MASSMEDIC_The Medical Device Industry in Massachusetts
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Tom Sommer, Massmedic

Tom Sommer, Massmedic
“Els clústers es basen en construir sobre les fortaleses preexistents”

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MASSMEDIC_The Medical Device Industry in Massachusetts Presentation Transcript

  • 1. THE MEDICAL DEVICEINDUSTRY INMASSACHUSETTSACCIÓ Delegation BriefingMarch 21, 2012 – Ames Hotel – Boston, Mass.
  • 2. In the beginning….Prof. Porter’s Cluster Theory “Building on Strength”  1995 – State Task Force on Competiveness  Study on the economic impact of the medtech industry in Mass.  Industry Executives Form MassMEDIC
  • 3. “Creating a Meeting Place” Common Issues & Challenges FDA – CMS Financing Commitment to Innovation Product Development Manufacturing Questions Workers Partners
  • 4. MassMEDIC Launched – May,1996 “To create a positive environment and united voice for the Massachusetts medical device industry. To implement collaborative initiatives which make Massachusetts the medical device research, development and manufacturing capital of the world.”
  • 5. Massachusetts & Medical Devices–We’re Number 2! > 250 OEMs > 1,000 FDA-registered facilities 80,000 jobs – direct & indirect >$13 B in annual sales # 2 in VC investment Top Tier in Value-Added Production #1 medical device patents (per capita) Exports - #1 commodity exported from Mass. - - 10% of all US medtech exports
  • 6. Why Massachusetts?
  • 7. Wide Range of MedicalProducts
  • 8. Massachusetts’ MedTech Leaders
  • 9. A Vibrant Start-up Community Spin-outs from Companies/Universities/Teaching Hospitals  Support System  Technology Licensing Offices  Entrepreneurial Culture Range of specialties Weak early-stage financing environment Acquisition Target – Company Develops
  • 10. MassMEDIC Today  > 350 Members  1-2 Meetings per Month  Largest state medical technology association in the U.S.  Buy-in of all major players in the medtech cluster – OEMs – Suppliers – Teaching Hospitals – Universities –
  • 11. MassMEDIC’s Three Objectives Access Advocacy Emerging Company Support
  • 12. Access to…. Information  Meetings/Seminars/Reports Suppliers  On-line Suppliers Director Industry Leaders  MedTech Leaders Forum Policy Makers  Capitol Hill Fly-In/FDA Update/State House Visits Each Other  Networking!
  • 13. International Partnerships Global Industry – MassMEDIC Priority MEDICA Trade Shows – Europe – Asia MOUs Conferences NIMAC
  • 14. AdvocacyFederal Affairs Working Group Top Priorities  FDA Reform  CMS – Reimbursement Issues  Capitol Hill Fly-In  Congressional Delegation Briefing
  • 15. AdvocacyState Affairs Working Group Top Priorities  Business Climate Issues  Tax Credit for Medical Device Companies  Gift Ban Law  Payment Reform
  • 16. Worker Training Needs Assessment Regulatory Knowledge FDA 101 WPI Northeastern University/Regis College EN 14285 Training
  • 17. Emerging Company Support Continue Cluster Growth Financing – Corporate Governance – Regulatory – Compensation – Hiring – Real Estate – Partnerships Investors Conference Recognition of Innovation
  • 18. Emerging Company Support
  • 19. Early Stage Community Large & Growing No support system for Medtech Start-ups Financing Venture Capital Fund? “Harness the expertise of the established medical device community to support early stage companies”
  • 20. How to Support Early-StageCompanies ?EDRC MedTech IGNITE Executive-in-  Connect – Residence Springboard Help all medtech Initiative UCSD @ start-up companies San Diego No Filter  Select Companies Unsustainable –  Coaching Failed  Prepared for Investors
  • 21. MedTech IGNITE TodayInvestor Ready Companies Support Services  Exposure to Potential Investors  Information on regulatory & reimbursement challenges  Referrals to Experts
  • 22. Results “Touched” over 65 companies in three years Provided coaching for 12 companies Facilitated investor interaction Web Resources Supported team-building Brought IGNITE to the four corners of the state Initiating Physician/Entrepreneur Partnerships
  • 23. Investors Conference  25 early stage companies  10-minute presentations  VC/Angel Investors  Introduction to the Community  Financings!
  • 24. Challenges Ahead MedTech Industry Under Assault Provide the best information to our members Financing for Early Stage Companies Public Policies that Encourage Growth
  • 25. Moltes GràciesThomas J. SommerPresidentMassachusetts Medical Device Industry Council (MassMEDIC)715 Albany Street, TW1Boston, MA 02118 USA+1 617 414 1340sommer@massmedic.comwww.massmedic.com