INVESTIGATING THE EFFECTS OF THE COVID-19 PANDEMIC ON MEDICAL DEVICE STRATEGY AND FIRM PERFORMANCE

ABSTRACT

The object of study is the importance of medical technology and healthcare delivery in the COVID-19 pandemic. The COVID-19 pandemic has caused many changes to the business, healthcare, and societal landscape. The changes have had varying effects on key industries, demanding them to realign to fit new pandemic-imposed environmental conditions. This study seeks to investigate the effects of the COVID-19 pandemic on medical device strategy and firm performance of company X, and to provide recommendations and insights on strategies to ensure continuity post-pandemic. A qualitative analysis of the results from nine interviews with associates regarding the effects of COVID-19 on firm performance and strategy at company X was explored. The findings from a thematic analysis of the interview data are reported and related to the study's research objectives. Findings showed that the COVID-19 pandemic forced company X to adjust its strategy to align it with the changing environment. However, the data showed that the unknown nature and uncertainty of the COVID-19 pandemic environment meant that the realignment of strategy to the prevailing dynamics was unique. This study's key findings indicate that COVID-19 strongly influenced financial performance, which influenced firm performance significantly. In addition, financial performance measures were found to have more impact than non-financial performance measures such as strategic performance. The main recommendation emanating from the study was to improve the organization's agility, versatility, and speed. This would be achieved through simplifying processes, streamlining decision-making, and enhancing speed in the market. Agility and versatility are necessary to overcome or take advantage of new developments from the pandemic and post-pandemic environment. This research study can assist medical enterprises in other countries to stream their services and align strategy to meet the dynamic environment caused by the COVID-19. [ FROM AUTHOR]