Medical Devices Executive to Share Insights at Biosciences Forum

Mark Augusti

The medical devices industry has a lower profile than other biosciences sectors, especially pharmaceuticals, in part because it doesn’t engage in as much direct-to-consumer advertising. But it’s responsible for many life-saving innovations, while at the same time faced with complex challenges, which I touched on in a previous blog entry.

To share his invaluable perspective on the opportunities and issues medical devices companies are dealing with today, Mark Augusti, President of Smith & Nephew’s Biologics division, will speak at our 7th annual Biosciences Forum on Friday, Oct. 28 at the NC Biotechnology Center.

I recently caught up with Mark and asked him to preview for us the topics he’ll be exploring in his presentation, which he was gracious enough to do:

Q: What are 3 of the biggest challenges facing those in the medical devices industry? And what are 3 of the best opportunities?

A: There are several challenges facing the medical devices/technology industry, and I plan to discuss these more in-depth during the presentation. But in a nutshell, a few of the more pressing ones include uncertainty from regulatory changes, government funding pressures in Europe, and the questions around healthcare reform in the U.S. But there are also opportunities in the industry with emerging market growth, new active and smart technologies, and expiating data to create health economic value.

Q: What are some of Smith & Nephew’s biggest contributions to the industry?

A: Some of Smith & Nephew’s greatest contributions, naturally, are through our innovative products. These include negative pressure wound therapy (NPWT) innovation, ultrasound stimulation for accelerating bone fracture healing, OXINIUM oxidized zirconium for longer wearing hip and knee implants, and extending minimally invasive orthopedic procedures via scopes.

Q: What is one surprising thing that most people don’t know about the Smith & Nephew?

A: Smith & Nephew was formed 155 years ago when Thomas James Smith opened a chemist shop in England. The company is named after Smith and his nephew (Horatio Nelson Smith) who later joined the business with his uncle. And today, Smith & Nephew is the largest device company on the London Stock Exchange.

Q: Do you think we’ll have a “bionic man” in our lifetime?

A: Yes, but it won’t be FDA approved.

Q: Can you share one or two statistics that you’ll be discussing in your presentation?

A: According to AdvaMed data, the U.S. medical technology industry employs more than 420,000 people and creates 2 million American jobs. In North Carolina, the industry directly employs more than 8,400 people and contributes $4.6 billion to our state’s economy.

To hear more from Mark and our other three presenters, come to the Forum—admission is free.

Richard Kouri, Ph.D.
Executive Director, BioSciences Management Initiative
Department of Management, Innovation and Entrepreneurship
Jenkins Graduate School of Management
Poole College of Management, NC State University