I have a confession to make: this post isn't directly about the medical device market. However, Canada so infrequently makes headlines in medical device market news that when I saw a chance, I pounced on it.
Every one of the articles I have read has given Mr. Carney glowing reviews. They all point out how Canada made it through the economic storm in better condition than most major economies (thank you, Mr. Carney!). He is maybe one of the few central bankers whose reputation was not damaged during the various economic crises of the past few years. While his appointment to the Bank of England might be somewhat problematic for us Canadians, there's no doubt that he has the potential to make a large impact on the British economy
, which has been suffering the last few years.
I said earlier that this blogpost isn't directly related to medical devices, but it is related to economics and I can make a case for why medical device stakeholders should care about economics maybe a stronger case than I thought before working at this company. See, originally, I would have thought that medtech markets would be relatively well insulated from economic fluctuations being unemployed and with a low disposable income doesn't necessarily mean you won't need emergency surgery. But there are a number of markets where treatments are more optional. For example, surgical treatments for osteoarthritis are not life or death. Perhaps more noticeably, economic troubles lead to cost-constrained health care facilities (a particular problem for countries with a public health care system), and fewer people with private insurance. What this means is that even when medical treatment is necessary, lower-cost treatments and products will be increasingly chosen, and new technologies will have to go that extra mile to prove that they are worth the added cost. So it definitely shapes the way innovation works, and there are very few medtech markets immune to these pressures.
So here's hoping that Mr. Carney can make a positive impact on the UK's economy when he takes the helm on July 1 which, funnily enough, is Canada Day.