EU invests into innovation

The EU have made their stance on medical devices clear: they are backing innovation.

Earlier in the Summer, the European Commission approved up to €403 million in public funding for a selection of small to medium-sized companies that are focused on innovating in the medical device industry, mainly focusing on new digital and artificial intelligence features. Not only this, but the statement from the European Commission says they expect this funding to unlock an additional €828 million in private investments for these companies.

This amount of money is a clear indication as to where the EU sees value in the medical technology industry. 

But naturally, as a recruitment company, we're thinking about what this means for companies within medical devices, and how it might impact internal recruitment. Here's how we can see it going:

More jobs, more competition for existing talent

First things first, an increase in investment will lead to these companies needing an influx of talent. With it mostly being  SMEs and start-ups set to receive this new funding, they will create a bunch of new jobs that will need to be filled quickly, and with candidates that are ready to step straight into the role and make an almost immediate impact. This extra funding increases the hiring power these smaller companies will have in the market as they will have more money to match - or maybe even raise - the salaries of those working in larger corporations.

For those looking to hire - Matching or beating the salary that top talent earn is a great starting point, but also placing emphasis on the importance of their role in the company and how they are pivotal in the growth plans for your SME or startup is a great selling point in this market.

For those looking to retain - Placing greater emphasis on the extras that come from working for a larger corporation, including a more well-rounded benefits package and potentially greater job security in your position.

Increased demand for specialised skills

The investment into medical devices has been earmarked for a few areas in particular, those being digital features and artificial intelligence. With these being the key areas for focus, there will understandably be increased demand for specialised skills in these areas. The likes of AI Engineers, Data Scientists, Software Developers, and other candidates with similar skillsets are likely to see their once niche range of skills become highly sought after.

For those looking to hire - You will face stiff competition due to an overall lack of these specialised skills in the industry. To stand the best chance of beating off the competition, ensure your compensation package has a strong starting salary and generous bonuses on offer.

For those looking to retain - Again, compensation package could be key to retaining these specialised skills, but other options could be around pivoting their existing role to align with the skills they want to use the most as well as providing additional development opportunities to boost their existing skills through professional development.

The creation of geographic innovation hubs

Innovation hubs exist across the world for a range of different industries. Think Silicon Valley and Barcelona's Tech City. Increased funding into a select few companies that are located in a similar region of Europe could bring about a new innovation hub specifically for medical technology. This would be an exciting development in the space as some of the most recent great innovations have originated from these innovation hubs.

For those looking to hire - If you are based in and around the innovation hub, then this in itself could be quite the draw. The atmosphere that comes from living and working in these hubs is hard to match in any other location.

For those looking to retain - Whilst the draw of working in an innovation hub is strong, it is likely to come with relocation. To retain top talent, consider creating a flexible working pattern that really appeals to your employees. Whether that is work from home days or even a work from anywhere scheme, a desirable working pattern could mean more than working in an innovation hub.

Overall, this increased investment in medical devices will lead to fiercer competition for talent in the industry. Strong attraction and retention strategies will be key to ensuring you have a team that remains at the top of their game. Interested in how FMC Talent can help you with your recruitment strategy? Feel free to reach out to info@fmctalent.com and let's see how we can help out.