In addition to being the president and CEO of MicroPulse (Columbia City, IN), Brian Emerick is an investor. He houses a business incubation center, called the OrthoVation Center, within MicroPulse for orthopaedic start-ups in Indiana. While many start-up companies have a difficult time attracting investors, the OrthoVation Center is helping them succeed. “Start-ups fail many times [because] they run out of money; they don’t have engineering expertise; and they make mistakes that, once you’ve done it a few times, you don’t [repeat],” says Emerick. “I make equity investments and provide some start-up capital. Typically I get involved at the very beginning—at the high-risk point.” MicroPulse, a contract manufacturer in orthopaedics, does benefit from OrthoVation, as it has right of first refusal on all manufacturing.
Since its launch in 2010, OrthoVation has nurtured several orthopaedic companies, including Nanovis LLC, which...
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Aside from being top companies within the orthopaedics industry, Biomet, Stryker, Zimmer, Wright Medical, Synthes, and Smith & Nephew are among the top 25 manufacturers in the entire medical device industry. In an article published by MD+DI, Yair Holtzman and Tom Figgatt, Sr of WTP Advisors discuss how these companies successfully made it through the rough economy of the past few years.
Among the characteristics for success were the following:
High value-added manufacturing.
Increased marketing efforts.
Investment in R&D and new products.
Find out how these companies navigated turbulent economic times.
--Maria Fontanazza
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The orthopedic device industry has taken a beating during the past few years, just as other sectors of the medical device industry have struggled. Although the sector has improved in areas, we are far from recovery and may never get back to the good ol’ days.
Competition is fierce and getting products through the arduous FDA process is no picnic. As companies revisit their strategies for growth, there is one important question to ask.
What makes your technology different?
Differentiating technologies typically grow at a faster rate and can be more attractive to investors. Having such an edge is especially advantageous for small- and mid-sized companies.
In January, start-up DiFusion Technologies Inc. (Austin) received $5.2 million from 54 investors. It is developing an antimicrobial technology called CleanFuze that prevents postoperative infections in orthopedic implants. According to the company, the technology eliminates 99.9999% of active bacterial...
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A report recently released from Citi titled "Seizing China’s MedTech Opportunities" finds that the Chinese market for medical devices grew at a compound annual growth rate (CAGR) of 33.9% from 2005–2010. Rounding out the top-four fastest growing countries are the remaining BRIC nations: Russia (23.9% CAGR), Brazil (22.1%), and India (14.7%).
The report estimates the total market size of the 11 medical equipment segments that were surveyed to be valued at approximately $5 billion in 2012. The report expects the Chinese medical device market to grow at approximately 17% year on year in 2012 on to show 12% year on year growth in medical equipment with a 25% year on year growth predicted for medical consumables.
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As the highs and lows of a week in medtech go, the past few days have been no exception. DePuy received a warning letter concerning joint replacements and has reportedly stopped making certain devices. Stryker is on top (again), as it ranked 80 on Fortune’s “100 Best Companies to Work For” list. Finally Mir Imran, an esteemed entrepreneur, innovator, and investor in the medtech industry, shares insights on the true meaning of “innovation.” –Maria Fontanazza
FDA Warns J&J’s DePuy over Joint Replacements (Reuters)
Stryker on List of Best Companies to Work for 2012 (CNN Money)
Incremental vs. Disruptive: Mir Imran Talks Innovation (MD+DI)
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Business in orthopaedics is off to a strong start this year. Zimmer announced its intention to acquire Synvasive Technology Inc. (Reno, NV), a manufacturer of surgical cutting devices. Start-up DiFusion received $5.2 million from 54 investors. The company, which is developing a technology that prevents postoperative infections, has an ultimate goal of raising $16 million. In its third financing round, Memphis-based Active Implants has raised $10 million. The company has a hip implant on the market in Europe and a meniscus implant that is in a clinical trial. The Austen BioInnovation Institute is launching Apto Orthopaedics with the intent to develop a device to treat pediatric scoliosis. And finally, KSpine has raised $2.5 million and will use the money to fund clinical trials of its minimally invasive implant for scoliosis.--Maria Fontanazza
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On January 10, PricewaterhouseCoopers, the California Healthcare Institute, and BayBio made public early results of the California Biomedical Industry 2012 Report, which surveyed biomedical industry CEOs.
Speaking at the event was Alex Lukianov, CEO of Nuvasive, who was at no loss of words to discuss his views on FDA and what he referred to as "a cultural tone" at the agency of over correction. "[The issue] has to do with culture and it has to do with prior issues," he explained. "If there has been a recall that is manufacturing related, then Congress slams them very hard for that."
As a result of that, many of FDA's device reviewers become fearful of what they perceive as risks. "I believe we are still seeing the impact in that in terms of leadership at FDA," he said. In moments when Congress has criticized FDA for approving an unsafe device, FDA concluded that it should improve its grasp of regulatory science. "Well, if somebody at the...
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Here are my top three medtech picks this week from around the web. These stories are important to professionals at any level of your company. If you think that there isn’t room for more than one entrepreneur at a big company, you’re wrong, say CEOs at leading medtech companies. And if you think social media isn’t an important tool for your company, you should reconsider this notion. Social media can help you develop devices that are more in tune with patient needs. –Maria Fontanazza
Medtech Leaders Talk Globalization and Entrepreneurship (MD+DI)
Why Device Makers Must Love Social Media (EMDT)
The Value of Patient-Matched Knees, According to Smith & Nephew (Qmed)
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In this harsh economic environment, many employees are just happy to have a job. However, being gainfully employed isn’t the key to happiness, which generally leads to productivity, in the workplace. The folks at Stryker might have found part of this key, according to Gallup Management Journal.
Employee engagement.
At Stryker’s Mahwah, NJ-based plant, nearly half of its employees were labeled as “engaged” in a Gallup survey. In this case, engaged means passionate and driven to push the company forward (to success). So, having 48% of employees in this category is pretty good, right? Not so much, according to Stryker. The company wanted higher employee engagement. Why? Well, a more engaged employee means a more loyal employee, one who is motivated to improve the business and in turn, increase product safety and lower the potential for product defects.
Stryker tasked its head of human resources in Germany with finding the root of the issue, which you...
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S&N is expected to get $98 million cash and a $160 million five-year-note for spinning off its biologics business into the joint venture Bioventus. Reuters reports that S&N will be using the money to pay down its debt. Check out some more news highlights from this week.
Smith & Nephew Spins Off Biologics Biz (PE Hub)
Employee Poaching Gets Competitive in Device Industry (MD+DI)
Breast Implant Scandal: Damning E-mail Uncovered (European Medical Device Technology)
Hip Troubles Fuel Bone Cement Market Growth (Millenium Research Group)
--Maria Fontanazza
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With the latest fallout surrounding metal-on-metal (MoM) hip failure being that it will cost the healthcare and taxpayer system billions of dollars, these devices need help. And now researchers from across the globe have made a discovery about MoM hips that could help improve future designs of the device.
Did you know that the lubricating layer (graphitic carbon) in MoM hips is more like material that you’d find in a combustion engine, not in a joint in your body? This insight could help designers develop a more effective lubricant that makes MoM hip implants last longer and potentially help improve the failure rate that has damaged the reputation of these devices.
Researchers from Northwestern University, Rush University Medical Center, and the University of Duisburg-Essen (Germany) are optimistic that their work will affect device development. “Metal-on-metal implants can vastly improve people’s lives, but it’s an imperfect technology,” said...
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In a complaint filed in Philadelphia last week, Synthes is accusing Stryker of raiding its sales team in San Francisco and getting the inside, confidential scoop from three former employees (now working for Stryker) who are also named as defendants in the case. In addition, Synthes states Stryker didn't previously have much of a presence in the Northern California market that the former employees covered, according to The Wall Street Journal. The alleged "improper competitive advantage" is related to spinal instruments and implants.
So did Stryker really "raid" Synthes sales people or is this a coincidence?The medical device industry is extremely competitive and employee poaching isn't uncommon.
--Maria Fontanazza
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