Faster Forward

My maternal grandmother used to say that the older you get, the faster time passes. I didn’t believe it as a child, but I increasingly feel as if I might be able to relate—particularly when it involves following medical device industry trends. It reminds me of a quote from the classic 1986 film (now I’m definitely

showing my age) “Ferris Bueller’s Day Off.” At the end of a whirlwind day playing hooky from school, the film’sprotagonist—Ferris, of course—looks at the camera and shares a little bit of wisdom: “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” I’m looking around—a lot—and at the pace that issues seem to be flying in the industry, it’s difficult to catch all of it.

During the recent AdvaMed 2011 conference in Washington, D.C., the agenda was jam-packed with sessionsaddressing so many currently relevant topics that it was next to impossible to choose (check out our event wrap-uparticle on page 84). In part, that’s a function of a well-designed event, but it’s also a reflection of the flux the industry seems to be in and the desire for information or tools to help sort it all out and make the most of our business.

“I’ve been in this industry more than 20 years, and have never seen anything like today’s business climate,” anAdvaMed attendee and contract manufacturer told me as we shared our there’s-so-much-going-on-lately stories. “There is a lot of uncertainty now. It seems like everything has a question mark hanging over it. The pace is crazy. Too much to stay on top of. We’re getting more interest in our services, which is great, the business climate is charged. It’s more difficult to keep up.”

A busy pace isn’t bad. It often can be a good thing. But I took note of the word “charged” used by my fellow conference-goer. It’s an apt turn of phrase.

There are tons of pros that create a positive charge in the industry’s climate—the rapid rate of technological and manufacturing advances used to create new devices leads to better healthcare; expanding markets mean more opportunity for device firms; and OEMs are taking greater advantage of the outsourcing model both in the United States and overseas. Unfortunately, a number of unknowns also can create a negative buzz, drown out the positive and lead to an overall feeling of doubt—the impending medical device excise tax; learning how to navigate expanding global markets; uncertainties with the U.S. Food and Drug Administration; shrinking pools of capital for start-ups; healthcare reform unknowns; reimbursement cuts; manufacturing supply chain challenges; and overall pricing pressures.

I’m sure there are others—on both sides—that I’ve left out. Add these to a sluggish world economy and it makes for a heady brew. Some of these perceived negatives might actually be turned around quickly given the right economic conditions (no small task, I realize). In the absence ofconcrete facts (e.g., how healthcare reform will impact thedevice market; see Top of the News on page 12), it’s human nature to fill in the gaps with fear. It makes people feel alittle out of control. That lack of control adds to the feeling of time and events swiftly passing us by.

That’s the world we occupy at the moment. It can befrustrating at times, but I think the good continues to faroutweigh the bad. This quintessentially American industry has too much on the ball to let things fly by as other industries have.

James V. Mazzo, president of Abbott Medical Optics and AdvaMed board chairman, summed it up well.

“The medical technology industry is an economic crown jewel,” he said. “Policies should be put in place to foster our ability to innovate, as well as make improvements in quality and efficiency in patient care. With a comprehensive agenda for growth, we can continue to innovate our way to better health outcomes and a stronger economy.”

The message: We have the power to shape the course of these events.

I’m certainly guilty of adding to the volume of information circulated by and for the industry—it is my job after all. Better to have too much information than not enough. We might not be able to slow the passage of time, but we can adapt to use today’s constant stream of information to better prepare ourselves, our companies and the industry for the opportunities yet to come.