The IVD marketplace is comprised of companies that offer testing/diagnostic solutions for Pharmaceutical development companies, Healthcare Physicians, and patients themselves to help diagnose and uncover certain disease states.
This has been become more prevalent in recent years from a social perspective to reduce overall population disease incidence, but also from an economical perspective. The financial burden on individuals themselves and private/public healthcare providers yields a heavy cost to treat diseases which could be otherwise be diagnosed much earlier.
This preventative approach results in lower overall healthcare costs and improved patient outcomes. Therefore, there has been an overwhelming investment to innovate this marketplace to make these diagnostic solutions more readily available for all parties involved.
To achieve this, the IVD market has become a very dynamic environment, with M&A, R&D breakthroughs and IPOs frequently being announced.
Companies that operate in the diagnostics industry have recently become much more sophisticated in their development efforts. Testing for Diabetes was a huge leap in diagnostic capabilities, but decades later, now due to the heavy investment in forward thinking innovation, the industry is able to create personalised medicine solutions based on genetic data to identify markers for the likelihood of developing some of today’s most pressing conditions, such as Anxiety and Depression.
The impact this has had on the population as a whole is extremely positive, and therefore something that should continue. To facilitate that, the industry needs to pay close attention to the talent pool that are working on these crucial developments.
At New Era, we understand the complexities involved in transitioning from a research focused operation to a commercial outfit. This is paramount in actually getting these cutting-edge technologies to the patient so that the benefits are realized.
With commercialization of a research-based organization being a capability that is essential in reaching profitability and further product development, companies going through this transition need heavily experienced industry experts.
These individuals will have already navigated the complex roadmap involved. Managing the overall organization requires operational excellence experience as the backbone to support the commercial efforts.
The commercialization itself requires a leader who understands the regulatory and reimbursement challenges that come with taking an IVD product to market.
What’s more, increasing awareness of the product itself needs a strong marketing team, and maximising the benefits to the population overall demands a commercial leader with experience building direct and indirect sales channels, along with hiring and motivating strong commercial teams, both nationally and internationally.
Whether you’re going through an M&A, international expansion, or building out services in diagnostics development, manufacturing, logistics, or anything in between, we understand the nuances of what is required to add value to your business through well thought out critical hires.
Want to know how New Era can help with your next strategic hire? Get in touch today
Looking for your next career move in the industry? Get in touch to see how we can help.