Whilst the pandemic naturally brought growth to the sector, with investment in clinical studies and therapies, the industry still had to keep up with existing demand. This brought new constraints for businesses to overcome to keep operating successfully. Leaders in this sector had to handle labour market and supply chain issues along with rising inflation.
Given the heavily regulated nature of this industry and some of the largest customers being public funded health care providers it is hard for new businesses to break into this sector. In addition, existing companies have the daunting duty of trying to foresee what activities will be required by regulators whilst ensuring their teams are agile and trained to keep up and maintain compliance.
To keep ahead of this CEOs may shift focus to the advancements in digital technology, strengthened by a new willingness to use it. Whilst we are yet to see a leader of digital transformation in the pharmaceutical and medical device industries, it is becoming evident that they will become a trailblazer of new technology. This may change rapidly as leaders see how this could be used to help leverage position for growth against the shortage of candidates in STEM related talent in the industry. In the meantime companies are moving to hybrid world models and flexibility to help attract top talent.
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