MedTech Industry Facing Layoffs as COVID-19 Impacts Supply Chains and Testing Volumes

NOVI, MI, UNITED STATES, February 13,
2023 /EINPresswire.com/ -- MedTech

Industry Experiences Layoffs as COVID19 Impacts Supply Chains and Testing Volumes
Despite improved business conditions and rising procedure volumes that were previously
predicted, the MedTech industry is still grappling with the impact of the COVID-19 pandemic. This
has resulted in recent workforce reductions and challenges for companies in the sector as they
try to adjust their cost structures for the post-COVID environment and current US economy.
Leading companies such as Baxter, Abbott, and Thermo Fisher Scientific have been forced to
make workforce reductions due to supply chain issues and declining demand for COVID-19
testing products. Baxter has announced a 5% cut in its global workforce, Abbott has laid off
hundreds of temporary workers at its Maine facility, and Thermo Fisher Scientific has eliminated
230 positions due to a drop in demand for COVID-19 testing products and other economic and
business conditions.
Quest Diagnostics has also reduced its headcount by approximately 1.5% due to declining
COVID-19 testing volumes. Despite these challenges, companies like Phase Scientific are
emerging stronger from the pandemic by offering a range of OTC home testing kits and other
COVID-related products to help individuals stay safe and healthy.
The MedTech industry is currently facing challenges as it adjusts to the post-COVID environment
and declining demand for COVID-19 testing products. However, individuals who purchase
products from companies like SLI Medical can support the MedTech industry and contribute to
its recovery.

About MedTech Industry
The MedTech industry comprises of companies that provide medical equipment, devices, and
software for the diagnosis, treatment, and prevention of diseases. The industry plays a vital role
in supporting healthcare providers and improving patient outcomes.

Contact:
Claudio Tartaglia
SLI Medical
Info@SLIMedical.com