BioTalent's US Market Snapshot 2023
BioTalent's US Market Snapshot 2023
Despite a turbulent start to the year, funding activity in the US MedTech space has picked up, a trend we expect to continue in the coming months, particularly for SMEs focusing on software as a medical device (SaMD) and embedded devices.
Recent market challenges
Europe’s tempestuous regulatory landscape has proven burdensome for US businesses, effectively limiting their access to overseas markets, and sourcing regulatory talent has become a significant challenge. The US SaMD market has been met with a similar dilemma: the FDA’s consistent changes to device design and risk policies have made it tough to find talent with relevant, up-to-date skillsets.
We’ve seen a gradual change over the last 18 months, as the market moves to favour employers, a significant shift from the familiar candidate-driven environment. That said, employers will still need to listen to the needs of their prospective employees — between hiring freezes, budget cuts, recession fears, and redundancies, candidates are weary, and career stability tops the priority list.
R&D
Some companies are trapped in a holding pattern as they struggle to secure funding, leading to a slower expansion of programmes as decision-makers are forced to conserve resources. Driving progress in R&D requires a rethink of the costly, high-risk model we know today, with digital transformation set to play a pivotal part.
Tips for job seekers
- Personalise your outreach — reach out to hiring managers directly on LinkedIn.
- Organise your resumé aesthetically — a chaotic, disorganised resumé will be off-putting.
- Focus on personal impact — emphasise what you’ve brought to previous companies.
- Customise your resumé — generic applications can be detected and discarded with relative ease.
- Ask questions — this highlights your interest, curiosity, and engagement.
How BioTalent can help
If you’re not managing to capitalise on promising opportunities, you’re not alone. Reach out to the team today, and we can support you in your search.
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