4:10 pm to 5:00 pm
Considering Starting a MedTech Company?
It can be very rewarding, but it’s not for the faint of heart. Biomedical Engineering programs at universities around the world are advancing medical technology at an unprecedented rate. Ideas from IT to stem cells, robotics to nanotech have potential to become the next breakthrough medicines, diagnostics, and devices. Nearly 15% of US GDP is spent on healthcare and billions of dollars are invested in MedTech startups each year. With so much potential to improve the practice of medicine, why do 90% of MedTech startups fail? A maze of regulatory requirements and complicated third party payer systems combine to extend the product realization cycles for medical products beyond the expectations of most entrepreneurs.
Drawing from examples of commercially available devices, some of the factors leading to the success or failure of the MedTech startup will be discussed.
Russ DeLonzor has a twenty-five year career in the Medical Device field developing and commercializing products that improve life. He has built and led teams in a broad range of organizational settings – from early start-up to Fortune 100, from pre-clinical through multi-million dollar commercial success. He is currently serving as President of Halt Medical, an early commercial stage company developing a surgical procedure for treating uterine fibroids. Prior to joining Halt, Russ served as VP of R&D for Sanarus Medical working on a cryoablation technology for treating Breast tumors. He also led commercial product development for Nellcor Hospital Products as the company grew into a $Billion division of Tyco Healthcare (now Covidien). Russ earned his BS in Mechanical Engineering at CSU Sacramento, MBA from University of Phoenix, and a Certificate in Project Management from UC Berkeley.