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 need qualified candidates to take on key roles within the organization. Here are five different positions med tech companies might need to fill as they grow.
Director of Operations
As med tech startups develop, they often 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.
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 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.
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.
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.
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.
Capella University’s online MBA in Health Care Management can help \prepare you to pursue a leadership role in this fast-growing business sector.