Category — Medical Technology

OCTANe: SoCal Leads in Job Creation and Med Tech Jobs

According to U.S. Dept. of Commerce data compiled by OCTANe, an Aliso Viejo CA-based organization, Southern California in recent years provided the highest level of job growth in the medical device secttor.

Bill Carpou, OCTANe’s president and CEO, presented the statistics during his welcome address at the Medical Technology Innovation Forum. Los Angeles, Orange County, San Diego employed 33,820 people, outpacing other medtech hotbeds such as New York, Northern California, Minneapolis, and Boston:

  • Southern California : 33,820
  • New York: 18,130
  • Boston: 15,204
  • Minneapolis: 14,043
  • Northern California : 11,093

In addition to existing jobs, the region also saw positive job creation. The region created 3,839 jobs. By contrast, other regions actually lost jobs. New York dropped over 6,000 jobs, Northern California lost more than 5,000, Boston lost around 3,000, and Minneapolis lost about 1,000, as depicted in the table below:

Medtech job creation for the two-year period ending 2016. [Data from U.S. Department of Commerce, courtesy of OCTANe]

Medtech job creation for the two-year period ending 2016. [Data from U.S. Department of Commerce, courtesy of OCTANe]

OCTANe also found that the SoCal region filed 365 patents, only slightly outpaced by Northern California which saw 437 patent filings.

OCTANe announced its commitment to long-term job creation in Orange County and has pledged to help create a total of 22,000 jobs by 2025. It also plans to fund 506 companies, participate in 39 liquidity events, and infuse $3.6 billion in capital into regional medtech companies.

November 14, 2017   No Comments

Dentistry In India Grows at 20 Percent Annually

In an interview with ETHealthworld, Dr. Ratnadeep Patil, CEO and Managing Director of Smile Care Expert Dental Center discussed trends in the dentistry sector in India.

Lightly edited excerpts from the discussion:

On the Indian dental market today: Dr. Patil said that India as well as China were the fastest growing dental markets. The overall market size of the Indian dental market is approximately $2 billion, with a market growth rate of 20% annually. This growth is driven by rising incomes of current dental consumers, better availability of services and a larger population that can afford dental services.

On automation in dentistry practiced in India: Dr. Patil said that automation is not new and has been around in India for the past 10-15 years. But, within the last five years, there is a positive trend towards computer-aided design in dentistry. The advent of cone-beam CT scans, which are specifically developed for dental purposes, have enabled many surgeries such as implant or bone grafting. With the help of these new technologies, “we can also now design some prosthetics or replace some missing portions of the teeth and jaw bones.”

x-ray image of the jaw

On how these new technologies will affect dentistry in India: Dr. Patil noted that the new trends are well-received by patients, but patient affordability, is a major challenge. The learning curve to adapt and incorporate new technologies could be steep for older generations of dentists. Dental practitioners will need to revisit their patient protocols as well as look at using technology to reduce time and get more precision.

Dr. Patil said, “Automation is expensive,  especially when it is innovative and new, since it is often imported, and this high cost makes its adoption challenging. I think manufacturing of these new technologies locally will change how India will adopt these in the future.”

 

November 14, 2017   No Comments

Health Consciousness in India Boosts Dietary Supplements Market

BillionFit: Technology Redesigning Healthcare a joint study by Kalaari Capital and accounting and advisory firm Grant Thornton says that with India’s consumers now invested in healthier lifestyles, the fitness technology segment will double to $250 million by 2023. Wearable fitness devices such as fitness trackers, and smart technology such as smart shoes, stride sensors, and clothes integrated with  wearable technology will account for 90% of this projected growth.

Additionally, this awareness for good health will boost India’s dietary supplements market which is projected to expand at an estimated compound annual growth rate of 12% over the next four to five years. Online retailers such as Healthkart, Amazon, Medisys and Neulife are increasing their stocks of ‘super’ foods and supplements.

Wellness

Nutraingredients-asia quotes Vrinda Mathur partner at Grant Thornton who says, “The global realm of healthcare has radically shifted from ‘detect and manage’ to ‘predict and prevent.’ This change in mindset, combined with the rapid technological and socio-political impetus on improving health, is resulting in a fitness and health boom across the world.”

October 29, 2017   No Comments

U.S. to India: Revise Stance on Capping Med Device Prices

The Government of India has limited retail prices of medical devices such as knee implants and heart stents by up to 75 percent to make them more affordable, but the $5 billion Indian medical-technology industry that includes Abbott Laboratories, Boston Scientific Corp, and Johnson & Johnson, among others, has protested these moves, saying they hurt innovation, and future investment.

SYNERGY StentReuters reports that a senior United States Trade Representative official said they were pressing India to not extend price caps to other devices, allow for higher pricing for technologically advanced equipment, and let companies withdraw their products if they wish to.

With margins of profit exceeding 400 percent for some devices, the government has equated such high margins to ‘illegal profiteering’, and Prime Minister Modi says that providing affordable healthcare to patients takes precedence over the interests of companies.

Tanoubi Ngangom, an associate fellow for healthcare at the Observer Research Foundation based in New Delhi, says India should develop policies based on its requirements and not succumb to diplomatic pressure.

October 8, 2017   No Comments

Indian Council of Medical Research Partners on Vaccine R&D

The Indian Council of Medical Research (ICMR) entered into an agreement with the International Vaccine Institute (IVI) to collaborate on vaccine research and development. India will commit $500,000 annually for a stake in IVI. According to the Memorandum of Understanding, ICMR will focus on research and development of vaccines to combat various infectious diseases such as tuberculosis, malaria, chikungunya and influenza, among others.

Image of Vaccines
 ICMR director general Soumya Swaminathan outlined the partnership:
  • Vaccine candidates developed in IVI labs can be transferred to one of the companies in India for further development
  • IVI will facilitate further global testing of vaccine candidates developed in India’s labs by linking developers here with global partners
  • The partnership will help with capacity building for clinical trials within India
  • IVI will support in conducting phase II and III trials for the candidate, if required

Jerome H. Kim, director general of IVI said that India supplies 60% of the world’s vaccines for vaccine-preventable diseases and contributes up to 80% of the United Nations’ annual vaccine purchases, reports the Economic Times. “We look forward to having India’s representation on the IVI Board of Trustees, which will increase engagement with Indian academia and industry even further,” Kim said.

September 1, 2017   No Comments