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Medtech Industry Successfully Weathering Challenges of Economic Downturn
Date:10/18/2010

WASHINGTON, Oct. 19 /PRNewswire/ -- The US and European medical technology industry struggled to sustain historic rates of revenue growth in 2009 but managed to improve overall net income by nearly 11% as companies realigned to achieve improved financial discipline. While medtech has fared better than many industries in the current economic downturn, new challenges will put increasing strain on the industry's long-standing business model. These and other findings are highlighted in Pulse of the industry: medical technology report 2010, Ernst & Young's annual report on the industry's performance, released today at AdvaMed 2010.

The report details a confluence of factors that are creating unprecedented financial pressures on many medtech companies. These include the continued tightening of capital markets, the implementation of comparative effectiveness research (CER), increasing regulatory approval costs and hurdles in many markets, and the impending "device tax" passed under US health care reform, which is anticipated by many to disproportionally impact smaller, pre-profitable companies.

"The medtech industry showed impressive discipline last year by improving bottom-line performance even as revenues remained flat, but even bigger challenges lie ahead," said John Babitt, Ernst & Young's Medtech Leader for the Americas. "With the financing model under enormous strain, the industry will need new ways to fund innovation. As hospitals consolidate purchasing decisions and payors look to CER, companies will need to demonstrate value as never before, and with revenues plateauing — particularly in mature markets — they will have to find new sources of growth."  

Key industry findings described in Pulse of the industry include:

  • Efficiency boosts bottom line. Revenues for publicly traded medtech companies in the US and Europe grew by only 0.3% in 20
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SOURCE Ernst & Young
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