MedTech Manufacturing Trends You Need to Know.
The good news is that the medical device manufacturing industry is on the rise. There is a steady and dependable demand for products across the country. The bad news is that this industry is still faced with a set of hurdles that will likely cause setbacks for those that are unprepared. It is challenging to stay informed on all of the advances and trends going on in MedTech today, but if you can stay up-to-date, you and your business will be much more prepared for the future when it comes.
MedTech Manufacturing Trends Of 2018
- Workforce Issues: As we said before, the manufacturing industry is tracking some positive upward growth. However, this multi-billion dollar field is also seeing some workforce issues. In the past, manufacturers were looking for specialized talent that had at least three years of under their belts.
Today, thanks to a labor shortage, manufacturers have found value in hiring entry-level workers with potential and offering the training they need to become medical device assemblers. This trend has shown that sometimes we must rethink the business model of hiring and training.
- Competitive Wages: One of the advantages the manufacturing business has long held over other markets is their higher pay scale. The unfortunate news for the medical technology manufacturing sector is that other markets like retail and food service have started to raise their minimum wage. Prospective employees are now heading towards retail and restaurant work because they can make similar wages with a flexible work schedule. This trend is forcing manufacturers to offer more competitive wages across the board.
- MedTech’s Unique Needs: The medical equipment industry is driven by innovation. As soon as a new product hits the market and is successful, the demand for it can skyrocket quickly. There is a built-in demand for new products and services while they are still in the manufacturing process. This has forced manufacturers to examine their supply chain and find the most efficient ways of assembling raw materials and getting their products in the hands of their customers. We must find ways to maintain quality and ramp up production.
- The Era Of Automation: The process of manufacturing products is becoming increasingly automated in many sectors. One might think this is eliminating the need for a robust workforce, but the truth is that it is altering the type of workers that manufacturers are looking for. This digital transformation and machine learning mean that manufacturing jobs are becoming more tech skill-based. Employers are now looking for people with the ability to run, operate, and troubleshoot computer-directed machinery.
- Challenging Regulations: There is a shifting tide of strict regulations across the globe that are affecting manufacturers here in the U.S. In previous years, manufacturers would first launch a product in European countries where the regulations were less strict. This would allow them to collect evidence to support the eventual approval by the Food and Drug Administration.
Today, Europe is raising the standards of their regulations and putting one more hurdle in the path of manufacturers. The solution has been for manufacturers to hire auditors whose sole job is to keep up with regulatory standards and keep their programs on track.
- Untapped Potential: The manufacturing industry is finally turning to one of their most untapped pools of talent: women. Aerotek reports that women make up about 47% of the U.S. workforce, but only 29% of the manufacturing labor force. Manufacturers are realizing that they can’t expect to find all of the talent they need in only 50% of the population. This has caused the manufacturing sector to increase their outreach to women to fill roles throughout the industry.
- Veteran Experience: Another pool of talent that has been overlooked in the past are military veterans. Hundreds of thousands of service members are transitioning out of the service every year, and they are all looking for employment. These veterans even come with skill sets that are well-suited to the manufacturing industry. They are used to working in a team environment and have experience in service areas like logistics. Service members could be the workforce that comes to the rescue for the manufacturing industry.
To learn more about the medical device sector and what Remington Medical has to offer, contact us today.