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msc52njit-edu replied to the topic Stakeholders in Medical Device development in the forum Introduction to Project Management 7 years, 6 months ago
Throughout the medical device field there are a lot of potential candidates who can be classified as stakeholders. A major stakeholder would personal investors in the company and the people who work for the company. Every individual who works for the company has invested their time and resources into ideas and projects that the company is planning to follow through on. Bad or good projects can affect all of the individuals in the company who need it to succeed in order to still have their position and income. The investors who put money into the company are also major contributors as they are a source of funding for the development and production of these medical devices and their stake also relies on the company succeeding. At my summer internship I learned that a major stakeholder in the medical device company are the sales representatives who are selling the medical devices to hospitals and separate privately owned practices. These representatives need good, reliable products to sell to these users and they need the company to thrive and be innovative so they can sell more products. When it comes to managing stakeholders, each individual should have a certain influence on the company and should be able to have a say, but this should be proportional to how much stake they have in the company. A person who owns half of the company should have more say than an individual worker. However, stakeholders need some limit in their power as they should not be making engineering or business decisions in areas in which they do not have expertise in.