Medtech executives must adapt to managing their businesses in a substantially different environment. As the world moves into the next phase of the coronavirus pandemic (living with the virus), we all by now realize that a “new normal” will last through 2020 and likely stretch into 2021, though exactly how far into next year is anyone’s guess. The entire planet is closely monitoring the efforts of the pharmaceutical industry to develop an effective vaccine against the virus. In the meantime, medtech executives must adapt to managing their businesses in a substantially different environment. Clearly, all functional areas of device companies are being impacted—from innovation and operations to sales and manufacturing. With all the changes occurring in the industry within the major business functions, it’s worth considering the tools that are needed for survival. First, there must be a true understanding of the severity of the COVID crisis. Businesses with operations in China had somewhat of an early preview of the impacts. However, it’s clear now that no one was really prepared for the COVID-19 tsunami that hit U.S. shores in March—even those with the foresight to realize that modern civilized life was about to change. Once the coronavirus pandemic took hold in the United States, it became obvious that the medtech industry was going to be dramatically impacted and its experiences would be different than most other sectors. While everyone’s business had to deal with major changes, each organization’s encounters with COVID-19 was significantly distinct because it largely depended upon product mix. For example… Click Here For Complete Article Text
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