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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.