Cardinal Health, Alaris Products
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Statistical review compiled from our Strategic Transactions database including financings by type (IPO, private placement etc.); financings by sector (surgical equipment, implantable devices, etc.); alliances by therapeutic category (cardiovascular, orthopedic, etc.); alliances by industry segment (biomaterials, monitoring equipment, etc. ); for three separate industries: medical devices, in vitro diagnostics, and pharmaceuticals/biotechnology.
Most of the technological developments that have dramatically changed the cardiovascular device market are the result of innovation by small companies that were able to grow along with their products' successes. More recently, however, the device landscape has changed, especially for cardiovascular companies, primarily with large companies dominating distribution channels, making it tougher for small companies to bring products to market. By identifying an unmet clinical need in interventional cardiology and maintaining a competitive head start, PercuSurge is looking to turn the clock back to the days when a small company could carve out its own niche in this huge market.
The paradigmatic hospital supply company of the 1980s was American Hospital Supply Corp., which was able to leverage strong relationships with customers and an efficient distribution system into a dominant position in the medical/surgical market. But for companies who tried to emulate AHSC, the leap from manufacturer to distributor proved difficult to make; moreover, customers themselves were willing to grant favored status to only a few such suppliers. In the 1990s, a new model of successful hospital supplier emerged: supplier as dealmaker, with an implicit faith in the value of technology and capable of putting together broad platforms. And in its own way, Tyco has helped to shape that model.
Becton Dickinson's strength in medical devices has always been building large market shares in high volume lines and then managing for profitability through more efficient manufacturing. But the company has begun an aggressive growth campaign just as its core businesses have begun to stagnate. Customer consolidation and more aggressive competition is leading this cautious company to become a risk-taker.
- Medical Devices