Does Medtech Need a New Way? Hear from Imperative Care’s Fred Khosravi, McKinsey’s Delphine Zurkiya
Nov 17, 2023
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Fred Khosravi, CEO of Imperative Care, discusses their approach to improving stroke care. Delphine Zurkiya from McKinsey explains how medical device companies can enhance efficiencies in R&D and customer outreach.
Adopting effective portfolio management, developing power capabilities, and optimizing resource allocation can drive growth and productivity in the MedTech industry.
Healthcare providers are open to digital interactions, highlighting the need for MedTech companies to offer multiple channels of engagement while still recognizing the value of in-person interactions.
Imperative Care's mission goes beyond device development, aiming to elevate stroke care and make a meaningful impact in patients' lives.
Deep dives
Improving R&D Productivity in MedTech
The MedTech industry is facing pressure to grow at sustainable margins, leading to a focus on improving the productivity of R&D. While R&D spending in the industry is high, there has been a slowdown in FDA device approvals. However, there are five key practices that companies can adopt to drive higher growth and productivity. These include effective portfolio management, developing power capabilities like design thinking and product management, adopting agile practices within the stage gate process, and optimizing resource allocation. Implementing these practices can lead to shorter time to market and increased productivity.
Evolving Customer Engagement in MedTech
As hospitals and healthcare providers face challenges like burnout and staff shortages, there is an increasing openness to digital interactions in the MedTech industry. Healthcare providers, including physicians, are open to digital channels and interactions with MedTech companies. Email interactions have been preferred by two-thirds of physicians post-COVID. This trend highlights the need for MedTech companies to offer multiple channels of engagement, including digital platforms, while still recognizing the value of in-person interactions at key moments in the customer journey. Elevating customer engagement requires integrating various channels seamlessly and meeting the expectations of healthcare providers.
The Origins of Imperative Care
Imperative Care, a company focused on stroke care, was born out of a vision to enhance stroke treatment and improve patient outcomes. The company's mission was to develop technologies that make the procedure faster and simpler, allowing for revascularization within 10 minutes. This vision was set by Nick Hopkins, a mentor and leading authority in stroke care. The company's leadership team, consisting of accomplished individuals from the MedTech industry, has intentionally come together to fulfill this vision. Imperative Care's mission goes beyond device development, aiming to elevate stroke care and make a meaningful impact in patients' lives.
Transitioning MedTech companies to adopt software industry practices
There is a growing trend in MedTech companies to adopt practices from the software industry and transition towards selling software as a service. This shift requires importing talent from the software industry and developing new capabilities. Companies that make this transition faster are being rewarded with higher stock prices. However, despite this shift, the core of these companies as device-driven organizations remains strong, as they continue to contribute to increasing life expectancy.
The journey of Fred Kissrabi and his involvement in the MedTech industry
Fred Kissrabi, the CEO of Imperative Care, shares his journey in the MedTech industry. His passion for making a difference in patients' lives started when he encountered a woman on a plane who had regained her sight through the lenses he helped develop. Kissrabi's journey involved working with pioneering companies like Silco and Advanced Cardiovascular Systems (ACS). He emphasizes the importance of surrounding oneself with talented individuals and the power of hard work and resoluteness when starting a company. Kissrabi believes that MedTech should shift its focus to being more patient-centric, and encourages the involvement of more women in medicine and leadership positions to drive this change.
In this episode, we’ll hear from Fred Khosravi, CEO of Imperative Care, a medical device company that is taking an unusually holistic approach to helping people who have suffered strokes. Host Tom Salemi interviewed the successful medical device CEO at DeviceTalks West.
Before that we’ll talk with Delphine Zurkiya, senior partner at McKinsey & Co., about a new report that lays out a blueprint for medical device companies to improve efficiencies in R&D and customer outreach.
But first we’ll highlight our newest member of the DeviceTalks Podcast family – AI Meets Life Sci – with co-hosts Kayleen Brown and Brian Buntz!
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