Oil has made Alberta a very prosperous province. It brings tremendous wealth for residents, businesses, and governments. But like most industries, it has its cycles, and every downturn brings with it a call from government and industry to diversify the economy. But many have learned that it’s easiest to just ride out the bad times, confident that the recovery is only a year away. But the economics of oil have been changing, and Alberta manufacturers need to find other industries to rely on.
One such industry is medical device manufacturing. Although this industry is only about one-quarter the size of oil and gas, it is vibrant and largely recession-proof. But there are some significant barriers to entry: regulation, quality, and their related costs. The barriers can be low for some types of medical devices, and they can even be an advantage to companies that already have a certified quality system. This presentation will introduce the key concepts around medical device manufacturing, and de-mystify what is needed for Alberta manufacturers to get started in this business.
