MedTech Companies on Their Growth Journey-Leadership Responses to Growth Challenges in the Light of the 3-P-Model

On the base of their broad industry experiences in different companies, Marie Theres Schmidt and Dieter Fellner developed a case study on challenges faced by fast-growing MedTech companies. The continuous strive for breakthrough medical innovations requires an agile mindset and the readiness to embrace change. Global demographic changes lead to a growing demand for innovative diagnostic and treatment options in the coming years inducing MedTech companies to explore the space while growing fast. At the same time, the medical device market will face increasing regulation to contain healthcare costs and safeguard patients’ safety requiring companies to respond to changing conditions.

Regular assessment of the level of agility and resilience is key for fast-growing organizations to successfully manage the growth journey. Leaders of these organizations should establish reflection cycles to monitor success. As an outcome of Marie’s and Dieter’s experiences, the Three-Pillar Model (3-P-Model) (Wollmann, Kühn, Kempf, Three pillars of organization and leadership in disruptive times – Navigating your company successfully through the 21st century business world. Cham: Springer Nature, 2020) can be applied to facilitate the reflection cycles and emphasize challenges of the organization connected to the growth journey. This is illustrated in the interview which evaluates the three pillars based on the authors’ individual leadership experience in fast-growing organizations. The interview reveals companies’ persistent focus on improving patients’ lives as a sustainable purpose connecting employees around the globe on their joint mission. It further highlights that the sustainable purpose becomes an individual and organizational compass: the sustainable purpose provides employees with a tool, or rather an ethical standard, to respond to unforeseen changes. Thereby, the organization preserves its agility to react quickly to uncertainties and remains competitive through the ability of fast adaption to change. A strong sustainable purpose that is deeply embedded in the company’s DNA is key to ensure personal commitment and joint success on the growth journey—and frames cross-functional connectivity in fast-developing organizations.

Consequently, fast-growing MedTech companies should thoroughly invest in keeping their sustainable purpose present in all areas and accessible to all employees.

From a leader’s perspective: the better a fast-growing company can maintain its DNA, the more successfully and sustainably it will grow.