Edwards Lifesciences: Staking New Ground in Cardiovascular Devices
Over the past seven years, since its spin off from Baxter International, Edwards Lifesciences has built a cardiovascular business to challenge the industry giants. In this interview, CEO Mike Mussallem looks back over a 20-year career whose highlights include surviving the Baxter/American Hospital Supply merger and formulating Edwards' vision.
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After exploring a number of new product markets to drive growth in the decade since its spin-off from Baxter, Edwards has found its sweet spot in its own backyard: heart valves. Through an aggressive early acquisition, the company has emerged as the leader in what looks to be the next major device product market: - transcatheter valves. But in building a transcatheter valve business, Edwards must maintain its surgical customers while also selling to new physician customers: interventionalist cardiologists - a clinical specialty with a history of competing with surgery.
Dave Chonette is among the device industry's pioneers, having helped build both large companies--notably, Edwards Lifesciences--and the venture-based innovation model for creating start-ups to provide a continuing source of new products. This interview is adapted from a presentation at the 2007 Phoenix Medical Device CEOs conference, at which Chonette received the group's Lifetime Achievement award.
A brief summary of recent product developments in the device industry, including updates on Edwards Lifesciences, Cardiophonics, Boston Scientific. Also, short takes on the Pediatric Medical Device Safety and Improvement Act, and Annual Breast Cancer Screening.