Globally, the medical devices market was valued at $456.9 billion in 2020, with robotics, wearable health devices, and artificial intelligence making advancements that complemented the needs of many industries forced to relinquish on-site operations during the pandemic. When properly managed, a medical device project can quickly become the next life-altering, news-headline-worthy development with high scalability.
Consider In-House vs. Outsourcing Costs
When you’ve reached the stage of needing a medical device project engineer, there are two main routes you could take: 1) You could hire someone in-house, or 2) You could hire a third-party consultant.
Although hiring someone to work in-house has its benefits, it’s also important to factor in the cost of hiring. A salary is not the only cost you can expect — you should know that it can cost $4,129.00 to hire an employee, not to mention the time spent and money lost during the recruiting process, which could span the course of six weeks on average.
Additionally, you should consider the time spent training the new employee, as well as their benefits package, which includes health insurance, worker’s compensation, and paid leave. When this investment is made with the right person, it makes sense. When it’s not the right fit, though, or it’s not something you need long-term, it’s a loss and eventually, the process will start over again.
On the other hand, when you hire a third-party consultant, you don’t have to worry about additional costs and your project engineer isn’t a gamble. You pay solely for the work performed and you get the expertise that comes with a niche service. According to the U.S. Department of Labor, 30-45% of an employee’s compensation is comprised of benefit-associated costs, including those legally required federally and by state.
When you hire a medical device project engineer via a third-party consulting company, you can expect to pay between $150.00 to $500.00 per hour. Your investment is clearly outlined from the start of the project, and you’re connected with a partner who takes your vision, plans deadlines and deliverables, and then successfully brings your product to market.
Garner Value Without Liability with Help from a Project Engineer
The time and money spent hiring an employee can be put to better use working directly with a medical device consulting firm, as they offer value in a variety of ways:
1) You can connect for a free consultation, during which you receive expert insights on the scope of your project.
2) You can be provided with a completely customized plan that serves as the roadmap for your project’s development.
3) Your project engineer gets to work right away, closing the gap between onboarding, training, and execution, thereby increasing the value of your investment.
Whether you’re running a startup, a mid-size company, or a mega corporation, our team at C3 Medical Device Consulting works to fill in the blanks. Sometimes, that means serving as your missing engineering team, and other times, it means moving aggressively to meet urgent deadlines and providing creative suggestions made possible only through our objective and seasoned perspectives.
Our team has worked with companies of all sizes, and when you work with us, you can trust that we’ll deliver what we promise on time and on budget — not only because our word means the world, but also because we love what we do. If you’re ready to discuss your medical device idea, schedule a free consultation with us today.