This time last week we woke up to the news that the UK had voted to leave the EU. There is no doubt Brexit has caused panic throughout the UK and Europe and many people are worried about the ramifications on the industry they work in.
So what about the effect on recruitment within the medical technology industry? Let’s focus on the positives amongst the panic!
If you work in the medical technology industry the outlook looks reassuring! There are plenty of encouraging factors to reassure the job market here. First is that share prices across medical technology companies seem largely unaffected by Brexit in fact Credit Suisse has Med Tech up 6% which is the highest positive increase post Brexit. Stryker’s shares for example, were at a high of $116.99 on 20th June and steady at $116.17 on the 28th June. Medtronic shares were at a similar steady rate with highs of $84.29 and $85.34 over the same dates.
I know also from personal experience that the healthcare industry as a whole tends to continue to do well during a recession or similar uncertain times with other industries like construction, travel and finance often taking the biggest blow.
This is reassuring news for permanent workers and a prosperous industry keeps contract work steady too with interim work only serving to increase in businesses facing uncertainty, to provide short term cover. Randstad recruitment reported 25 per cent of the professionals it asked during Brexit hysteria were still using contractors across the overall job market to fill jobs in the short term.
As for the effect on the technology itself; the Brexit vote appeared to be more about personal and people issues like immigration and independence rather than of technology, product purchases or regulatory (RAQA) agreements itself. However, with CE Marking comes a potential hurdle with a Swiss style mirrored system the most likely and easiest scenario which is likely to increase the need for contractors in the RAQA arena in the short to mid term. Let’s not forget other given positives like a weaker pound making it easier for British medical device companies to export.
Though I doubt the NHS will quite get the total sum promised in Brexit campaign propaganda, there will be pressure on the government to redirect money to the NHS which could only appear beneficial to the med-tech industry that serves it.
The overall consensus is that medical technology jobs and the industry as a whole is very likely to keep afloat of Brexit. Not only do we work in an industry that improves and saves lives across the globe….it’s a good one to work in right now!
What other positive reassurances do you see for jobs in the medical technology industry following Brexit?
Tim Lawrie, Founder and Managing Director at Projectus Consulting
If you considering a change from your current role or would you like to work in medical technology recruitment, get in touch!