Bridging Borders: Lessons from Establishing a Medical Cryogenics Business Across Two Continents
At Collingwood Executive Search, we have been supporting start-ups and SMEs in the medical, medtech, and medical devices sectors for nearly 27 years. Our experience recruiting globally across 35 countries and our integral talent mapping service allowed us to provide the client with critical insights that shaped their market entry strategy. This article delves into the lessons learned and key takeaways from this project.
Introduction
The medical cryogenics industry is a niche yet crucial segment of the healthcare sector. In Spring 2024, an Asian investment firm approached Collingwood Executive Search with the objective of setting up a new medical cryogenics business in India and Canada. They required a strategic partner with extensive experience in medical devices recruitment to help them navigate the complexities of global talent acquisition, remuneration structures, and recruitment best practices.
Understanding the Medical Cryogenics Market
One of the first steps in our engagement was to conduct an in-depth analysis of the medical cryogenics market. Through our research and discussions with industry professionals, we identified the following key trends:
- Market Dominance by Established Players
The medical cryogenics sector is primarily controlled by two major players who have well-established operations in most geographical markets. Breaking into this space required our client to present a compelling value proposition that differentiated them from the incumbents.
- Technological Evolution in the Sector
A significant observation was that much of the technology used in medical cryogenics is outdated. However, the industry is now witnessing a wave of modernisation, with new technologies being adopted to improve efficiency and effectiveness. This presented a timely opportunity for our client to introduce innovative solutions and capitalise on the market's growing demand for modernised equipment and systems.
- Talent Disengagement Among Sales Professionals
A notable trend was that many seasoned sales professionals in the medical cryogenics industry were experiencing stagnation. Many had already conquered their markets and were seeking fresh challenges. This insight proved invaluable, as it allowed us to position our client's opportunity as a dynamic and exciting career move for top-tier sales talent.
The Recruitment Process and Key Challenges
Our engagement focused on building a robust and effective recruitment strategy that would enable our client to attract and secure the best talent. The key areas we addressed included:
- Talent Mapping and Market Analysis
We provided our client with a comprehensive talent mapping service, identifying all relevant potential candidates in their target markets. This allowed them to gain a clear understanding of the available talent pool, including experience levels, skill sets, and compensation expectations.
- Designing an Engaging Recruitment Process
We advised on structuring a recruitment process that was both enticing and effective. Given the competitive nature of the medical cryogenics industry, it was crucial to craft a candidate experience that not only assessed candidates thoroughly but also engaged them in the company's vision and growth plans.
- Identifying the Best Entry Markets
Through discussions with candidates and industry experts, we gathered valuable market intelligence that helped our client determine the most strategic entry points. This insight allowed them to refine their business development strategy and focus on markets that offered the best growth potential.
- Structuring Competitive Remuneration Packages
To attract and retain top-tier talent, it was essential to offer competitive compensation packages. We provided detailed recommendations on salary structures, bonuses, and benefits to ensure our client remained competitive in the job market.
Successful Outcomes
Our strategic approach and close collaboration with the client led to several key successes:
- Expanded Recruitment Scope
Although our initial mandate was to recruit one Global Sales Manager, the strength of our candidate shortlist encouraged our client to expand their hiring plans. They ultimately decided to recruit two Global Sales Managers, accelerating their market entry strategy.
- Strategic Market Expansion
The insights we provided on talent distribution and market opportunities enabled our client to make informed decisions about where to focus their business efforts. This data-driven approach positioned them for long-term success in both the Indian and Canadian markets.
- Strengthened Employer Branding
By crafting an engaging recruitment experience, we helped our client enhance their employer brand in the medical cryogenics industry. This will serve as a long-term asset as they continue to expand their team and operations.
- Increased Candidate Engagement
By targeting experienced sales professionals who were seeking new challenges, we were able to generate strong interest in the roles. Many candidates who initially had no intention of leaving their current positions became highly engaged with our client’s opportunity.
Key Takeaways for Businesses Entering the Medical Cryogenics Market
For companies looking to establish a presence in the medical cryogenics industry, this project highlighted several important lessons:
- Understand Market Dynamics Before Entry
Market research and competitive analysis are critical before making any major investment. Identifying industry trends, technological shifts, and dominant players helps shape a robust market entry strategy.
- Target the Right Talent
Having a deep understanding of the available talent pool is crucial. Many experienced professionals are open to new opportunities if approached with the right value proposition.
- Develop a Strong Employer Brand
In a niche and competitive industry, employer branding can be a game-changer. A well-defined recruitment process that communicates a clear vision and career growth opportunities will attract high-calibre candidates.
- Offer Competitive Compensation
Securing top talent requires an attractive remuneration package that includes base salary, performance incentives, and additional benefits tailored to industry standards.
- Leverage Industry Expertise
Partnering with a specialised executive search firm can provide invaluable insights and guidance. The right recruitment partner will help navigate talent acquisition complexities and optimise hiring outcomes.
Conclusion
Our collaboration with the Asian investment firm on this medical cryogenics project was a testament to the power of strategic talent acquisition. By leveraging our extensive experience in executive search and talent mapping, we were able to help our client make informed hiring decisions, structure a compelling recruitment process, and accelerate their business expansion in India and Canada.
For businesses looking to break into the medical cryogenics market, the key to success lies in thorough market research, strategic recruitment, and strong employer branding. If your company faces similar recruitment challenges in the medical sector, feel free to reach out to us for a consultation.
If you found these insights valuable and are looking for expert guidance in medical sector recruitment, connect with our Managing Director, Doug Mackay today to explore how we can help you achieve your business goals.
About the author
Having started his career in Executive Search in 1998, Doug set up Collingwood in 2005 alongside his wife, Claire Mackay.
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