by Genesis Plastics Welding Marketing Team Genesis Plastics Welding Marketing Team

[In the News] IMDMC Elects Officers

The Indiana Medical Device Manufacturers Council (IMDMC) has elected four to serve as officers on the Executive Board.

Tom Barnett, Director of Government Affairs for Roche Diagnostics, will serve as Board President. Barnett joined Roche Diagnostics in 2000. Previously he had held various roles in marketing and governmental affairs, including leadership positions at Bristol-Myers Squibb.  

“The medical devices sector is one of Indiana’s largest and most valuable economic assets representing more than 150 companies and employing more than 20,000 people. I look forward to leading IMDMC as we continue to do good work serving as an advocate, connector, and resource for Indiana’s medical device companies,” said Barnett. 

Other officers elected are as follows: Tom Ryder, President and CEO for Genesis Plastics Welding, will serve as Vice President; Troy Linder, Chief Financial Officer for Fort Wayne Metals, will serve as Treasurer; and Anne Hathaway, Executive Director for IMDMC, will serve as Secretary. 

The organization works to promote, educate, and advocate for Indiana’s medical device industry to advance the performance of our member firms and to cultivate a business environment in which member companies can flourish. IMDMC member companies produce the medical devices, diagnostic products and health information systems that are transforming patient care and patient safety. IMDMC members range from the largest to the smallest medical device innovators and companies. For more information, visit www.imdmc.org.

by Genesis Plastics Welding Marketing Team Genesis Plastics Welding Marketing Team

2021 Forecast: MedTech Industry Shifts

After a turbulent 2020, rapid change will continue to mark medical device manufacturing in the year ahead. Trends we covered in our end-of-year recap remain true in 2021: digital acceleration, supply chain transformation and high demand for diagnostics, PPEs, single-use devices. What does the 2021 forecast hold in regards to medtech industry shifts?

Looking ahead, we’ve compiled reports from reputable sources to highlight four shifts that need your attention in 2021.

2021 Medtech Industry Shifts

Partnerships become critical

One trend that’s been fermenting for some time but gained new steam with the pandemic is a growing conviction that medical device manufacturers can’t go it alone. It’s going to take strategic partnerships to overcome emerging challenges, protect profits and grow market share.

As we wrote one year ago, the need for strategic partners applies to both large and small manufacturers:

  • For large OEMs, third-party relationships enable increased capacity and versatility while remaining cost-effective.
  • Small to medium startups need partners to keep costs down and increase their speed to market.

“Whether large or small, OEMs are relying on contract manufacturing organizations for everything from added manufacturing capacity to product design and development, to technical expertise,” said Tom Ryder, president & CEO of Genesis Plastics Welding. “Multifaceted partners will be key for all OEMs to continue to bring sophisticated niche medical devices to market.”

Digital realignment

Omkar Kulkarni, chief innovation officer at Children’s Hospital Los Angeles, told Becker’s Hospital Review that he expects 2021 to be a year of realignment in digital health:

“As provider systems adjust to the next normal, they will find that consumer preferences for convenience, experience and cost are even stronger than before the pandemic,” he said. As a response, “health systems will look to virtual care offerings as differentiators in their competitive markets, especially when coupled with remote monitoring and digital therapeutic offerings that can provide wraparound virtual services.”

David Shulkin, former secretary of the U.S. Department of Veterans Affairs, agrees: “By the end of 2021, more than one-third of patients will access their healthcare through a hospital or health system’s digital front door.”

Muthu Krishnan, chief digital transformation officer for IKS Health also foresees a surge in disease-specific digital health solutions. “The breakthrough for digital health in 2021 will be physicians embracing [disease-specific] tools and technologies to improve care delivery, care outcomes and patient satisfaction,” he said.

Also under the digital umbrella, Fierce Healthcare predicts communication and collaboration tools will explode in 2021.

Consumers take the driver’s seat

For years, the healthcare industry promised to be “patient-centered” but the claim wasn’t common practice. COVID-19 has forced medical device manufacturers to make that a priority, reports TechRepublic.

Fierce Healthcare also covered the theme: “Consumer’s expectation levels around virtual and digital healthcare are rising, and business processes will change to meet those expectations.” That includes greater personalization, increased telemedicine capabilities, mental health applications, and more.

In response, Fierce Healthcare predicts medical technology manufacturers will meet these new expectations and enable patients to drive their own healthcare journey.

Repositioning for opportunity

In closing, we’ll leave you with an observation from McKinsey researchers:

“While the COVID-19 outbreak is an overwhelming humanitarian crisis, it also presents an opportunity for reform in healthcare delivery. As services, case volumes, and medtech operations stabilize, the industry and each of its participants will be challenged to fundamentally rethink their business and operating models to adapt to the healthcare needs of the future.”

With that in mind, forward-thinking companies must take steps now to “reimagine the system, patient journey, and their interfaces and relationships with healthcare providers.” That includes rethinking your supply-chain network and key suppliers, they add.

This is also a time to live your company values in tangible ways and respond with new products, services and operating models that support patients and clinicians, McKinsey concludes: “This is both the right thing to do and will position companies for success in years to come.”

Chat with the Genesis Plastics Welding team…

Have a 2021 project you’d like to discuss with our team? Contact us here.

by Genesis Plastics Welding Marketing Team Genesis Plastics Welding Marketing Team

Market Shift: Medical Device Manufacturing 2020 Themes

Across all industries, 2020 has been a year of massive adaptation and reprioritization. For some fast-acting medical device manufacturers, it’s also been a season of big leaps forward. Let’s explore medical device manufacturing 2020 themes.

Medical Device Manufacturing 2020 Themes

We’ve digested a stack of 2020 market analyses and media coverage to pinpoint trends that transformed medical device manufacturing in recent months. None should come as a surprise, though that doesn’t diminish their impact — now or in the future.

In this post, we highlight 4 shifts that have changed our industry for good.

Digital acceleration

Starting with the obvious, the COVID-19 pandemic has fast-forwarded the adoption of digital health and virtual care by at least three years, reports Fierce Healthcare. Digitization efforts don’t stop there, though. 

Every aspect of selling, managing and servicing medical devices calls for greater digitization these days, from digital product demos to increased digital media buys, remote patient/clinician support.

One example of enhanced digitization are smartphone-connected pacemaker devices. Traditionally, remote monitoring for such devices entailed a bed-side console transmitting data to a physician. “Though millions of patients have pacemakers and defibrillators, many lack a basic understanding of the device or how it functions and adherence to remote monitoring has been suboptimal,” write experts at the Cleveland Clinic. By contrast, “Bluetooth-enabled pacemaker devices can remedy these issues of disconnection between patients and their cardiac treatment,” they explain. 

Drop in elective medical procedures

With patients canceling or postponing elective medical procedures, medical device buyers have deprioritized equipment that’s not useful in COVID-19 treatment, reports McKinsey. “Emergency visits are also down by half or more, and admissions unrelated to COVID-19 follow similar or even accelerated declines,” adds McKinsey. 

Like clinicians, medtech teams have had to redirect their attention to immediate crisis response: keeping employees safe, ensuring business continuity, and adapting to changes in the healthcare ecosystem. 

That brings us to the next point…

Increased demand for diagnostic tests, PPE, ventilators, single-use devices

While demand for many medical devices slowed to a crawl, demand rose for ventilators, personal protective gear and diagnostic tests. 

Demand was such that medtech firms saw competition from outside the industry as automakers and other manufacturers raced to make ventilators and personal protective gear. (General Motors and Ford delivered 80,000 ventilators to the U.S. government.)

In our own work, we’ve helped meet demand for new solutions to respiratory distress (e.g. hyperbaric oxygen hoods) and single-use devices (e.g. shaker and cell culture bags). 

Supply chain gets creative

Fewer resources and shorter development timelines mean you have to get creative. To make that possible, medical device manufacturers outsourced functions and joined forces with other market leaders.

“In addition to the extraordinary measures underway to rapidly ramp up manufacturing capacity and capabilities, medtech leaders are also looking outside their normal sector boundaries to explore creative solutions to further supplement capacity, such as partnerships with companies outside the sector, open-source equipment design, and deployment of medically trained employees to support public-health needs,” writes McKinsey.

Large and small OEMs have long sought third-party relationships to increase capacity, versatility and speed to market. (We wrote about why that makes good business and financial sense here.)

Up next

In 2021, medtech leaders can expect to see magnified versions of these trends, including greater connectivity across product lifecycles, revamps of the supply chain and go-to-market strategies. It will be tough to go it alone, and strategic partnerships will emerge as a way to plug gaps, enable speed and scalability. (Stay tuned for our 2021 Market Outlook!)

 

Two underlying principles you can rely on: greater emphasis on user experience and fast action. Tomorrow’s market belongs to medtech leaders who will seize the moment and act quickly to meet emerging demands.

by Genesis Plastics Welding Marketing Team Genesis Plastics Welding Marketing Team

One-On-One Virtual Trade Show Experience

Projects don’t stop, production marches on and medical device innovation continues to be needed, now more than ever. With in-person trade shows absent, how do medical device teams continue to network, innovate and fill the collaborative void?

Complimentary expert guidance for your biggest device dilemmas

COVID-19 has certainly made this year challenging. With postponed trade shows across the globe, our team has been thinking outside the box in regards to annual events, collaboration and continuing to fuel innovation within our industry. We’ve pivoted and embraced virtual meetings all year long. Now we are taking that one step further and expanding to offer a personalized virtual one-on-one trade show experience this December to help provide expert guidance for your biggest device dilemmas.

How does it work?

Simple.

First, skip the germs, lines and tacky giveaways. Next, select the appointment timeslot convenient for your schedule. Then, we’ll send a link and you get to ask us anything during your personalized virtual one-on-one trade show experience. Plus, we’ll have product samples for viewing and a virtual tour of our ISO 13485 facility.

We want to hear your team’s pain points

Have a medical device project in its infancy stages and looking for a collaborative design and development or manufacturing partner? Experiencing a hurdle on a current project or generation one product currently in production? Possibly radio frequency process questions? Maybe capacity questions? We’ve got you covered and are ready to answer any and all questions, virtually.

As a collaborative solution provider, our experienced engineering and manufacturing team is well-versed in the manufacture (and assembly) of these in demand medical device products:

  • Fluid, Drainage, Collection, Storage & Feeding Bags
  • Bioprocessing and Cell Culture Bags
  • Surgical Products
  • Temperature Management Devices
  • Infection Prevention Products
  • Respiratory Products and Oxygen Hoods
  • Cryogenic Products

Discuss Your Project Virtually

While nothing can quite replace the in-person interaction of the actual trade show floor, we hope our personalized virtual trade show option can be a welcome substitute as we all navigate the pandemic.

Let’s kick start innovation and your 2021 projects!

We’ve blocked out our calendars for December 1 -3, 2020 9 a.m. – 4 p.m. EST. Click here to email us and snag your spot.

We’re in this together. Now is the time for all of us to be helpers. We’re look forward to continuing to find ways to assist one another to innovate and bring breakthrough medical devices to market.

Related Resources:

by Genesis Plastics Welding Marketing Team Genesis Plastics Welding Marketing Team

Medtech Leaders, Researchers: Innovating in a Pandemic

Want to thrive past the pandemic? Act big, bold and fast, say researchers. Slow or incremental change isn’t your friend at the moment, writes McKinsey.

Innovating in a Pandemic

During a recent virtual discussion, McKinsey interviewed a handful of medtech leaders on innovating in the current landscape. Participants included Benoit Clinchamps (president, MicroPort CRM); Anton Kittelberger (CEO, mySugr); Florian Nickels-Teske (director, Helios Health Institute); and Harmut Schaper (CEO and general manager, Security & Safety Things). Joining the discussion were Ralph Dreischmeier and Chris Llewellyn, senior partners at McKinsey.

We’ve captured key themes below. (You can catch the full exchange here.)

Embrace collaboration as an accelerator

“Speed has taken on a completely different dimension,” says Dreischmeier: “Two years of digital transformation is now happening in two months.”

One way to accelerate transformation amid a pandemic is to embrace collaboration. 

“We’re trying to convince [medical device manufacturers] that it’s better to work together, because none of them has the necessary scale for fast [product] innovation,” says Schaper, who recently founded an association where competitors can talk to each other. 

In an earlier post on finding the right partner, we covered a few benefits of joining forces with someone who’s been down the road you want to travel, including: refining ideas, strengthening your value proposition, countering blind spots, reducing risks and uncovering opportunities that would’ve remained hidden otherwise — to mention a few.

Look at what’s working in other industries

If something has worked in another industry, it’s worth taking a look to see if it could work in yours, says Schaper. While you’re at it, “the best thing you can do is turn something that used to be a strength of your competitor into a weakness, like having them cling to this fully integrated stack and experiencing increasing difficulties,” he adds.

Llewellyn agrees: This is one reason why it’s so important to have a diverse team charting the path forward, he says.

Two angles to consider

Clinchamps offers two approaches to building new offerings or business models: (1) the customer-supplier relationship, and (2) technology innovation.

“We develop complex life-sustaining devices and traditionally offered an intensive service to physicians and hospitals to help them implant these devices. But we are trying to change this model,” he explains: “So we’re introducing deeper training for physicians and cardiologists to better understand the products and make it easier for them to implant these devices. Transferring this type of service to hospitals and other parties allows us to do things with fewer people than our competition.”

On the tech innovation front, Clinchamps’ firm is investing big in remote monitoring. “We must avoid overcrowding in hospitals and waiting rooms, as well as unnecessary trips to the doctor. So remote monitoring is far more important than it was before.”

In any case, he recommends staying close to customers to recognize their needs — a vital ingredient we also advocate in your product ideation process.

Beware of perfectionism

The pursuit of perfection is kryptonite to innovation, especially amid a pandemic. 

“If you have this perfect company where everything is planned down to every minute and every portfolio position, you’re not leaving people space to breathe,” says Schaper. For creativity and new discoveries to flourish, people need resources to try things out and they also need to know they won’t be punished for trying something reasonable that fails, he says.

Schaper is not alone in voicing this warning. According to the Harvard Business Review, an undue fixation on launching the perfect product brings costly side effects, including increased costs, longer time to launch, greater potential for risks and FDA scrutiny, psychological turmoil, and more. (More on that here.)

Failure to move now will cost you later

Medtech leaders should be mindful that this is a unique moment in time and the world will be a very different place coming out of this crisis, says Llewellyn. 

“There’s quite a big risk for many players to get left behind, but my sense is that those that act quickly and with conviction will put clear water between them and competitors,” he says. Key to this will be “not being afraid to get it wrong an asking for forgiveness rather than permission.”

In our own experience at Genesis Plastics Welding, as soon as COVID-19 hit, we shifted resources to hyperbaric oxygen hoods to help patients recover from respiratory distress and avoid risks associated with other devices. We also helped manufacturers boost production speed and savings with custom bioprocessing bags. The point is reacting quickly to market changes, anticipating what’s ahead, and wasting no time to act.

The current operating environment, as chaotic as it is, is no excuse for inaction. Quite the opposite, Llewellyn concludes: “I fear those that don’t seize the moment won’t just be left treading water but will be left looking at up the new Goliaths in the industry, saying, ‘How did we miss our opportunity?’”

Innovating in a Pandemic Related Resources: