Recruiting executive leadership within the MedTech industry, I’ve seen a slight improvement in female diversity across the industry over the years, but there are still many challenges faced. I recently read a Women in Leadership article by Rebecca Lin, which dives into the lack of women in leadership positions within the MedTech industry, with some companies still reporting no women in top leadership positions, which inspired me to write this blog today, and discuss what you, as an executive leadership team, can do to help.
Women hold 23.6% of executive leadership roles at the largest medical device companies in the world, according to an analysis of Medical Design & Outsourcing‘s latest MedTech Big 100 ranking of the top companies by revenue. To compare, within the hospitals and health care industry, women hold 42% of executive leadership roles, and even better, 43% of education roles. So why is it that these statistics remain so low and why is it important to promote diversity across these positions?
Through my own experience, women’s participation in the medical device industry has been gradually increasing. Women are well-represented in various roles, including research and development, regulatory affairs, quality assurance, and marketing. However, their representation diminishes significantly in higher-level positions, such as executive leadership and board memberships. In engineering and other technical roles critical to the development of medical devices, women are underrepresented. This mirrors the broader issue in STEM fields, where women have historically been a minority.
In terms of more executive-level roles in which I recruit, while there have been notable female leaders and entrepreneurs in the medical device sector, the proportion of women in C-suite positions (CEO, CFO, CTO, etc.) is lower compared to their male counterparts. This is slowly changing as more companies recognize the value of diversity in leadership. Female representation on the boards of medical device companies has been increasing but still does not reflect the gender distribution in the wider population.
Why should diversity hiring be your priority?
When teams are diverse, they bring a wide range of perspectives, experiences, and ideas to the table. Women, who may have different life experiences and viewpoints, can contribute unique insights that can lead to more innovative solutions in the medical device industry. For example, women may bring a different approach to product design, usability, and patient experience, leading to more user-friendly and effective medical devices.
Women also make up a significant portion of the healthcare workforce and patient population. Having women involved in the development and design of medical devices ensures that the unique needs and preferences of female healthcare providers and patients are considered. This can result in medical devices that are more inclusive, effective, and responsive to the needs of all users.
Challenges
In 2021, I conducted multiple interviews with senior female leaders as part of Invenia Group’s ‘Female Leaders: Inspiring Together’ series, to inspire and support women to become future leaders in their respective industries. While conducting these interviews, I had the opportunity to find out the barriers these women faced when it came to their success. A lot of these women experienced imposter syndrome and the ‘glass ceiling’ throughout their careers and the battle between a balance of work and home life.
“Try to manage time for yourself, for your goals, and try to find time to think about new ideas. Otherwise, you get eaten up by both sides, private and professional, and you need to save time for yourself to develop.”
Marie-Jeanne Landre quote from our Women Revolutionizing interview.
Imposter syndrome affects 75% of women in their lifetime. Women are 35% less likely than men to negotiate offers and are less likely to apply to a role unless they meet the majority of the roles criteria. This imposter syndrome is said to deplete with age, with the graph below highlighting the increase with time.
(reference: Rebecca Lin’s article)
Balancing career demands with personal life can be a challenge, especially in industries that require extensive time commitments for product development, clinical trials, and regulatory approval processes, so work-life balance proves a huge reason for this lack of diversity.
Despite progress, implicit and explicit biases continue to affect women’s career advancement and opportunities in the medical device industry. The gender pay gap is a persistent issue across many sectors, including the medical device industry, where women often earn less than men for comparable roles and responsibilities.
So how can we improve?
When hiring for your team, consider role benefits and culture benefits that appeal to both men and women. Keep to neutral advertising and diverse hiring processes and increase the representation and exposure of women and diversity within your organisation.
Many companies are implementing more robust diversity and inclusion policies to create a more welcoming environment for women and other underrepresented groups. This is in terms of educational outreach as well. Efforts to encourage girls and young women to pursue education and careers in STEM fields are crucial for increasing female representation in the medical device industry in the long term. Through mentorship and networking, programs are created and designed to support women in the medical device industry, including mentorship schemes and networking events, helping to encourage and retain female talent.
Encouragingly, the industry’s growing recognition of the value of diversity and inclusion promises further improvements in the years to come.
Are you a medical device company looking for talent? Or maybe you’d like to learn more about our recruitment services? Head over to my specialist executive search page to learn how our medical device experts can support your growth.
