative to other high tech industries, little chance your stock options are going to be worth anything."

A few others noted that the startup environment can be tough for medtech companies. One respondent wrote that there's "not enough capital or exit opportunities to go around," while another noted a "scarcity of funding for start ups."

One professional said of medtech--"While still a noble profession, since the passage of the ACA and the associated cost pressures within healthcare, I would not recommend a health care career to a new college graduate."

Sobering advice? It depends on who you ask. These young innovators are not shying away from the challenge.

[Image courtesy of MASTER ISOLATED IMAGES/FREEDIGITALPHOTOS.NET]