I. EXECUTIVE SUMMARY
Barriers to Entry for Women in Medtech Management are Real
- Respondents state an estimated average of 17% of their medtech company executive peers are women
- Respondent median response was 12%
- Percent of S&P 5002 Women in Senior/Executive Positions is 26.5%
- The good news: The majority of medtech women (n=61), stated that they believe they have the same power/respect as their male peers.
- However, on the downside they believe they:
- Are not paid at the same level as their male peers
- (65% no, 28% unsure)
- Do not have the same potential for advancement
- (74% no, 10% unsure)
- Do not work in a medtech culture that allows executive women flexibility for family caregiver time without bias/stigma
- (56% no, 17% unsure)
- Are not paid at the same level as their male peers
- However, on the downside they believe they:
1. catalyst.org
2. See chart
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Are Obstacles to Medtech Women’s Advancement a Problem Systemic to Healthcare/High-Tech?
- Our sister industry, pharmaceuticals, shows that the number of pharma female executives averages 17%, also lagging the S&P 5001
- Other high-tech industries, such as Microsoft and Google show the same imbalanced gender ratio trends:
- Overall, studies2 place the number of high-tech women at 25% of employees and 11% of executives
- A 2015 survey titled “The Elephant in the Valley” queried 200 executive-level women in Silicon Valley3. The findings:
- 84% - told they were “too aggressive”
- 66% - left out of key events due to gender
- 88% - experienced unconscious bias
1 Healthcare Businesswomen’s Association Booz Allen Hamilton; E.D.G.E. in Leadership Study
2 https://www.newyorker.com/magazine/2017/11/20/the-tech-industrys-gender-discrimination-problem
3 https://www.elephantinthevalley.com
Medical Device Executive Women Walk the Talk
- Executive women at the highest levels of medtech are making important changes
- In our survey, the total number of executive women in any given medtech company increased:
- From a median of 12% for all 61 respondents to 29% when a woman is in the C-suite
- In our survey, the total number of executive women in any given medtech company increased:
- Change is good for our industry. Female leadership increases firm profitability:
- The Harvard Business Review1 examined profitable firms in companies with no women in executive corporate roles vs. 30% female leadership:
- Female leadership is associated with a 1% increase in net margin: translates to a 15% increase in profitability for a typical firm. (n=22,000, average net margin of 6.4%)
- The Harvard Business Review1 examined profitable firms in companies with no women in executive corporate roles vs. 30% female leadership:
1 https://hbr.org/2016/02/study-firms-with-more-women-in-the-c-suite-are-more-profitable
http://www.catalyst.org/media/companies-more-women-board-directors-experience-higher-financial-performance-according-latest
II. FINDINGS FROM THE 2018 MEDTECH EXECUTIVE WOMEN SURVEY
Do You have the Same Level of Power and Respect as your Male Peers? Yes!
How did they do it?
Selected Advice from Our Medtech Executive Respondents – Be Yourself, Believe in Yourself
Do Medtech Women Above the Director Level Receive the Same Pay as their Male Peers in 2018?
Selected Advice from Our Medtech Executive Respondents – Expect Hard Work
Do Medtech Women Have the Same Advancement Opportunities as their Male Peers in 2018?
Selected Advice from Our Medtech Executive Respondents – Never Stop Developing Expertise
Does the Medtech Culture Allow Executive Women Flexibility to Have Family Caregiver Time Without Bias or Stigma?
What should we do as leaders in medtech?
What was the Toughest Transition for You and Why?
Advancing to the next executive level is difficult at all levels of the corporate ladder
When asked this question, there were mixed results:
Many CEOs and VPs indicated that the transition to Director was the most difficult
Equally as many VPs indicated the same for the transition to VP
Why did you Select the Transition “To Director” as the Most Difficult?
Why did you Select the Transition “To Vice President” as the Most Difficult?
Pharma Falling Short in Advancing Women In Senior Management
E.D.G.E. Leadership Study: The Progress of Women Executives in Pharma and Biotech
17% of senior management positions held by women
19 companies participated
n = 319