MassMEDIC Holds Annual Conference TodayMassMEDIC Holds Annual Conference Today
The medical device industry is better positioned to weather the economic storm than many industries, but it did face challenges in the past year. That was the lesson from Richard Ramko of Ernst &Young today at the MassMEDIC Annual Conference, held at the John F.
May 5, 2009
Kennedy Presidential Library and Museum.The Boston Globe reports that Ramko noted the significant challenges to be met by the medtech sector. The recession cut venture capital outlays for medical equipment start-ups in Massachusetts, for example,Â by 74% in the first three months of this year, compared with the same period in 2008. Total financing, from public and private sources, fell 71%Â in the medical device sector.Nonetheless, the presenters remain confident that the slump is far less drastic than in other industries. Strong business plans and patience will be rewarded, Tom Sommer, president of MassMEDIC, told the Globe. "Hospitals are putting off their decisions on purchases for another year,"Â Sommer said. "The medical device companies have to wait it out, knowing there will be pent-up demand at the end of the recession that will ultimately be beneficial to the industry."The schedule for MassMEDIC's conference is as follows:Change at the FDA: How Will it Impact the Medical Device Industry?Mark Heller, Partner, Goodwin ProcterThe Pulse of the Medical Device Industry - 2009Richard Ramko, Partner, Ernst & YoungThe State of the European MedTech MarketJohn Wilkinson, Chief Executive, EucomedChange in Washington - Implications for the Health Care IndustryStephen J. Ubl, President, AdvaMed
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