Christopher Delporte, Editorial Director & Michael Barbella, Managing Editor07.21.14
The 2019 version is ready and live online. Click here to review the latest Top Companies list!
Every great challenge begets an equally grand opportunity. The Great Recession was quite prolific in that regard, providing the world’s largest corporations with the rare chance to restructure and become more efficient. The companies on this year’s Top 30 list took full advantage of that opportunity, parlaying reduced labor costs and low interest rates to boost productivity and strengthen their balance sheets. But to regain their mojo, the companies—and industry as a whole—were forced to revamp their business models to reflect a radically different environment. The market needle that once was so closely tied to groundbreaking new products now only budges for devices that provide real solutions to physicians, hospitals, insurers and patients. “Novel products are no longer reimbursed without also proving that they are contributing to better health care at a reasonable cost,” Rudy Dekeyser, managing partner at LSP Health Economics Fund, told EY in its 2013 “Pulse of the Industry” report. To prosper in the current healthcare landscape, device firms must position themselves as more than mere providers of a single good or service. The value proposition comes from being a problem-solver—a partner that can demonstrably improve health outcomes in cost-efficient ways. These top 30 companies are doing just that, either through acquisitions, spinoffs, divestitures or forays into new treatment areas. As a famous naturalist once noted, it’s not the strongest of the species that will survive, nor the most intelligent, but rather the ones most adaptable to change.
Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for FY 2013 (though we do provide some 2014 figures), some may include non-device sales within a division, such as combination products, drug delivery, software or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates. Also note that foreign currency conversions were done based on the exchange rate at the end of the fiscal reporting period being discussed.
TOP MEDICAL DEVICE MANUFACTURERS
