New Brunswick, NJ – According to Varun Saxena, of FierceMarkets, “Johnson & Johnson ($JNJ) is shaking up its med tech innovation model. Its sprawling medical device unit had a quarterly operational sales increase of just 1.3% to $6.1 billion when adjusting for divestitures and foreign currency fluctuations. Add a negative currency impact to the equation, and the growth rate was -7.3%."
" The company is applying its successful, outward-looking pharmaceuticals innovation model to med tech in the hopes of emulating that faster-growing unit's success. The global innovation centers designed to foster collaboration and innovation with startups and academics are increasingly being used to enhance J&J's device (rather than drug) ambitions.
"In the past, you had all the folks that are sitting in New Jersey (where J&J is headquartered), trying to scope out the world from New Jersey. It's much easier when I'm sitting Kendall Square (in Cambridge, MA) in the midst of biotech and med tech heaven, to make those calls," said the unit's chief medical science and technology officer, Bruce Rosengard, during a sit-down interview at the annual AdvaMed industry conference.
"Similarly we've got a group in San Francisco, we've got a group in Haifa, London, San Diego, Shanghai, and there are going to be others as well."
Hired in September 2014 to spearhead the innovation model on the device side, Rosengard is aiming to create "bidirectional" partnerships, such as its robotic surgery alliance with Google ($GOOG), under the new innovation model, rather than just early equity investments and M&A.
"If we maintain our humility and maintain an external focus, then we're much more likely to partner with and develop world-leading technology and solutions," said global R&D head Dr. Martin Fitchet.
The J&J med tech leaders hope to leverage the company's pharmaceutical and consumer arms where appropriate, and repeatedly stressed their desire to look externally for technology and expertise.
"J&J wants to be the partner of choice for companies big and small that are interested in bringing excellent solutions to patients and to healthcare systems around the world." Rosengard said.”
For the complete story click here: http://www.fiercemedicaldevices.com/story/jj-device-heads-say-new-med-tech-innovation-model-calls-more-external-partn/2015-10-26.
"In the past, you had all the folks that are sitting in New Jersey (where J&J is headquartered), trying to scope out the world from New Jersey. It's much easier when I'm sitting Kendall Square (in Cambridge, MA) in the midst of biotech and med tech heaven, to make those calls," said the unit's chief medical science and technology officer, Bruce Rosengard, during a sit-down interview at the annual AdvaMed industry conference.
"Similarly we've got a group in San Francisco, we've got a group in Haifa, London, San Diego, Shanghai, and there are going to be others as well."
Hired in September 2014 to spearhead the innovation model on the device side, Rosengard is aiming to create "bidirectional" partnerships, such as its robotic surgery alliance with Google ($GOOG), under the new innovation model, rather than just early equity investments and M&A.
"If we maintain our humility and maintain an external focus, then we're much more likely to partner with and develop world-leading technology and solutions," said global R&D head Dr. Martin Fitchet.
The J&J med tech leaders hope to leverage the company's pharmaceutical and consumer arms where appropriate, and repeatedly stressed their desire to look externally for technology and expertise.
"J&J wants to be the partner of choice for companies big and small that are interested in bringing excellent solutions to patients and to healthcare systems around the world." Rosengard said.”
For the complete story click here: http://www.fiercemedicaldevices.com/story/jj-device-heads-say-new-med-tech-innovation-model-calls-more-external-partn/2015-10-26.