Fastest Growing Medical Device Companies 2011

Although medical device companies aren’t growing as fast as, say, healthcare IT companies, it’s still a hot field of medical sales and there are some great things going on, and some great companies to watch.

Medical device companies on Fortune’s List of 100 Fastest Growing Companies:

Intuitive Surgical:  Surgical-robotics firm propelled growth with sales of its proprietary “da Vinci” systems for hysterectomies and prostatectomies

Thoratec :  Manufactures heart pumps for patients with advanced heart failure, increasing their survival rate while they wait for heart transplants.

MindRay Medical International:  Chinese-based medical device manufacturer focused on patient-monitoring and life support, medical imaging, and in-vitro diagnostics.

Edwards Lifesciences didn’t make Fortune’s list, but is a contender.

MassDevice’s weekly checkup provides another perspective, listing some of the companies with recent and significant gains in their stock market values:

1. OPTOS: 1020.00%
2. Cardiogenesis Corp. : 12.45%
3. Vision-Sciences Inc. : 11.17%
4. NMT Medical Inc.: 9.95%
5. Zoll Medical Corp.: 4.97%
6. Pro-Dex Inc. : 4.53%
7. UFP Technologies Inc.: 4.27%
8. Viking Systems Inc.: 4.17%
9. Digirad Corp. : 3.73%
10. Volcano Corp. : 3.57%

These should give you a starting point for your own research into companies you may be interested in working for.  (LinkedIn is a great place for researching.)  You can also check out the Medical Sales Recruiter’s free report on the Top 100 Medical Companies.  There’s a detailed section on medical device companies (although not all these companies are on it).  You’ll get past the standard business revenue reports and get the inside scoop on what it’s really like to work there.

You might notice that the fastest growing companies tend to be a little smaller than the top medical device companies, but there can be advantages for you in that:  Smaller companies can offer more flexibility and independence–but it, like everything else, depends on the company.  Doing your homework isn’t just good for the job interview–it’s good for finding out what you need to know about a medical sales company before you agree to work for them.

But, the very first thing you should do if you’re in the market for a medical sales job is to sign up for my FREE training webinar:  How to Land a Medical Sales Job!

 

Top Medical Device Companies 2011

 

Here’s the latest and longest list of top medical device companies (with annual revenue figures and links to company summaries), from Medical Product Outsourcing:

Top Medical Device Manufacturers

1.	Johnson & Johnson	$23.6 B
2.	Siemens Healthcare	$17.4B
3.	GE	$16B
4.	Medtronic	$14.6B
5.	Baxter International	$12.6B
6.	Philips Healthcare	$11.2B
7.	Abbott Laboratories	$8.4B
8.	Boston Scientific	$8.2B
9.	Covidien	$7.8B
10.	Becton Dickinson	$7.2B
11.	Stryker	$6.7B
12.	B. Braun	$5.8B
13.	St. Jude Medical	$4.7B
14.	Cardinal Health	$4.6B
15.	3M Healthcare	$4.3B
16.	Zimmer	$4.1B
17.	Olympus Medical	$4B
18.	Hospira	$3.9B
19.	Smith & Nephew	$3.8B
20.	Toshiba	$3.7B
21.	Synthes	$3.4B
22.	Beckman Coulter	$3.3B
23.	Terumo	$3.1B
23.	Danaher	$3.1B
25.	Alcon	$3B
26.	Fresenius Medical	$2.9B
27.	Biomet	$2.5B
27.	CR Bard	$2.5B
29.	Varian Medical	$2.2B
29.	Dentsply International	$2.2B

For more research:

Want to keep up with the latest in medical device news?  Medical Devices Today offers a roundup of current happenings among medical device companies, including buyouts, study findings, and new products on the market (great for keeping up with your competitors, too).

While you’re at it, check out these poll results on trends and opportunities in the medical device industry:  according to the results, trends to watch include nanotechnology and combination devices involving drugs and biologics, with the biggest opportunities within neurological, cardiovascular, and orthopedic areas.  When you research companies, check out which ones are involved in these growing areas.

Get the inside scoop on the top 100 medical companies (with a unique section on medical device companies) from the Medical Sales Recruiter.  I’ve put together a list based on the numbers, but added my own comments based on years of experience working and recruiting with these companies.  Then you can find out the latest information and contact hiring managers there on LinkedIn.

Get medical device sales job search help:

Want to break into medical device sales?  It’s an exciting area, but very competitive.  You can stand out from the crowd with step-by-step coaching from the How to Get Into Medical Sales kit.

The “Operating Room of the Future” Looks Like an Imaging Lab

Here’s a video I found on YouTube:  The Operating Room of the Future. It’s a tour of New York Presbyterian’s newest operating room with some pretty cool-looking state-of-the-art imaging equipment from Siemens Healthcare that allows for more minimally invasive procedures.  They’re talking about redefining the role of a surgeon to include, among other things, expertise in information technology.   The surgeon of the future is going to be more of a multi-tasker than ever before, drawing on many more areas of discipline and technology.

 

 

Interested in surgical sales, medical device sales, or imaging sales?  Who are the biggest names out there?  Well, Stryker is a big one, and also on Fortune Magazine’s Top 100 Companies to Work For–although I’ve had a cautionary tale or two about them before.  But they’re also on the list of Top Medical Device Companies, along with names like Baxter, CareFusion, Medtronic, and more.  Don’t forget to check out PHC Consulting’s available jobs list to see the latest openings in this exciting area of medical sales.

Hiring Medical Sales Reps? 5 Tips on Preparing for the Interview

What’s the most important goal for a medical sales manager?  Building a top-performing team.  To do that, you need to hire top-performing sales reps.

But, because sales managers have (usually) not been taught how to conduct a good interview, and often rely on instinct to identify a new hire, they can make mistakes.  The “hunter” they thought they were hiring turns out to be a mediocre sales rep who happened to be a great interviewer and rapport-builder.

How do you avoid hiring mistakes?

1.  Identify what you need.

Your first step should always be to review your current team.  What already works well for your team is very likely to work well in the future.  You can use personality assessments (which are very effective), or look for similarities in experience and education. 

Define your performance expectations for your sales reps, and use them to look for new hires. You have to know what you’re looking for in order to find it.

2.  Make a list of questions to ask.

Once you have your goals in mind, it becomes easier to build a set of questions that will reveal if the candidate can fulfill them.  Having a written list of questions to refer to helps you focus more on the candidate’s responses.

Behavioral interview questions are fantastic for drawing out what a candidate can really do.  How do they handle the competition, look for opportunities,  or deal with setbacks?

Are they continually sharpening the saw?  Have they read any sales books lately?

Most important question: ask them directly how they will achieve the results you need in that position.  (Hint:  if they bring out their 30/60/90-day plan, you have likely discovered a winner.)

3.  Tailor your interview to the candidate.

Just like candidates should target their resumes to highlight why they’d be a good fit for the job, you should read the resume closely in order to determine strengths and weaknesses that can help you create your interview questions.

3.  Know what you’re willing to be flexible about.

Are you willing to take a candidate with less experience but the right background/personality?

Is your approach to hiring sales reps that you want someone “trainable” or very experienced?

Must that person have experience in medical sales, or are you willing to consider transferable skills?

4.  Know what you can offer to reel them in.

You’re going to have to work a little harder to snag a true hunter.

What salary range can you offer?  What about bonuses/percentages?

Do you have any room to negotiate benefits?

Where are your opportunities for advancement?

5.  Pay attention.

This sounds basic, but it’s just as important that you listen to what a candidate doesn’t say, as to what he does.

Watch body language, and don’t be afraid to allow a little silence during the interview to see how the candidate fills it.

Take notes to refer to later, when you’re making the decision.

Always check references.

And don’t forget, you can always make your your interviews faster, easier, and much more effective by choosing candidates who have been pre-screened and pre-qualified by the medical sales experts at PHC Consulting.

Top Medical Device Sales Stocks – Motley Fool

The Motley Fool’s list of the top medical device companies (in terms of stock ratings, anyway), includes some pretty big companies (Becton, Dickinson, and Co.; Abbott Laboratories; Johnson & Johnson; Medtronic; and Mako Surgical are on the list), and these heavy-hitters usually get the majority of job seekers’ attention.  Corporations do have their perks (networking and exposure to name a couple)…but don’t skip the smaller companies.  Why?

At a company like Johnson & Johnson, for example, you’re going to be one medical device rep out of a thousand.  At a smaller company, you’re one of 35 sales reps (or so).  A ratio like that changes everything.

• That means the VP of sales knows your name.
• Stronger relationships within the company will result in stronger recommendations for you later, when you’re ready to move on.
• Plus, you’ll get more recognition for your hard work now.
• You’re also likely (as in any smaller company) to have more flexibility in your job, and gain a wider variety of experiences.
• In smaller companies, employees tend to wear more hats.  That broader skill-building experience will translate into fantastic benefits later on.

Smaller companies can be great places to build your career, and simply thinking about where you want to go over the long term can inform your “big company vs. small company” decision.

If you’re interested in medical devices, check out PHC Consulting’s job listings, and see what the Medical Sales Recruiter has to say about how to land a job in medical device sales.

Myths of Landing a Medical Sales Job

Medical sales jobs (and especially medical device sales jobs) are notorious for being difficult to get into, and most people assume that it’s impossible for candidates who are right out of college.   While it’s true that competition for these jobs is fierce, it’s a myth that you can’t land a position as a new graduate.

How?

Watch today’s video to see your best strategy for landing a medical sales job, whether you’re a new graduate or an experienced candidate ready to transition into medical sales:

Learn everything you need to know about landing a job in medical sales, even if you have no experience, with this step-by-step plan:

How to Get Into Medical Sales

Business Automation/Integration Audio – It’s Like the Jetsons

Did you ever wish you could clone your top-performing sales reps?

Listen to this absolutely fantastic audio of my interview with Peter Williams, Chief Strategic Officer at Bamboo Technologies, and Director of Global Sales and Marketing at Bamboo Network Ltd., a small international technology company doing some very big and exciting things in using the most cutting-edge technology to manage and measure their sales force.  (He also provides innovative IT consulting on an international level…and the list goes on–check out Peter Williams’ LinkedIn profile to learn more about him.)

His company uses an interactive, incredibly versatile GPS system integrated with their customer management system that functions as a virtual assistant–or a virtual manager. (How would you like to have it call a taxi, call your next client to let them know you’ll be late, or tell you what your next best step is?) It’s the closest you can come to automating your sales process (while still keeping the human element)–resulting in a bigger profit margin from the increased productivity and efficiency.

His company has achieved incredible growth using this technology, and he discusses this in detail. I hope you enjoy hearing it and can take away a solution for your own sales force.

What do you think? Are you fascinated? Is it too “Big Brother”? Do your sales reps need more autonomy, or does a system like this fulfill your wildest wishes for maximizing your sales force? Let me know in the comments below.

Medical Device Sales Job Search Tip – What Have You Done to Prepare For Your Interview?

You might be surprised at how little time many health care sales candidates invest preparing for an interview. Then again, you might be even more impressed with how much time other medical sales candidates do invest preparing for an interview.  But the bottom line is, you probably would not want to attend an interview without being as well or better prepared than the individuals that you will be competing with for a given role–especially if you’re trying to land a position in the extra-competitive field of medical device sales. How do you ensure that you are clearly the most-prepared candidate? Read along and you will find out.

A medical sales job interview begins long before you step in front of the interviewer. Wise job seekers will prepare with this in mind. Some important steps to take on the journey to your interview are:

• Research the company. Know about finances, product plans, recent news, noteworthy executives, physical locations, operating challenges, the range of products, pricing, typical sales processes, operational approaches, and anything else you can find out prior to stepping into the room.
• Make the best possible physical impression. Rehearse what you will do if invited to a meal. Refresh your basic etiquette points. Have your hair, nails, suit, shirt, shoes, belt, etc. in the best possible condition – everything pressed, cleaned, trimmed, shined up and ready to go.
• Know the route to the interview. Plan for traffic issues. Ensure you arrive early and are not pressed for time. This is not a time to arrive anxious.
• Spend time rehearsing the interview. Try to anticipate questions. Develop fully your thoughts on various issues impacting the company. Look at the financial, local, and global news to see if issues may be pertinent to this business. Be aware of macro economic and technological trends that may be important to the this business either for future course or already driving action.  Work with an interview coach to role-play questions.
• Have your 30/60/90-Day Plan plan ready to go. Ensure you are prepared to take control of the interview and set it on a course where your profitable value to this company is clear and well-defined.
• Network. Reach out to contacts, check blogs, and try to get the inside story on what is happening at your prospective company. Be prepared to be conversant on these points.
• Have a plan to follow up once you leave the interview. Write appropriate thank you notes and email them quickly (try not to use your phone, though). Be sure to say a kind word to the receptionist, the assistant, and other folks you may meet. Be clear about any post-interview actions you may have. Ask your references to follow up reassuring the hiring manager that you are a great fit.

As you can see, an interview is a major event that should be supported with a full range of well-considered actions providing the best possible likely endpoint–your hire.

Medical Sales Managers: Hiring the Right Employee Could Be the Key to YOUR Career Success

Top Medical Device Companies in 2010

Here’s another great example of why you need to be active on LinkedIn:  it’s a tremendous resource for medical device industry stats.  I recently asked about what were the top medical device companies by revenue or employees (I love my LinkedIn groups!).  I got some interesting answers and wanted to share them with you.  (Of course, it’s a little different than the list of the Top 10 Medical Device Companies from last year.)

This is from one outstanding contributor:

Using the NAICS code for Medical Equipment and Supplies Manufacturing, Hoover’s lists the following top 10 in terms of revenue:

United States Surgical Corp.
Boston Scientific
Becton, Dickinson and Co.
Stryker Corp.
CareFusion Corp.
Zimmer Holdings
Synthes Inc.
Medline Industries
C.R. Bard
Biomet

And in terms of employees:

Fresenius Medical Care Holdings
Becton, Dickinson and Co.
Tyco Healthcare Group
Baxter Healthcare Corp.
CareFusion Corp.
Teleflex Inc.
Guidant Sales Corp.
Mallinckrodt Inc.
C.R. Bard Inc.
Dentsply Intl.

And this is from another, who broke it down into medical instruments/supplies companies and medical appliances/equipment companies:

Here are the top 10 medical instruments/supplies companies by revenue:

Baxter International Inc. Commo [BAX] $12.6 B
Covidien plc. Ordinary Shares ( [COV] $10.9 B
Boston Scientific Corporation C [BSX] $8.2 B
Becton, Dickinson and Company C [BDX] $7.4 B
Stryker Corporation Common Stoc [SYK] $6.7 B
Alcon Inc Common Shares [ACL] $6.5 B
CareFusion Corporation Common S [CFN] $3.7 B
C.R. Bard, Inc. Common Stock [BCR] $2.5 B
Teleflex Incorporated Common St [TFX] $2.2 B
DENTSPLY International Inc. [XRAY] $2.2 B

And the top 10 medical appliances/equipment companies:

Medtronic Inc. Common Stock [MDT] $15.1 B
St. Jude Medical, Inc. Common S [STJ] $4.7 B
Zimmer Holdings, Inc. Common St [ZMH] $4.1 B
Smith & Nephew SNATS, Inc. Comm [SNN] $3.8 B
Varian Medical Systems, Inc. Co [VAR] $2.2 B
Kinetic Concepts, Inc. Common S [KCI] $2.0 B
Invacare Corporation Common Sto [IVC] $1.7 B
Hologic, Inc. [HOLX] $1.6 B
Edwards Lifesciences Corporatio [EW] $1.3 B
STERIS Corporation Common Stock [STE] $1.3 B

These lists can be great resources when you’re looking for a medical device sales job.  But don’t just choose a company based on revenue or size.  Each company has its own advantages/disadvantages.  Bigger companies can be very stable and provide many opportunities to move up the ladder, as well as offer excellent benefits, but can be too-big bureaucracies that micromanage their sales reps.  Smaller companies can offer more flexibility and independence, but can be regarded as less stable than a big company (but that’s not always so).

Would you like more information?  Check out this free report on the top 100 medical companies (with a unique section on medical device companies) from the Medical Sales Recruiter.  I’ve put together a list based on the numbers, but added my own comments based on years of experience working and recruiting with these companies.  It’s the inside scoop.  And don’t forget to use LinkedIn on your own as a resource.

Click here to find out who’s hiring in medical device sales.

If you are trying to transition into medical device sales, please check out the How to Get Into Medical Sales kit for step-by-step coaching through the process of landing a medical device sales job.

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