MASSMEDIC_The Medical Device Industry in Massachusetts
THE MEDICAL DEVICEINDUSTRY INMASSACHUSETTSACCIÓ Delegation BriefingMarch 21, 2012 – Ames Hotel – Boston, Mass.
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
“Creating a Meeting Place” Common Issues & Challenges FDA – CMS Financing Commitment to Innovation Product Development Manufacturing Questions Workers Partners
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.”
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
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
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 –
MassMEDIC’s Three Objectives Access Advocacy Emerging Company Support
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!
International Partnerships Global Industry – MassMEDIC Priority MEDICA Trade Shows – Europe – Asia MOUs Conferences NIMAC
AdvocacyFederal Affairs Working Group Top Priorities FDA Reform CMS – Reimbursement Issues Capitol Hill Fly-In Congressional Delegation Briefing
AdvocacyState Affairs Working Group Top Priorities Business Climate Issues Tax Credit for Medical Device Companies Gift Ban Law Payment Reform
Worker Training Needs Assessment Regulatory Knowledge FDA 101 WPI Northeastern University/Regis College EN 14285 Training
Emerging Company Support Continue Cluster Growth Financing – Corporate Governance – Regulatory – Compensation – Hiring – Real Estate – Partnerships Investors Conference Recognition of Innovation
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”
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
MedTech IGNITE TodayInvestor Ready Companies Support Services Exposure to Potential Investors Information on regulatory & reimbursement challenges Referrals to Experts
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
Investors Conference 25 early stage companies 10-minute presentations VC/Angel Investors Introduction to the Community Financings!
Challenges Ahead MedTech Industry Under Assault Provide the best information to our members Financing for Early Stage Companies Public Policies that Encourage Growth
Moltes GràciesThomas J. SommerPresidentMassachusetts Medical Device Industry Council (MassMEDIC)715 Albany Street, TW1Boston, MA 02118 USA+1 617 414 email@example.com