MASSMEDIC_The Medical Device Industry in Massachusetts

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

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MASSMEDIC_The Medical Device Industry in Massachusetts

  1. 1. THE MEDICAL DEVICEINDUSTRY INMASSACHUSETTSACCIÓ Delegation BriefingMarch 21, 2012 – Ames Hotel – Boston, Mass.
  2. 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. 3. “Creating a Meeting Place” Common Issues & Challenges FDA – CMS Financing Commitment to Innovation Product Development Manufacturing Questions Workers Partners
  4. 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. 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. 6. Why Massachusetts?
  7. 7. Wide Range of MedicalProducts
  8. 8. Massachusetts’ MedTech Leaders
  9. 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. 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. 11. MassMEDIC’s Three Objectives Access Advocacy Emerging Company Support
  12. 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. 13. International Partnerships Global Industry – MassMEDIC Priority MEDICA Trade Shows – Europe – Asia MOUs Conferences NIMAC
  14. 14. AdvocacyFederal Affairs Working Group Top Priorities  FDA Reform  CMS – Reimbursement Issues  Capitol Hill Fly-In  Congressional Delegation Briefing
  15. 15. AdvocacyState Affairs Working Group Top Priorities  Business Climate Issues  Tax Credit for Medical Device Companies  Gift Ban Law  Payment Reform
  16. 16. Worker Training Needs Assessment Regulatory Knowledge FDA 101 WPI Northeastern University/Regis College EN 14285 Training
  17. 17. Emerging Company Support Continue Cluster Growth Financing – Corporate Governance – Regulatory – Compensation – Hiring – Real Estate – Partnerships Investors Conference Recognition of Innovation
  18. 18. Emerging Company Support
  19. 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. 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. 21. MedTech IGNITE TodayInvestor Ready Companies Support Services  Exposure to Potential Investors  Information on regulatory & reimbursement challenges  Referrals to Experts
  22. 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. 23. Investors Conference  25 early stage companies  10-minute presentations  VC/Angel Investors  Introduction to the Community  Financings!
  24. 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. 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

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