Last year may not have been a blockbuster one for medical device makers, but the industry posted steady gains in jobs, according to a new report from EP Vantage.
The analysis of nearly 100 small and large medtech companies found that jobs increased, on average, across the board. A closer look at the top 15 device makers found that jobs increased 6% overall and only 3 of the titans reduced their total headcount during the year, 2 of them by spinning out their pharma divisions.
The gains are good news for the industry, which faced some major headwinds in 2013, including the onset of the 2.3% medical device tax.
Divestments and acquisitions drove much of the changes in workforce during the year, according to the report. Baxter (NYSE:BAX) grew the fastest during the year, due in large part to the $3.9 billion acquisition of Gambro contributing to a total growth rate of 20%.
Intuitive Surgical (NSDQ:ISRG) was the 2nd top hirer, owing entirely to new hires. Despite a year fraught with negative headlines, the company added 28 new salespeople in 2013.
"There were a few eye-catching acquisitions and divestments in 2013, but overall, medtech companies increased their headcount slowly and steadily," author and EP Vantage medtech reported Elizabeth Cairns said in prepared remarks. "The trend towards pharma spin-outs means large medtech is getting purer. And with several mega-mergers underway, we can expect to see much more drastic changes in device makers’ headcounts in the coming years."
