Groundbreaking startup businesses in any industry grow out of moments of inspiration, frustration, and necessity.

In the medical technology (med tech) field, entrepreneurs have seized opportunities triggered by regulatory shifts in the health care marketplace to establish cutting-edge startups.

As startup companies expand, they look for job candidates with graduate-level business and health care industry skills to take on key roles within the organization. Here are five different positions med tech companies need to fill as they grow.

 

1. Director of Operations

As med tech startups develop, they need a qualified director to oversee day-to-day operations on tight schedules and in-line with regulations. Responsibilities include managing complex projects, identifying financial goals, and tracking the progress of sales and development teams. A med tech company’s director of operations must have health care financial management, data analysis, and organizational skills.

 

2. Sales Manager

Med tech sales managers are responsible for expanding the customer base and maximizing sales opportunities. Leaders who can manage a sales team and develop relationships with key health care clients are needed to drive growth within a med tech startup. Pharmaceutical and medical device sales managers must have deep product knowledge and strong communication skills to effectively guide a sales team. Even in lean startups, sales managers are essential to the growth of the company.

 

3. Product Manager

Med tech startup product managers must understand the clinical needs of their marketplace and how to lead innovation within an organization. Product managers are responsible for developing new product concepts and overseeing development with the engineering team. Individuals in this role need to analyze testing and market data to make business decisions, as well as understand strategic opportunities within the health care industry.

 

4. Financial Manager

As startups grow, they must keep a close eye on fiscal progress across the business and show effective leadership as they seek venture capital or other outside funding sources. Financial managers are responsible for forecasting earnings and expenditures while maintaining records to inform investors and the executive team. To be effective, a med tech financial manager needs skills in health care financial management, financial accounting, and finance and value creation.

 

5. Regulatory Affairs Manager

Med tech startups must be able to quickly shift strategy to align with regulations and market needs. Regulatory affairs managers use their knowledge of health care policy requirements to ensure the startup’s product tests stay compliant with regulations as the industry changes. Their ability to transfer policy knowledge to business functions is in particular demand at med tech companies.

 

As the med tech industry continues to grow, job opportunities for people with advanced business and health care skills will also expand. Capella University’s MBA in Health Care Management can prepare you to take on a leadership role in this growing business sector.

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