The Advanced Medical Technology Association (AdvaMed) is expanding its reach to “small” medical device firms—companies with sales less than $100 million. Small companies make up more than 70 percent of AdvaMed’s membership.
The Washington, D.C.-based association is reorganizing and expanding its Emerging Growth Company Council (EGCC), according to AdvaMed President and CEO Stephen J. Ubl.
“Emerging growth companies are drivers of medical innovation, economic growth and job creation,” Ubl said. “We are committed to ensuring that their perspective is always heard by policymakers.”
The strengthened EGCC, according to a news release, will “bring greater focus” on behalf of smaller medical device companies.
The new EGCC will be governed by a 15-member board of directors and a five-member executive committee composed of CEOs from small companies. Michael Minogue, chief executive of Abiomed, will be the EGCC chairman. CEOs Nadim Yared of CVRx, Stuart Randle of GI Dynamics, Virginia Rybski of Regenesis Biomedical and David Lucchino of Semprus BioSciences will join Minogue as the board’s founding members.
The EGCC will be managed on a day-to-day basis by a full-time AdvaMed vice president, and it also will have full access to AdvaMed’s policy expertise and other resources.
The EGCC will focus on facilitating a policy environment conducive to capital formation and innovation, advocating for domestic and international payment and regulatory policies that are favorable to emerging companies, and providing educational meetings and opportunities for emerging growth company leaders and professionals.