May 4, 2015
Women in Medical Tech Careers; Tips for success
By Kathryn Stecco, MD
It’s not been easy for women to break into the male-dominated business of developing medical technologies. In fact, women have scarcely made a dent in most technology companies, where they tend to work in public relations, administration and human resources rather than in the engineering jobs that typically pave the way to executive positions. Additionally, women lag even more as founders of technology start-ups. A 2013 study1 found that only 3 percent of technology companies are started by women. Why is this? Is the venture capital community less hospitable to women? Are women are less comfortable with the risks of entrepreneurship?
My philosophy is that gender is irrelevant when it comes to work ethic, intelligence and mental toughness. And from my perspective, women are catching on. They are starting businesses in greater numbers than ever before — and succeeding. According to the 2013 study, private technology companies led by women are more capital-efficient, achieve higher return on investment and, when venture-backed, bring in more revenue than male-owned tech companies.1
In my view, women with a combination of imaginative thinking and a willingness to incur risk can be successful in careers in developing medical technologies. They can find the freedom that comes from working for themselves and the flexibility to forge their own trail.
With the healthcare industry undergoing enormous change and growth, careers in developing medical technologies offer opportunities to improve the delivery of healthcare and outcomes for patients.
My suggestions to women considering entrepreneurial initiatives in medical technology include the following:
- Solve a Big Problem with a Big Idea
A new business must start with a smart and powerful idea for a product or service that fills a real unmet need.
- Go After a Practical Solution with Both the Physician and Patient in Mind
Focus on products that are safe, effective and easy to use for both the physician and patient. If the product doesn’t work for the physician, they won’t use it. The product must produce meaningful clinical data that speaks for itself.
- Get Out in the Field and Build Relationships with Clinicians
No matter how well-conceived and designed your product or how impressive your patents, physicians will have the last word on the usefulness of your product. They are vital to your success. Medical entrepreneurs must be out in the field developing ties with physicians and getting their input early in the design process.
- Be Flexible and Nimble
Assume you might need to shift gears in the development process. Beware of becoming so enamored of an idea or a product that you fail to see the real likelihood of it succeeding in the marketplace. You must have the flexibility to move on to something else when changes in the environment cause the ground to shift under your feet and your plans to be upended.
- Love the Process!
Focus on the positive. Don’t get bogged down in what doesn’t work. Take in the information, adjust and then move on to the next thing. Winning entrepreneurs make adversity the energy that fuels their creativity. They thrive on the long working day, unpredictability and the rush that comes from creating something important and valuable.
There are many options open to women with a medical background and an interest in technology. Consider working at a small start-up or in a large corporation. Conversely, you can pursue the goal of becoming a chief medical officer or even seek a position in finance or law. The enormous changes in our healthcare system are creating new opportunities for women to succeed alongside of men. And if you don’t like what you see in the job market, go start your own company!
Kathryn Stecco, MD, co-founder and chief medical officer of Panthera MedTech, has more than 15 years of experience as a surgeon and consultant to medical technology start-ups. Panthera MedTech is a partnership that focuses on founding new companies in the areas of mobile health, medical device, biotechnology and health information technologies.
References:
- “Women in Technology: Evolving, Ready to Save the World,” 2013, Vivek Wadhwa and Lesa Mitchell
http://laboratory-manager.advanceweb.com/Columns/Leadership-Outlook/Women-in-Developing-Medical-Technology-Careers.aspx