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The Medical Device Industry in Southern New England’s I-91 Corridor
Potential forgrowth
September, 2004
and the role of BEACON
Joseph D. Bronzino, Ph. D., PE, President of BEACON
The Biomedical Engineering Alliance & Consortium
The Biomedical Engineering Alliance & Consortium is a non-profit organization consisting of academic and medical institutions as well as corporations dedicated to the development of new medical technologies, new companies and new jobs.
The goal of BEACON is to foster collaborative research, promote industrial partnering, and facilitate the development of new medical device companies. To accomplish this goal, BEACON has formed a preferential access network, which provides its members access to the expertise and resources within the network.
In November 2003, Northeast Utilities – a member of BEACON – commissioned us to assess the medical device industry in Southern New England’s I-91 Corridor.
WHAT IS A MEDICAL DEVICE?
According to the FDA, it is:
Surgical instruments
Catheters
Coronary stents
Pacemakers
X-ray machines
CT Scanners
MRI
Anything used for therapeutic and/or diagnostic purposes in humans or animals,
which is NOT a drug (that is not dependent upon being metabolized for the achievement of any of its primary intended purposes).
Artificial hips/knees
Prosthetic limbs
Artificial organs
Neural stimulators
Medical lasers
Biosensors
Biomaterials
Examples:
Southern New England’s I-91 Corridor
Medical Device Industry
In Southern New England’s I-91 Corridor
This report, which is available in detail at:
http://www.hartfordspringfield.com/pdf/BEACON_Report_FINAL.pdf
provides an assessment of the broad medical device industry in the Interstate-91 Corridor region of Connecticut and Massachusetts placed in context with the medical device and technology industry of New England, the greater Northeast and the nation as a whole.
The Medical Device Industry
In the United States
The stringent FDA-approval process is internationally recognized as the “gold standard” of
product quality and effectiveness.
The U.S. is the global leader in Medical Devices & Technology
Medical Device Manufacturers
In Southern New England’s I-91 Corridor
Southern New England’s I-91 CorridorPrecision-Skilled Manufacturers
New Haven, Hartford & Springfield
in the heart of the Northeast Research Corridor
“The combined total economy of the region places it ninth in the U.S., just ahead of Dallas, Detroit and Minneapolis-St. Paul.”
Southern New England’s I-91 Corridor is “home to one of the largest concentrations of universities, colleges and students in the United States”
The Medical Device Industry inSouthern New England’s I-91 Corridor
•ranks among the Top 50 areas in the nation relative to industry concentration and among the Top 20 in total industry employment;
•crosses two states, Massachusetts and Connecticut, which rank first and second in proportion of FDA-registered manufacturing firms;
•is home to a substantial support system – health care institutions, precision machining capabilities, industry support groups – upon which medical device firms rely;
•offers potential new markets in the medical device industry for area machining and tooling firms, historically engaged in contract aerospace manufacturing; and
•has a lower cost of living than other metros with which it competes, including the Boston and California bastions.
Medical Device Industry Forecast Calls for Strong & Sustained Growth
•$43 - $88 billion industry
•Outperforms S&P 500
•9% average annual growth
•“recession-proof”
•“double-digit growth for years to come”
•$6 billion added to U.S. trade accounts annually
Relative Stock Market Performance Over Previous Decade
Medical Device Industry’s Most Active Sectors
•Heart disease-treatment devices
•Orthopedic implants
•Minimally-invasive surgical devices
•Neurology (neurostimulation devices).
Medical Device Industry’s
Up-and-Coming Technologies to Watch this Year
•Drug-eluting stents
•Implantable defibrillators
•Neurostimulation devices
•Nanoscale biosensors
•Cardiac rhythm management devices
•Home & self-care technologies
•Tissue-engineered components
•Less-invasive hip replacements.
Biomedical Engineering
the future of medical devices
•Advanced biomaterials
•Ultra-high resolution imaging systems
•Drug-device hybrids
•Biosensors
•Nanodevices
•Virtual reality
•Biorobotics
•Brain-machine interfaces
•Computerization of medicine.
The Broad Medical Device Industry
MedicalDevice
Testing
Electronic Components
Metal Components
Biomedical Engineering
Plastics Components
Research
Packaging
Post-processing
1. Continually develop a “preferential access network” that gives our members access to the expertise and resources within the BEACON community.
2. Enhance the technology transfer process between academic institutions and industry.
3. Promote collaborative research and partnerships among our academic, medical and industrial partners in the field of biomedical engineering.
4. Facilitate the development of new medical device companies by assisting academics and clinicians in developing their business plans and obtaining funds.
5. Provide educational opportunities (courses, seminars, curriculum, programs, etc.) that improve understanding and foster the acquisition of specific knowledge and expertise in the field of biomedical engineering.
6. Build bridges to other centers and organizations interested in biomedical research and development.
7. Develop BEACON hubs in other regions to enhance the overall leverage capabilities of our organization.
BEACON endeavors to:
1. BEACON Symposium and Tech Fair: Bionanotechnology: The World of the Small in Medicine, scheduled for October 28, 2004
2. LANDING IN THE FUTURE CONVENTION at Andrian’s Landing on October 12-13, 2005. This is a major trade show being planned for the new convention center in Hartford.
Upcoming BEACON events: