MASSMEDIC_The Medical Device Industry in Massachusetts
- 1. THE MEDICAL DEVICE INDUSTRY IN MASSACHUSETTS ACCIÓ Delegation Briefing March 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
- 7. Wide Range of Medical Products
- 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. Advocacy Federal Affairs Working Group Top Priorities FDA Reform CMS – Reimbursement Issues Capitol Hill Fly-In Congressional Delegation Briefing
- 15. Advocacy State 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
- 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-Stage Companies ? 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 Today Investor 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 Gràcies Thomas J. Sommer President Massachusetts Medical Device Industry Council (MassMEDIC) 715 Albany Street, TW1 Boston, MA 02118 USA +1 617 414 1340 [email protected] www.massmedic.com