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Washington State Biomedical Device Industry Outlook Survey
1. 2010 Industry Outlook Survey Surveyconducted May 2010 by the Biomedical Device Innovation Zone Emailed to 180 contacts in the region’s medical device industry 20% of the response rate
2. Key Findings Have you noticed any changes in sales in the last 6 months?
3. Key Findings Do you plan to expand into new markets?
4. Key Findings How do you feel about the sales prospects for your company in the coming year?
5. Key Findings Will your company employ more or fewer people one year from now?
6. Key Findings What is your outlook for the overall business environment for the industry in the coming year?
7. Key Findings Key strategies adopted for surviving this current economic challenges Enter into new collaborative partnerships Focus on one key product Develop a core platform technology Develop new funding partners Reduce Overhead
8. Key Findings Are there currently unrealized commercial opportunities within your company?
9. Key Findings Would you pursue these opportunities if additional resources and support were available?
Talking Points:I’d like to present the findings of our 2nd annual Industry Outlook Survey conducted by the Biomedical Device Innovation ZoneWe surveyed 180 industry contacts and received a 20% response rate this year
Talking Points:Our first question was whether respondents had noticed any changes in sales in the last 6 months. 53% - have seen “sales increase” or “remain the same” as compared to 42% in 2009 An 11% increase over last year6% - have experienced a decrease in sales as opposed to 27% in 2009 A significant change41% - NA (possibly still in R&D phase)
Talking Points:Next we asked if they are planning on expanding into new markets71% of our respondents expect to expand into new markets as compared to 70% in 200929% - will not expand
Talking Points:When asked how they felt about their sales prospects for the coming year85% expect their overall sales to “increase” or “remain the same” in the coming year, as compared to 58% in 2009 (a 27% increase) 3% forecasted a decrease in sales12 % selected not sure
Talking Points:When asked if they were forecasting employing more or fewer employees in the coming year76% - expect to have more employees a year from now24% - expect to have the same number of employeesWith zero respondents forecasting a decrease in the number of employees. In 2009 3% expected fewer employees
Talking Points:When asked about their personal outlook for the medical device industry in the coming year82% said they are “very” or “somewhat” positive about the prospects for the coming year as compared to 61% in 2009, a 21% change over last year12% expect no change3% are somewhat negative as compared to 33% of the respondents that were “very” or “somewhat” negative in 2009Overall it seems that things are looking up in the industry
Key Talking Points:Companies employ a number of strategies for surviving the current economic challenges. We asked respondents to rank in order of importance the strategies they are employing.The highest ranking strategies for surviving this currenteconomic challenges are:- Enter into new collaborative partnerships - Focus on one key product - Develop a core platform technology Develop new funding partners Reduce overheadStrategies with lesser rankings included: Considered exports to boost business Develop diversity of products Consider foreign investors Increase applications for grant dollars Restructure debt
Talking Points:As part of our efforts to explore the development of a MedTech Discovery Center in the region with an incubator as its center post we included the following questions:Are there unrealized commercial opportunities within your company88% said yesWith 12% indicating no
Talking Points:When questioned if they would pursue these opportunities if add’l resources and support were available85% said yes - indicating that even established companies may benefit from the resources provided by a initiative such as the Discovery CenterFor those interested in a copy of the presentation, we will be posting the slide deck to the Biomedical Device Innovation Zone website
