Insights on MedTech
By Damon Chee and Adriale Pang
Discovery+ is a series of online industry panels which gives students the chance to interact with working professionals and learn about the careers they aspire to enter. These panels provide youths and working professionals with the opportunity to better understand industry trends, hear first-hand perspectives from industry professionals, and gain valuable advice on entering or navigating these industries.
On 19 November 2024, Advisory hosted Discover+: MedTech, the 89th edition of the Discovery+ series. Speakers on the panel included:
- John Eng (Moderator), Vice President, Healthcare Division, Singapore Economic Development Board (EDB)
- Amy Cheng, Director of Project Management, ResMed
- Feras Mahdi, Partner, L.E.K
- Jowyn Goh, Director, Asia Digital Commercial, Smith+Nephew
- Yikbin Lee, Vice President, R&D, WSAudiology (WSA)
There were 164 attendees, including students at various levels of education with a desire to know the different career paths in MedTech, and how to best position themselves for such roles.
Below are some key points shared during the session:
What does the MedTech sector look like in Singapore?
General jobs in the MedTech sector consist of sales and marketing, procurement, supply chain, human resource and finance, while more specialised roles deal with medical device manufacturing. Some examples include gene chips, pacemakers and valves, lenses, and hearing aids. Singapore manufactures 80 percent of the world’s gene chips – which consist of microscopic DNA attached to a solid surface. 10 percent of the world’s lenses are also produced in Singapore.
The manufacturing output of MedTech firms in Singapore amounted to S$19 billion in 2022, with an employed population of 16,000. This figure has grown substantially from S$3 billion 15 years ago.
In the MedTech sector, companies have also strengthened research and development (R&D) capabilities to complement their manufacturing options. For instance, companies such as WS Audiology conducts R&D for their hearing aids and manufactures them here. In total, 20 percent of hearing aids used worldwide are produced in Singapore.
Other than working with large corporate enterprises, Singapore is also looking to cultivate local start-ups, with 400 companies in operation as of 2022, a ten-fold increase from 40 in 2010. This benefits large corporations as start-ups provide a source of innovation, and firms such as Johnson & Johnson have set up a global network of innovation labs called JLabs to partner with them.
What does your role in a MedTech company entail?
There are a multitude of roles available in the MedTech industry. For example, the engineering department is responsible for introducing new products and maintaining existing ones in the market. Those in regional marketing and business management roles drive sales and marketing processes for the company.
What motivated you to join the MedTech industry?
The desire to design products that can impact people’s lives was a key motivator.
New items are launched in the MedTech industry every few years, which is a much faster pace than the development and sale of drugs in the pharmaceutical industry. It is invigorating to work with capable people sharing similar goals, along with a common interest to serve the human population. Also, consumers are monitoring their health more proactively, and healthcare professionals are engaging with them more often.
What does a typical day at work look like?
Project managers are tasked to deliver products to their patients on time. In project management, one needs to manage different departments while keeping in mind the company’s timeline and resources, along with the scope of the project. As each project presents its own set of challenges, a project manager needs to understand the risks and challenges of the assignments they undertake.
Colleagues in the digital transformation department spend time on meetings with overseas country managers to design digital engagement plans for healthcare professionals. Meetings in the afternoon would involve strategy discussions and stakeholder management, while other tasks include responding to emails. Teamwork and collaboration is required to be a successful employee.
In the R&D department, about 200 people work on numerous projects simultaneously, where the challenges and problems faced by the team differ across projects. Some of these are escalated to those in managerial roles who would then provide guidance to their juniors on how to analyse and solve these problems.
The timing to launch a new MedTech product, and the markets to prioritise their launch are issues which a MedTech consultant addresses daily. The team brainstorms ideas and looks at data to craft reports for their clients. To keep abreast of latest developments in the MedTech scene, team members are required to attend conferences to understand issues, such as the possible impacts of geopolitics in the healthcare industry.
What are your hopes for the MedTech industry?
MedTech is a promising industry, and these positive sentiments are brought about by technological advancements and adoption of digital tools by patients. Now, doctors can monitor their patients remotely through smart watches, and patient care can occur outside the hospital.
Artificial Intelligence (AI) is also increasingly used to predict health and medical statuses of patients, leading to faster diagnostics and recovery.
Also, information generated by MedTech products include 30 percent of data generated worldwide, of which 97 percent are inaccessible. Businesses should think of ways to unlock and harness insightful data from their products.
The demand for hearing aids is also set to rise with an ageing population. About 1.6 billion people worldwide suffer from hearing loss annually. However, only 20 percent of patients have access to hearing aids. This lack of access presents opportunities for MedTech companies to enter the market and provide medical items for people who require it most.
Conversely, what challenges do you foresee for the MedTech industry?
One such challenge would be the competition between pharmaceutical firms and MedTech companies, with the former offering their products to treat patients previously relying on MedTech equipment. The MedTech industry should be aware of these threats and look for ways to turn them to opportunities, such as partnering with businesses to develop products that benefit their patients.
It is worth noting that wearable technology such as earbuds and Airpods can also function as hearing aids with improving technology, and may pose strong competition to firms selling hearing aids. In addition, stigmas in wearing hearing aids continue to persist today which can deter patients from using them. With these concerns and customer-centricity in mind, WS Audiology designs and sells over-the-counter hearing aids that resemble earbuds to dispel this stereotype, and compete with companies selling wearable technology.
Another potential challenge faced by the MedTech industry is de-globalisation caused by the relocation of manufacturing firms to local markets. This can present an opportunity for Southeast Asia to expand their manufacturing capacity in MedTech, where manufacturers tap into their local markets, or the growing ageing population in Japan and China to sell their goods.
In the MedTech industry, what kind of career progression can a fresh graduate expect?
There are a variety of roles available in the MedTech industry, so career progression will look very different across career paths. Some may be involved in R&D, while others may be in roles related to commercialisation, sales, marketing, regulatory compliance, regional operations, and more.
Nevertheless, there are inherent similarities amidst a fresh graduate’s career progression. Most MedTech MNCs already have a well-structured training programme in place. This will help fresh graduates achieve a soft landing, and successfully transition them from a well-protected school environment into a dynamic workplace where there are more risks and opportunities.
For example, these MNCs may pair new hires up with their older colleagues, so that they can ask questions and receive the guidance that they need. An example would be new hires learning from their older colleagues how to use computer-aided design modelling and product life cycle management software that the company has adopted.
After a few years in technical work, MedTech companies may require fresh graduates to helm roles in people management. The ability to manage co-workers and lead teams will set one apart from other employees, and lay a career path with more progression. However, the onus is ultimately on an individual to invest in themselves to develop their interpersonal competencies.
How is generative AI (Gen AI) changing the MedTech industry? How will the MedTech sector in Singapore embrace this?
Contrary to popular belief, Gen AI and large language models (LLMs) pose less significant threats to the MedTech industry. Instead, other AI algorithms, such as those that are able to analyse images, X-ray scans, CT scans, and MRI scans to diagnose diseases, may have a larger impact on the sector. One such product is the GI Genius™ intelligent endoscopy module which uses AI to help the doctor detect colorectal polyps. These are lumps of cells in the colon that may be too small to be detected during regular check ups and may become cancerous if left unattended.
These algorithms can predict deterioration in patients’ bodies, and ensure timely medical intervention, thereby improving health outcomes and reducing costs. Other than AI algorithms, big data analytics can also provide medical recommendations to surgeons, increasing the likelihood of patients’ recovery.
Patients now have greater access to health apps on their smartphones, right from the comfort of their homes. LLM-based chatbots can answer some of their questions, and even assist them with insurance claims, enabling a recovery process centred upon patients.
It is challenging for governments to regulate AI as it is still evolving rapidly. Singapore is still in the process of studying how new AI products impact various industries before introducing regulations, so as to avoid overly stifling innovation.
What advice do you have for students who wish to land a job in the MedTech industry?
Students can reach out to MedTech companies and the career centre of their schools for internship opportunities. Use the internship to get a taste of what it is like to work in the industry, and thereafter decide whether it is suited to their strengths and interests.
Having some knowledge of coding languages like R and Python before joining the industry will be beneficial in the long run. Also, knowing how to use data analytics software will improve career prospects, even as LLMs can help with some tasks.
Individuals need to be able to think systematically and communicate their ideas effectively. In the workplace, we see that some senior engineers are great at technical work, but struggle with communicating their ideas. Thus, one should learn from their colleagues who have the confidence to speak up, deliver presentations to large audiences, and tell good stories.
Say “yes” to opportunities, responsibilities, and challenges that are offered. Have a “can do” attitude, demonstrate adaptability and a hunger to learn. It is also crucial and important for an individual to be clear of their own strengths and opportunities for growth.
The first job in the MedTech industry may not necessarily hinder the career progression of an individual as they can navigate to other roles in the industry. For example, starting in a project management role can help one gain a broad understanding of the entire MedTech ecosystem. Whichever role one lands themselves in, the need to work hard and prove themselves remains.
Fresh graduates from all disciplines can consider taking up a sales role. This frontline role will challenge individuals to handle rejection by potential customers, and push themselves to develop resilience and interpersonal skills. Future employers will appreciate their ability to lead others, if they develop these skills early on in their career.
How do you prioritise different projects?
Oftentimes, the team works on multiple projects at once. Hence, there is a need to prioritise resources. One consideration is the dollar value of the project — how much revenue this project brings in for the company, and the scale of its impact. Another consideration is regulatory compliance — when the government enforces new standards, the team has to ensure compliance within a specific timeframe.
There are also instances where company strategy informs the team that they should prioritise a particular product which may not produce success in the short term but could likely reap long-term gains. Prioritising the correct product thus ensures that the company stays ahead of their competitors.
What are the main differences in quality assurance and regulatory compliance, between the MedTech industry and the pharmaceutical industry, especially given that the line between the two industries is increasingly being blurred?
Quality assurance is carried out differently in the two industries. Drugs usually come with a brochure detailing what healthcare professionals and users should take note of when consuming the product. On the other hand, MedTech companies may have to work with hospitals to ensure that the surgeons are trained to install the devices correctly. As long as a product enters a patient’s body, there will be stringent regulations in place by the government.
Some MedTech devices are non-invasive and do not require surgery, and these may receive approval from regulators within a year. Other classes of devices that are more invasive may require more time to be approved for sale and implantation.
Some medical devices can be deployed in countries like Singapore and New Zealand without clinical trials on the local population, as long as they have received approvals in the USA and the EU. This helps businesses avoid unnecessarily duplicative regulatory barriers.
Most countries have strict regulations that impact how pharmaceutical manufacturers market their products. This also explains why we seldom see advertisements for drugs in our television commercials, magazines, and MRT stations. Instead, manufacturers may be limited to advertising their products solely to healthcare professionals, and are not allowed to sell directly to the general public.
Is it difficult to pivot into the MedTech industry for a mid-careerist?
There is no one specific technical skill set that is needed for people in their mid-career to pivot into the MedTech industry. Precisely because the MedTech industry covers many different functions — design, sales, marketing, R&D, project management, supply chain, regulatory compliance, quality assurance — as long as individuals possess transferable skills, entering the industry shouldn’t be a major concern.
For example, we have colleagues who transitioned from the shipping industry into a logistics and supply chain role in the MedTech industry. There are others who switched from FinTech or Consumer Tech into the MedTech industry. Previously in the role of software engineers, these people are now using GenAI to build smartphone apps to accompany medical devices.
Transferable skills can be further illustrated using a variety of examples. A practising physician can transition into consultancy because the general methodology of problem-solving is still relevant in the new role — distill the problem at hand, formulate hypotheses on why the problem is occurring, test them, and adjust interventions if needed.
Another example is how a MedTech professional developed his ability to listen and put people at ease, by spending five years working as a barber, before pursuing his degree in clinical psychology. The skills of empathy and communication developed as a barber gave him a unique edge over his competitors in the MedTech industry.
There are many opportunities for people in mid-career to pivot into the MedTech industry, and there are colleagues who can assist in bridging knowledge gaps, so that one can transition without an abrupt shock. However, it is crucial for employees to leverage their transferable skills and highlight their strengths in order to land a job in the sector. They also need to demonstrate their willingness to learn and embrace a positive attitude.
People are living longer, and if one is a mid-careerist, their career will probably still run for quite some decades. If an individual wishes to switch to a different industry, go for it.
We are currently living in the age of AI, and some jobs will disappear. It is advised not to be too comfortable as individuals can never be sure if their jobs will still be available in the future. Therefore, employees should get ready to re-tool, re-skill, and upskill as much as possible.
How in-demand are data visualisation and business machine learning skills in the MedTech industry today?
These skills are high in demand. All employees had to learn how to use Power BI by Microsoft and Tableau by Salesforce as they have numerous functions in sales forecasting.
Across the industry segments (e.g. life sciences tools, implantables, eye care, medical equipment, medical supplies), and across the value chain (e.g. R&D, manufacturing, commercial operations), the entire industry is looking to hire people skilled in data analytics and machine learning.
Why should one consider a career in the MedTech industry? What are some parting words of advice for our youths?
MedTech allows one to manufacture products which make a real difference in people’s lives.
One of the most fulfilling moments in my career was during the Covid-19 pandemic. My company and I supplied patient monitoring devices to developing countries in dire need of medical equipment. This allowed healthcare workers to care for their patients without getting infected by the contagious disease.
Although our companies are for-profit, we in the MedTech industry need to remind ourselves that our products are for the good of people. This is why, right at the start of any sales pitch, before diving into the details, I make it a point to emphasise that our priority should be the patients and their lived experiences.
Healthcare is very personal to all of us. When a loved one goes for surgery and recognises the brand of the equipment used, employees of these MedTech firms may feel a sense of satisfaction that their work does matter after all.
If one enjoys innovation and is interested in making a positive impact, MedTech is a good option as a career. The MedTech industry is a tight-knitted community where industry players know one another, engage in good-spirited competition, and work together to improve people’s health.
There are many steps for a product to reach patients after leaving the R&D lab, and in this long value chain, there exists many job functions that hold great meaning, whether it be regulation, market access, public health, or public policy amongst many others.
MedTech is a sector where one can look forward to personal development and growth. All of us have realised personal growth after spending years in this industry. We make a positive impact on patients across the world, and it is a good livelihood for ourselves too.
A piece of parting advice for fresh graduates: it does not matter what role one takes on as their first job. Individuals can pick up valuable skill sets in any role. More importantly, join an institution that provides a sound training programme for new hires, or find a mentor who will support and help them grow in their career.
As previously mentioned, it is also important for an individual to be aware of their interests because these will keep them going, whatever role they take up.