Layoffs in medtech

Abbott had layoffs in Chicago (related to the end of covid) and now MT has some layoff motion. Interesting. Just keeping everyone up on the gossip in medtech.

I’m a little surprised my company didn’t hit that article. This data is kind of out of date though. We closed our Covid labs in California and laid off employees last year, but only the people involved in testing. Those employees were hired on with a 2 year contract because everyone knew it was temporary.
I’ll tell you though we still cant get enough employees. So I don’t really understand why the job market can still be so strong to fill vacancies for engineers and laboratory specialists
Of course I work in a slightly different area, still all those companies are our direct competitors

I don’t fully understand, but people keep bringing it up, so it was good to glance at the details. The covid stuff makes sense. MT is doing voluntary layoffs/early retirement. They have lost a lot of market share, so that’s understandable. Abbott makes covid tests, so there could be some fallout there. The bulk of their layoffs were in Chicago. Locally, their engineers are getting poached left and right by other companies. An entry level engineer might see a $20,000 increase by leaving.

The economy is so complicated. I’ve watched this to help understand. Its super interesting, but its 2 hours long. Age of Easy Money | FRONTLINE What was cool was the analysis about why the markets boomed during covid. That never made any sense to me. Some people say that’s because 27% of all money ever printed by the US happened in 2020. They did that to avoid a depression, but there are side effects and potential instabilities.