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    Top30

    10. Baxter

    ...

    07.30.19
    AT A GLANCE
    Rank: #10 (Last year: #10)
    $11.12 Billion
    Prior Fiscal: $10.56 Billion
    Percentage Change: +5.3%
    No. of Employees: 50,000
    Global Headquarters: Deerfield, Ill.

    KEY EXECUTIVES
    José (Joe) E. Almeida, Chairman, President, and CEO
    James (Jay) Saccaro, Exec. VP and CFO
    Laura Angelini, General Manager, Renal Care
    Wil Boren, President, Advanced Surgery
    Robert Felicelli, President, Pharmaceuticals
    David Ferguson, Ph.D., General Manager, Medication Delivery
    Heather Knight, General Manager, U.S. Hospital Products
    Reaz Rasul, General Manager, Acute Therapies
    Jorge Vasseur, General Manager, Clinical Nutrition

    Founded in 2006, the University of Southern California (USC) Center for Body Computing (BCB) was one of the county’s first academically-based digital health research and innovation centers. Over the last 13 years, the USC BCB has been working on the digital health frontier, honing expertise in implantable and wearable sensors, smartphone-enabled virtual care, big data, artificial intelligence (AI)/machine learning, and virtual reality to build patient-centric applications and services. For example, the USC BCB’s ambitious, ongoing “Virtual Care Clinic” connects patients with an AI-powered avatar of their real-life doctor via the “Doc On” app to answer patient and caregiver questions.

    Last September, USC BCB began a collaboration with Baxter International to develop life-sustaining digital solutions. Though more specific information was scarce, the two will focus on open innovation around the continuum of care, establish further business collaborations as they go, and build software solutions. As a USC BCB member, Baxter joins a team of leading companies, non-profit organizations, and government agencies working to modernize healthcare.

    A few days later, the Mayo Clinic and Baxter joined forces to build a renal care center of excellence at the Mayo Clinic Dialysis Center in Jacksonville, Fla. The dialysis clinic, the first launched initiative from the five-year agreement the two had made in 2017, will combine Baxter’s clinical service model and chronic kidney disease (CKD) management program with Mayo Clinic’s state-of-the-art dialysis services in a comfortable, home-like facility.

    “The collaboration between Mayo Clinic and Baxter combines the best of our clinical, research and innovation expertise, and is rooted in the shared goal to improve the way we care for patients with serious and complex illnesses,” Gianrico Farrugia, M.D., CEO of Mayo Clinic in Florida and president-elect of Mayo Clinic, told the press.

    The partnership also opens the possibility for trials of new, co-developed renal care products and services. In the meantime, the outpatient clinic will offer CKD management, home dialysis, and in-center dialysis services.

    Renal Care is Baxter’s largest business, making up nearly a third of the firm’s $11.12 billion proceeds last year (which were up 5.3 percent from the year prior). The Renal Care segment posted $3.7 billion in revenue last year, jumping 5 percent over the previous year’s total. Worldwide growth of the company’s peritoneal dialysis business and increased hemodialysis international sales drove Renal Care’s expansion last year.

    Medication Delivery—which encompasses IV therapies, infusion pumps, administration sets, and drug reconstitution devices—fell a mere 1 percent in sales from the prior year, achieving $2.7 billion in revenue.

    2017’s Hurricane Maria caused supply constraints for Baxter’s small volume parenterals as well as lower international sales resulting from reallocation of volume to the U.S. Those supply constraints caused some customers to change protocols for use for those products, or else switch to competitive products.

    Last January, Baxter launched the Arisure Closed System Transfer Device, which consists of several components working together to prevent contaminants from entering the IV delivery system and stop hazardous substances from leaving it during drug preparation and administration. A closed vial adapter helps provide closed access to liquid or powder vials for reconstitution, a closed male Luer valve for closed diluent or drug transfer from a standard male Luer tip, and an IV dry spike for closed access to an IV bag for drug/solution addition or removal.

    The Spectrum IQ Infusion System with Dose IQ Safety Software obtained FDA clearance last May. It was the first device of its kind meant specifically for bi-directional electronic medical records (EMR) integration. Embedded on-screen barcode technology removes the need for a sticker barcode, providing clinicians with scan prompts to maintain or increase auto-programming compliance and automatically document infusion data in the EMR. The Spectrum IQ pump also features a visual notification matching the infusion pump and medicine being infused. Baxter partnered with First Databank to integrate its evidence-based IV medication library into Dose IQ safety software to make infusion delivery safer.

    The Evo IQ Infusion System won CE mark approval last August. Evo IQ’s scalable platform and user-centric design includes an advanced drug library, Dose IQ error reduction software, and One Set technology, which allows easy switch between gravity and pump applications without changing sets. Evo IQ also alerts clinicians if programming exceeds limits specified for that medication, stopping delivery if necessary.


    ANALYST INSIGHTS: CEO Joe Almeida continues to transform Baxter into a more aggressive company across its business segments. Watch for implementation of digital healthcare solutions to strengthen key portions of its portfolio—which will lead to the possibility of expanding their relationship with patients to create additional ‘consumer health’ opportunities for Baxter.

    —Dave Sheppard, Co-Founder and Managing Director, MedWorld Advisors



    Baxter also began moving Spectrum infusion pump repair operations from its Medina, N.Y., facility to Illinois last August. The decision impacted about 130 employees, who were fortunately able to apply for other positions in the company. Spectrum infusion pump manufacturing operations, which were also located in Medina, were unaffected.

    The Advanced Surgery franchise, which houses biological products and medical devices used in surgical procedures for hemostasis, tissue sealing, and adhesion prevention, ballooned an impressive 13 percent in sales last year to reach $800 million. This increase was mainly provoked by the acquisition of two hemostat and sealing products early last year, as well as improved core hemostat and sealant sales.

    Baxter began the deal to purchase Mallinckrodt plc’s RECOTHROM and PREVELEAK products last January. Collecting these two products expanded the firm’s portfolio of surgical solutions to address intraoperative bleeding. At the time, RECOTHROM Thrombin topical (Recombinant) was the first and only standalone recombinant thrombin. It aids hemostasis when oozing blood and minor bleeding from capillaries and small venules is accessible, and standard surgical techniques to control the bleeding are impractical or ineffective. PREVELEAK Surgical Sealant is used to seal suture holes formed during surgical repair in vascular reconstruction procedures. The acquisition of these was completed last March, contributing $52 million to last year’s sales.

    Last September, the FDA cleared the Actifuse Flow Bone Graft Substitute for a variety of orthopedic surgical procedures. Actifuse Flow helps accelerate bone growth with a prepackaged delivery system for precise placement in small bony voids or skeletal system gaps, making it compatible with open and less invasive techniques. The latest addition to the firm’s osteobiologics surgery portfolio, Actifuse Flow is well-suited for filling small bone defects and complex geometries. Its first applications are expected to be for orthopedic procedures in the pelvis, extremities, and posterolateral spine. ALTAPORE was officially unveiled at last year’s North American Spine Society annual meeting.

    The ALTAPORE Bioactive Bone graft gained FDA clearance as an autograft extender in posterolateral spinal fusion last September as well. Previously cleared for orthopedic surgical procedures in the extremities and pelvis, ALTAPORE’s enhanced porosity allows earlier vascularization, increased cellular activity, and improved volume of new bone growth.

    The Disposable Curved Application to improve delivery of Baxter’s Floseal Hemostatic Matrix launched last December. Its atraumatic design minimizes tissue damage during ENT procedures, addressing intraoperative bleeding during skull base surgery, functional endoscopic sinus surgeries, septoplasties, and control of bleeding during nasal and sinus surgery.

    Acute Therapies generated $517 million last year, leaping 13 percent over the previous year. The significant bump was due to higher demand for the company’s continuous renal replacement therapies systems to treat acute kidney injuries, as well as higher demand for other products from an intense flu season last year.

    The PrisMax system and TherMax blood warmer won CE mark approval last October. PrisMax, combined with specialty dialyzers, delivers a complete range of extracorporeal therapies to remove waste products, excess fluids, and inflammatory mediators from the blood. It is intended to make therapy delivery simpler and more efficient while boosting ICU treatment accuracy. Once purified outside the body, the TherMax warmer ensures blood is the correct temperature to return to the body. Advanced safety features in TherMax also detect leaks and ensure the proper setup.

    The Tisseel Prima syringe was unveiled at last November’s American Association of Gynecologic Laparoscopists meeting. Carrying Baxter’s Tisseel fibrin sealant, the Prima syringe comes fully assembled and, according to Baxter data on file, is eight times easier to push than the previous Tisseel syringe. The firm also introduced the Tisseel 40cm Duplotip Rigid Applicator, an extended length applicator for hard-to-reach areas in laparoscopic surgery.

    Shortly thereafter, at last year’s American Society for Metabolic and Bariatric Society—Obesity Week meeting, the Peri-Strips Dry with Veritas (PDSV) Circular Staple Line Reinforcement with Secure Grip technology was revealed. PDSV Circular lets a circular stapler to advance across the incision site during bariatric surgery with minimal tissue injury while protecting the buttress. Secure Grip technology provides secure PDSV placement onto a circular surgical stapler.

    Baxter’s Pharmaceuticals franchise advanced 11 percent last year to reach $2.1 billion in sales, mainly thanks to the July 2017 completion of the Claris Injectables acquisition and increased premixed injectables and inhaled anesthetics sales. The Clinical Nutrition business fell 1 percent to reach $877 million last year as a result of Hurricane Maria-related supply constraints. “Other,” which houses the company’s pharmaceutical partnering business, rose 12 percent to accrue $510 million in revenue last year.
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