Investing in New Medical Technologies Panel
“Novel Medical Devices and Diagnostics to Improve Health Outcomes"
- Moderator: Robert Hopkins '95, Managing Director, US Medical Devices and Supplies, Equity Research, Bank of America Merrill Lynch
- Bob Lavoie, Managing Director & Partner, Head of Medtech, L.E.K. Consulting
- Stephen Oesterle, MD, Senior Vice President for Medicine and Technology, Medtronic
- Jonathan Silverstein, General Partner, Orbimed
- Paul Thomas '82, Founder and CEO, Roka Biosciences
- Is innovation dead in Medtech? Venture money flowing into medical technology has slowed materially as regulatory and reimbursement uncertainty has increased, and hospitals are increasingly unwilling to pay for the type of incremental innovation offered in the past. How is innovation being defined by hospitals today and how can medical technology companies adapt to offer the kind of innovation that can command a premium in today’s environment. What are the examples of novel medical technologies to improve patient care and/or reduce healthcare costs?
- How are business strategies incorporating the increasing need to collaborate with providers and payers to drive technology and business decisions, and what do these new collaborations mean for the way medical technologies are purchased?
- How will the shift away from fee for service based payment systems to more fee for value based systems impact medical technology companies strategically? Is there a way for medical technology companies to win in this environment?
- When, if ever, will biotechnology begin to encroach on traditional medical technology markets? For example can cartilage regeneration ever reduce the need for total joint replacement? Can stem cell technology ever reduce the need for cardiac surgery? In vascular surgery we have gone from open to endovascular in many areas – what’s next?
Managing Director, Equity Research
Bank of America Merrill Lynch
Bob Hopkins is a Managing Director at Bank of America Merrill Lynch. Since joining BofAML, he has served as the firm’s senior U.S. medical technology equity research analyst covering both large and smid cap stocks within the cardiovascular, orthopedics, and general medical supply spaces. For the last eight years Bob has been the #1 or #2 ranked medical device analyst on Wall Street as per the annual Institutional Investor Magazine’s poll, which surveys the largest institutional money managers and hedge funds each year to assess which sell side analysts add the most value. Before joining BofAML, Bob followed the medical device space starting in 1997 at DLJ and later with Lehman Brothers until July 2008 when he joined Bank of America. Bob’s coverage list includes Abbott, Abiomed, Baxter, Boston Scientific, CareFusion, Covidien, CR Bard, Edwards, Globus, Hill-Rom, Hologic, Integra, Intuitive, J&J, Masimo, Medtronic, NuVasive, St Jude, Stryker, Thoratec, Tornier, and Zimmer.
Bob graduated from Trinity College in Hartford, CT in 1989 and received his MBA from Columbia University in NY in 1995. Bob has built up a strong reputation for his long standing clinical contacts, his independent research and his industry knowledge
Managing Director & Partner, Head of Medtech
Bob Lavoie is a Managing Director and Partner, head of L.E.K. Consulting’s New York office and he leads L.E.K.'s MedTech practice. He has more than 13 years consulting experience managing and directing client engagements spanning growth and channel strategy, consumer segmentation, corporate turnaround, strategic planning, operations and manufacturing network redesign, merger and acquisition transaction support, and innovation and organizational design. Although he has worked across multiple industries, Bob is primarily focused on the MedTech, Biopharmaceuticals & Life Sciences, Private Equity, and Consumer Products practices. He earned his Master of Business Administration from the Rotman School of Management at the University of Toronto. Prior to receiving his master’s degree, he spent four years working in the Canadian banking industry in various capacities. He is a frequent speaker and panelist at industry association events and has lectured during Merger Week at the Kellogg School of Management.
Senior Vice President for Medicine and Technology
Stephen N. Oesterle, M.D., joined the company in 2002 as Senior Vice President for Medicine and Technology. In this role, Steve provides executive leadership for Medtronic scientific research, formation of technological strategies and continued development of strong cooperative relationships with the world's medical communities, technical universities, financial institutions and emerging medical device companies.
Previously, Steve served as Associate Professor of Medicine at the Harvard University Medical School and as Director of Invasive Cardiology Services at Massachusetts General Hospital, Boston. A teacher and innovator in the field of cardiac catheterization, he has also developed and directed interventional cardiology programs at Good Samaritan Hospital, Los Angeles; at Georgetown University; and at Stanford University.
Steve is a 1973 summa cum laude graduate of Harvard College and received his medical doctorate from Yale University in 1977. He completed his internship and residency at Massachusetts General Hospital and also served a fellowship in interventional cardiology at Stanford.
Jonathan Silverstein is a General Partner and Co-Head of venture capital at OrbiMed, the world’s largest asset management firm solely focused in healthcare with roughly $7 billion in assets under management. OrbiMed manages over a dozen different hedge, venture capital, royalty and mutual funds. OrbiMed has 83 employees throughout its 5 offices around the globe: New York, San Francisco, Mumbai, Shanghai and Tel Aviv. In 2012 and in 2013, Mr. Silverstein was named to the Forbes Midas List, a list of the world’s top 100 venture capitalists. Mr. Silverstein has a J.D. and an M.B.A. from the University of San Diego, and a B.A. in Economics from Denison University. Currently, Mr. Silverstein is the Chairman of Audentes and Cerapedics, and a board member of Relypsa, Glaukos, DFine, Arteaus, Intercept (ICPT) and Roka Biosciences. Mr. Silverstein was formerly a chairman, director or observer of Enobia (sold to ALXN), SuperDimension (sold to Covidien), Nxstage Medical (NXTM), Insulet Corporation (PODD), LifeCell (sold to KCI), Given Imaging (GIVN), Cerexa (sold to FRX), Peninsula Pharmaceuticals (sold to JNJ), Predix (sold to EPIX), Avanir (AVNR), Orthovita (sold to SYK), Auxillium (AUXL), Bioenvision (sold to GENZ), Adiana (sold to HOLX), and Adolor (sold to CBST).
Founder and CEO
Mr. Thomas joined Roka Bioscience, a company focused on the development and commercialization of rapid, accurate and cost-effective molecular assays for biopharmaceutical processing, food safety and other industrial testing applications, as CEO and Founder in September 2009. Mr. Thomas previously served as Chairman, Chief Executive Officer and President of LifeCell Corporation, a publicly traded regenerative medicine company, from 1998 until it was acquired by KCI in 2008. Prior to joining LifeCell, Mr. Thomas held various senior positions during his tenure of 15 years with Ohmeda, a world leader in inhalation anesthetics and acute care pharmaceuticals. Mr. Thomas received his M.B.A. degree from Columbia University Graduate School of Business and completed his postgraduate studies in Chemistry at the University of Georgia Graduate School of Arts and Science. He received his B.S. degree in Chemistry from St. Michael’s College in Vermont. Mr. Thomas serves as a Director of AbioMed, Inc. (NASDAQ: ABMD) a leading provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery. Mr. Thomas also serves as a Director of Aegerion Pharmaceuticals, Inc. (NASDAQ: AEGR) focused on the commercialization of a life-altering therapy for debilitating and fatal orphan diseases.