The digital health industry has seen explosive growth in recent years, and this trend is expected to continue. According to a report by Grand View Research, the global digital health market is projected to reach $639.4 billion by 2026, up from $180.4 billion in 2017. With this growth comes an increasing need for skilled leaders who can navigate the evolving landscape of digital health.
Executive recruitment for digital health requires a nuanced approach, as the industry is complex and rapidly changing. Here are some key considerations for hiring managers and executive search firms looking to recruit for digital health leadership roles.
- Technical and Clinical Expertise
Digital health is a highly technical field that requires a deep understanding of technology, clinical workflows, and regulatory requirements. Therefore, it is crucial to find candidates who have a strong technical and clinical background.
When evaluating candidates, look for those who have experience in healthcare technology, such as electronic health records (EHRs), health information exchange (HIE), and medical devices. Candidates with a clinical background, such as physicians or nurses, may also bring a unique perspective to the role.
- Entrepreneurial Spirit
The digital health industry is still relatively young, and many companies are in the startup phase. Therefore, it is important to find candidates who are comfortable working in a fast-paced, entrepreneurial environment.
Candidates with experience in startups or who have a track record of successfully launching new products or services can bring valuable skills and knowledge to the role. Look for candidates who are comfortable with ambiguity and who have a willingness to take calculated risks.
- Regulatory Knowledge
Digital health companies must comply with a complex web of regulations, including HIPAA, FDA regulations, and state-specific regulations. Therefore, it is important to find candidates who have a strong understanding of regulatory requirements.
Candidates with experience in healthcare compliance or regulatory affairs can bring valuable knowledge and expertise to the role. Look for candidates who are familiar with the regulatory landscape and who have experience navigating regulatory hurdles.
- Adaptability and Flexibility
The digital health industry is constantly evolving, with new technologies, products, and services emerging on a regular basis. Therefore, it is important to find candidates who are adaptable and flexible.
Look for candidates who have a track record of adapting to new technologies or who have experience working in fast-paced, rapidly changing industries. Candidates who are comfortable with change and who can pivot quickly when necessary can bring valuable skills to the role.
- Soft Skills
Finally, it is important to find candidates who have strong soft skills, such as communication, collaboration, and leadership. In a complex and rapidly changing industry like digital health, it is crucial to have leaders who can communicate effectively, work collaboratively with cross-functional teams, and inspire and motivate others.
Look for candidates who have a track record of building high-performing teams and who have a strong leadership style. Candidates who are comfortable working in a collaborative, team-based environment can bring valuable skills to the role.
In conclusion, executive recruitment for digital health requires a nuanced approach that takes into account the complex and rapidly changing nature of the industry. By focusing on technical and clinical expertise, an entrepreneurial spirit, regulatory knowledge, adaptability and flexibility, and soft skills, hiring managers and executive search firms can find the right candidates to lead digital health companies into the future.