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Buster Houchins is Vice Chairman of CTPartner’s Health and Life Sciences practice, based in Maryland. In another in a series of conversations about US Healthcare reform and its implications, we focus on the Medical Devices Industry and the outlook for the next few years. |
Highlights
0:00 The medical devices today is riding a 20-year wave of year over year growth, especially in cardio and orthopedics. Up until recently, it was dependent on relationships between manufacturers and clinicians. The internet and changes in purchasing bodies is altering the way these devices will be sold and funded.
1:55 Globalization is bringing about changes in marketing. The US market share is shrinking and this is having an impact on the types of people who lead these companies. A truly global mindset will be required and it will be less America-centric.
3:56 Innovation will continue, but the big changes will be simplification, clinical effectiveness and cost efficiency. This will present opportunities for clinicians and finance people to achieve the highest levels in companies, currently held by Sales and Marketing experts.
6:14 The business model for successful companies is undergoing a change. Small companies are becoming Research and Development arms, or at least strategic partners, for larger companies, and will be less reliant on their own marketing efforts
7:05 Going forward the emphasis will be on lower costs and more on wellness and prevention, as opposed to fixing what’s broken.