Investigating the effects of the COVID-19 pandemic on medical device strategy and firm performance

Authors

DOI:

https://doi.org/10.15587/2706-5448.2022.267191

Keywords:

COVID-19 pandemic, economic effects, health care, medical device strategy, 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.

Supporting Agency

  • Presentation of research in the form of publication through financial support in the form of a grant from SUES (Support to Ukrainian Editorial Staff).

Author Biographies

Buhlebenkosi Lunga Msweli, MANCOSA College

MBA

Department of Business Management

Muntuwenkosi Chili, Vaal University of Technology

PhD Chemistry

Centre for Academic Development

Jeremiah Madzimure, Vaal University of Technology

DTech Business

Centre for Academic Development

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Investigating the effects of the COVID-19 pandemic on medical device strategy and firm performance

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Published

2022-11-16

How to Cite

Msweli, B. L., Chili, M., & Madzimure, J. (2022). Investigating the effects of the COVID-19 pandemic on medical device strategy and firm performance. Technology Audit and Production Reserves, 5(4(67), 6–15. https://doi.org/10.15587/2706-5448.2022.267191

Issue

Vol. 5 No. 4(67) (2022): Economics of enterprises. Macroeconomics

Section

Economics and Enterprise Management: Original Research

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Copyright (c) 2022 Buhlebenkosi Lunga Msweli, Muntuwenkosi Chili, Jeremiah Madzimure

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