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Study finds biomedical device industry faces growing talent and development gap
Jul 19, 2012 12:33 PM
A new study has found that the biomedical device industry must change the way it does business in order to compete in today's competitive global market.
According to the biomedical device industry in America report from the global tax advisory firm WTP Advisors, medical device companies face growing challenges that they must face head on, including a potential talent gap which could threaten growth for those with medical device jobs, and a difficult regulatory process that stifles innovation and development.
"The U.S. is still the acknowledged world leader in medical technology, but that leadership is being challenged," Yair Hotlzman, director of the global life sciences practice at WTP, stated. "Without new public policies to provide a level playing field between the U.S. and its foreign competitors, U.S. leadership will be lost and with it an important engine of economic growth and manufacturing job creation."
Hotlzman also cites the upcoming medical device sales tax as a potential industry game changer.
"Not repealing the medical devices tax ... could be devastating to innovation, patient care and job creation," Holzman said. "The result will be devastating to innovation, patient care, and job creation."
A study conducted by the Advanced Medical Technology Association (AdvaMed) earlier this year found that the 2.3 percent tax, which is part of the Affordable Care Act, could ultimately cost more than 45,000 medical device jobs once it goes into effect at the end of the year. The industry organization has been lobbying Washington lawmakers to repeal the tax, which could cost medical device manufacturers millions of dollars.
The WTP report also finds that the medical device industry in the U.S. will face a growing challenge to find a well-qualified talented workforce to compete with emerging markets in China and India, which are expected to grow at an annual rate of 15 to 23 percent over the next five years respectively. Holtzman noted that reforming the Food and Drug Administration's (FDA's) approval process will also help attract new talent in order to fill the growing skills gap.
"As populations age around the world, and as hundreds of millions of people in emerging countries enter the middle class, the demand for quality healthcare will increase, and with it the demand for innovative medical technology. Now more than ever, America needs to encourage innovation--and innovators--in this field," Holtzman added.
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