Moving forward in 2021 in the medtech industry brings a true appreciation for everyone involved. Whether you are designing products, on the production line, or in the C-suite, you are making a difference every day and we applaud you. It’s not easy to succeed in this business or survive for the long term.
To be successful, make continuous strides forward or eventually you could fall back. One of the interesting observations in our 30 years in this industry is that size doesn’t matter in success and innovation.
Money does have an impact, but it doesn’t necessarily reflect whether a project or idea will be successful.
The market eventually decides the winners and the losers – not the biggest spenders or the ones who proclaim loudly about the latest trend (without substance). For those of you in the industry in the ’90s, think of those shouting dot.com.
At the time of this writing, Haven had just announced that it was closing down. For those of you not familiar, Haven was going to be an innovative new Healthcare business, created by the braintrust of Jeff Bezos (Amazon), Jamie Dimon (JP Morgan) and, Warren Buffet (Berkshire Hathaway). Although it was launched with much fanfare and significant resources, it never actually seized the moment to truly innovate and develop something special. It’s a shame as there’s so much opportunity for innovation in healthcare on multiple levels. True innovation can benefit all of us as creating greater efficiency in our healthcare system could lead to more innovative medical products.
As we ponder the fact that the mighty have once again fallen on their collective swords, we are reminded again of the dedication and persistence of those in this industry. We are successful at various levels within medtech and healthcare because we begin with respect for what this industry achieves every day – which ultimately is to benefit mankind through innovative developments that heal and save lives!
This success does not come easily. Innovation doesn’t happen overnight. However, those working every day in this business are doing something right. It doesn’t matter if you are the CEO or on another level of your organization, nor does it matter if your business is large or small, it’s clear you are a survivor in a vital industry.
And, of course, the events of the past year have further demonstrated how important our collective mission has become.
We respect and applaud you for what you do every day. And if you feel the same way, please be sure to pass along that recognition to others in our business. We can continue to win individually and together in 2021 and beyond.
About the authors: CEO Florence Joffroy-Black is a long-time MedTech M&A and marketing expert. She can be reached at florence firstname.lastname@example.org. Managing Director Dave Sheppard is a former medical OEM Fortune 500 executive and an experienced MedTech M&A professional. He can be reached at davesheppard @medworldadvisors.com.