VP Product Management Healthcare

What is the VP product management healthcare? This article discusses the meaning of the topic. As a result, you can have more knowledge about this study.

What is the VP of Product Management Healthcare?

The VP of product management for healthcare is responsible for overseeing the strategy. Also, execution of product development plans for medical devices, drugs, and biologics. As well as, medical technology products. 

In addition, the VP of product management healthcare sets the long-term vision and direction for product development. As well as, the financial goals and objectives. 

Moreover, the VP of product management healthcare is responsible for defining the overall product development strategy. And, making sure that it aligns with the overall business strategy. 

Furthermore, the VP of product healthcare also plays a key role in managing the product development process. 

The process includes marketing research, concept development, and design, development and test marketing, commercialization, and post-marketing surveillance. 

The last one is responsible for overseeing the profit and loss (P&L) of each product. In addition to that, the VP of product healthcare is accountable for the profitability of the products. 

Furthermore, the VP of product healthcare is responsible for managing the product development team. And, making sure that they achieve the business goals. For example, defining the development process and ensuring that it’s followed consistently.

Research

If we look at a research report published by Technavio, the global healthcare product development market is expected to grow at a compound annual growth rate (CAGR) of 12.5% during 2014-2019.

The global healthcare product development market is expected to grow at a CAGR of 12.5% during 2014-2019, according to Technavio’s latest market research report. The market is driven by factors such as the growing geriatric population, advancements in product development, and increasing government initiatives.

Furthermore, the Technavio report states that emerging markets including Brazil and China are expected to be the major growth drivers in the global healthcare product development market during 2014-2019. 

Salary

According to the Bureau of Labor Statistics (BLS), the average national salary for a VP of product management is $170,400 per year. And, they earn an hourly wage of $85.08 per hour.

Education/Training

The educational requirement for the VP of product healthcare is a master’s degree. And, sometimes even a doctorate degree. 

So, if you are planning to apply for this job position, then make sure that you have a master’s degree in engineering (or a related area). In addition to that, you need at least 8 years of experience in product development and management.

Job Outlook

The job outlook for the VP of product healthcare is very positive. Also, the job outlook for the VP of product healthcare should be great in 2014. And, this is due to the fact that there will be more employment opportunities for these professionals in medical device manufacturing companies. 

If you want to know more about the job outlook for the VP of product healthcare, then you can read a report published by Medical Device Manufacturing. It states that employment prospects are good for medical device manufacturing professionals. 

Conclusion

So, if you are a product manager and you want to take your career to the next level. Then, consider applying for the VP of product management healthcare job position. And, increase your chances of getting hired by a reputable medical manufacturing company.