The U.S. Food and Drug Administration has picked up the pace on novel medical device approvals, but this year still may not hit levels seen in 2011 and 2012. During the first six months of 2014, the agency granted 17 premarket approvals, way up from 23 for the entirety of 2013.
The federal Patient-Centered Outcomes Research Institute added three medical device-related topics to its list of priority research areas that are eligible for enhanced funding under the Pragmatic Clinical Studies initiative.
Medical device companies are having a much harder time raising early-stage venture capital than biotech and pharma, according to a recent Silicon Valley Bank report.
“On the Series A side of things, biotech is a pretty stable area right now, but devices have some significant issues in trying to find ventures to support Series A company creation,” said Jonathon Norris, the author of “Trends in Healthcare: Investments and Exits.”
AdvaMed, the Medtech Conference, is only a few weeks away. On October 6-8th at the McCormick Center the world of Medtech is coming to Chicago. This is the first time the conference has come to the midwest, and from everything I have heard, we are on track to make this a record conference. The AdvaMed conference is a great opportunity for us to showcase our local Medtech community. Leading up to the conference I will have a weekly featuring of a local Medtech company here in Chicago, starting today.
Recent changes in the US health care ecosystem are having a profound and transformational impact on the medical technology industry. The Affordable Care Act has catalyzed changes in how med tech customers define value and which stakeholders are involved in decision making. While it has historically been a jewel of American manufacturing—one of the few domestic manufacturing industries that is a net exporter—med tech faces challenges to the legacy business models and strategic choices that these companies have used to excel in the past. More than ever, success requires a clear and consistent focus on delivering differentiated value and performance to customers.
Medical and surgical supply distributor Medline Industries Inc. may be more than 100 years old, but it was originally started by entrepreneur A.L. Mills selling aprons to butchers in the stockyards of Chicago in 1910 before pivoting to operating gowns a few years later. It has grown into a $5.8 billion family business selling wheelchairs and canes, and hospital apparel. But like many companies in healthcare, it’s faced with the challenge of how to continue to make itself relevant at a time when healthcare reform is changing how companies do business.
I am on a mission to build a robust digital network for our community. I have been combing through contacts to build a Twitter List of the local community. You can use this list to connect with other community members, stay updated on community news, and engage in conversation.
Please add yourself to the list if I missed you.