First, a disclaimer about this blog. If you wish to have data-driven, fact-based insights please hire our consulting firm S2N Health. We, Amy and Tim, declare this blog space as a platform for our observations and opinionated perspectives on the med tech industry and healthcare market trends. You are free and certain at some point to disagree with us, but if we get you thinking we have accomplished our goal! So read ahead at your own risk!
So why form a consulting firm focused on emerging medical technologies? Or put another way, why did a German Literature/International Relations Major and an Operations Research/Financial Engineering/MBA decide to devote their careers to the business side of med tech? The answer: because we like the medical device industry and (most of the time) it’s been a fun, exciting ride.
Our top five reasons why we like med tech (drumroll, please!):
#5: Generally speaking, medical devices fix more problems than they cause by going right to the source of trouble. Reading a drug label can leave one wondering what the real upside is – check out this classic piece from comedian Steve Martin:
#4: People in med tech are smart – they have to be. Developing a medical device requires clever engineering; knowledge of anatomy, biology, physiology; understanding of complex user requirements and use environments; navigation of limitless and ever-changing regulatory requirements; high-quality, COGS-conscious manufacturing; and, selling into fragmented, irrational markets. Makes you wonder why we do like med tech!
#3: Med tech entrepreneurs are scrappy. Most key personnel end up wearing many hats and acquiring cross-functional skills to get things done, and – let’s be honest here – they test stuff on themselves on a regular basis.
#2: We like Europe. When is the last time you saw a med tech company launch in the US first? Not recently. Advantages of Europe – a more transparent and rational regulatory environment, access to the OR without paying greedy intermediaries or buying your own scrubs, and Amy gets to practice her German.
#1: Medical device companies make stuff you can see and touch. There is something satisfying about watching product come off the line, seeing it assembled, looking at the shipping boxes stacked on the dock. Of course there are many headaches that go with the territory of making a tangible device, no matter how simple or complex. We will save those headaches for another blog post!