Chapter 6: How to Get and Develop a Career in a Market Access Role in the Medical Devices’ Industry

Abstract

The medical technology (MedTech) industry includes all the companies that develop, manufacture, and distribute medical devices across the global markets. It is an eminent part of the healthcare sector. It embraces all the medical devices used to simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most known medical technology products are, among others, pacemakers, surgical instruments, imaging instruments, dialysis machines, and implants. The total global medical technology industry’s market size is approximating half a trillion US dollars in 2019. Remarkable geography of MedTech industry includes the United States and Western Europe. However, industry outlook proves that Asia and first China are about to play a more notable role in the years to come. Therefore, MedTech companies are playing a critical role in providing medical innovations and satisfying the needs of welfare across the world. However, with limited healthcare budgets and increasing populations, there has been growing pressure on governments, meaning that all medical innovations may find restrictions and major barriers for entry into a specific market. Thus, getting a quick and persistent access to the market has strategically become more important than ever, and its contribution to a company’s success is critical. Considering that, all the medical devices’ companies, who are willing to successfully launch a new medical technology, should invest their efforts in removing the entry barriers to the market by demonstrating their value. That is the pivotal role of the market access. It is a multi-skills function that requires a strong payer, procurement and policy maker processes knowledge, and business acumen and project management abilities, combined with great communication and negotiation skills.