Young companies are pursuing their first product approvals in Europe prior to launching products in the United States. This is in part due to the uncertain FDA approval process for 510(k) device approvals, in part due to the new device tax that took effect in 2013, and also due to the shrinking number of venture capital firms that are actively investing in medical device companies.
It is also important to consider the sweeping changes in the healthcare industry – the very way that healthcare is delivered and paid for is changing before our eyes.
If you are a young company in the midst of these challenges, or an investor looking to provide guidance to a portfolio company, a business development professional looking to better understand the small companies you are collaborating with, or a service provider looking to better support your clients, you are seeking new ways to run a successful medtech business.
At the CED Life Science Conference 2013, we will address the changes, challenges and opportunities in the medical device industry and study working models of successful medtech businesses. I am honored to moderate the New Business Models in Medtech Panel, which includes a diverse group of experts:
· Justin Klein, M.D., a partner at NEA, which is one of the largest medtech venture capital investment companies in the United States;
· Fred McCoy, the president and CEO of NeuroTronik Limited, a medtech company working to treat acute heart failure syndrome, and also the vice chairman of Synecor, LLC, a successful medtech business accelerator;
· Jame T. McDeavitt, M.D., the chief academic officer for Carolinas HealthCare System, one of the state’s largest regional health systems, which is based in Charlotte, N.C.;
· Nicole Walker, a director at Abbott Ventures, Inc., with 15 years of operational and investment experience in healthcare and medtech.
It is important to note that there are and will be many new paths for success in this new healthcare environment. Panelists will provide perspectives on the key issues that will help drive success within the medtech sector. They will review, discuss and analyze the current investment climate.
In addition, these expert panelists will discuss alternative funding mechanisms, including strategic investments from potential acquirers and collaborations with health systems. Interested in hearing about specific market opportunities? The conversation will also include an in-depth analysis on the implications of genomics and personalized medicine.
Needless to say, the successful models of medtech companies today are drastically different from the successful models of medtech companies ten years ago.
Likewise, the successful medtech companies of tomorrow will utilize new business models that adapt to the changes within the industry. Come find out how these models will change in order to take advantage of the opportunities in medical devices and medical technology.
To join this panel conversation, register now for the CED Life Science Conference 2013, occurring Wednesday, February 27th and Thursday, February 28th.
This guest post is authored by Cindy Clark, president of ibiliti, a non-profit organization funded by the state of North Carolina to support the medtech industry. Cindy is also the moderator for the "New Business Models in Medtech" panel session at the CED Life Science Conference, occurring at 4 PM on February 27, 2013.