Using LinkedIn to Expand Medical Device Network

During the past couple months, CQ has been in the midst of an experiment. No, we have not been mixing chemicals in a lab. No, we haven’t been tinkering with a medical device concept and prototype (at least not directly).

Our experiment has been more in the realm of growing our network and expanding our brand awareness. And I think it has been working. So what did we do?

The main thing that we did is get more engaged on LinkedIn. We found and joined several medical device related groups, including Medical Devices Group and Medical Devices and FDA. We made it a point to visit many of these groups every few days to review the topics being discussed. When we had something to contribute to the discussion, we added our comments. We also decided to post topics for discussion from time to time. Usually, the topics came from our current client engagements and needs. Through our review of the topics being discussed, we started to gauge the topics of interest in the medical device community. We used this information to help us with the content on the CQ blog.

How do I know it’s working?

We have made several new connections on LinkedIn since working on this experiment. We have exchanged emails and in a couple cases had phone conversations with many of these new connections. We have added several of these contacts to our TFMail email marketing list. We have been contacted by a few inventors / entrepreneurs looking for help with their medical device ideas, including the one described in a previous post, which has led to us reconnecting to others in our pre-experiment network and then making more new connections on LinkedIn. You get the point.

Basically, we found several receptive medical device communities through LinkedIn groups and have become active contributors. And we have found that this process is very cyclical and rewarding. We will continue the experiment.

Program to Train Entrepreneurs

There is a new local program to help the entrepreneur learn about business plan development.

The Franklin Development Corporation (“FDC”), a Franklin-based non-profit, announced a new entrepreneurship training program designed to help existing and future business owners develop and grow their businesses.

As part of the program, Ivy Tech Corporate College will deliver a 13-week, hands-on course covering topics related to business plan development, including funding, market analysis, cash flow and personnel management. The course will begin in late May and run through early September. At the end of the course, a business plan competition will be held. The top three finalists will receive a cash award and the opportunity for additional funding for their business plan.

 

 

March 29, 2012 – Verge March Meetup

5255 Winthrop Ave, Indianapolis, IN (map)

Price: $10.00/per person

Here we go!

Calling all founders, software developers, business investors and start uppers…

Our March Verge main event is this Thursday, March 29 at the Speak Easy. Doors will open to ticket holders at 6:00 PM, when we’ll tap into the heart of the Midwest startup community with two powerful pitches from high-potential startups and one deeply engaging fireside chat from a Inc. 500 company founder.

Here’s our lineup:

  • Leap, a mobile app that lets you to challenge your friends and show the world you’re a winner. This startup is straight out of Cincinnati and a top-notch product of the Brandery accelerator program.
  • Scribblr, a more effective way to turn your company email signatures into marketing tools. Not only that, but Scribblr is also a killer intrapreneurship example from iGo Digital’s talented team.
  • Our fireside chat presenter will be Jeremy Dearringer, the Co-Founder and Chief Research Officer at Slingshot SEO. He will share from experience exactly what it’s like to bootstrap a startup and get it off the ground. I’m looking forward to our candid discussion and your questions for Jeremy from the audience.

Like last time, we’re charging a few bucks for cover. So you’ll need to use your PayPal account to RSVP.

This event will open for reservation at 8:30 AM Monday morning.

Fair warning: spots filled up within 4 hours at last month’s event. If you were there, you’ll remember that the energy and spirit of the evening was magical. If you’re pretty sure you can make it, grab your spot now!

On top of our stellar lineup of presentations, we’ll have tasty food, refreshing beverages, and fantastic people from our Midwest startup community. Come learn something new and share from your startup experiences in our evening of startup stories and celebration.

 

Morgan County Seeking Jobs

When I read this story from Inside Indiana Business about Morgan County seeking jobs, my first reaction was a little visceral. Why, you might ask? Creo Quality communicated the need to identify the county’s assets four years ago. We also completed a couple of similar community based projects during 2011.

Now that a few minutes have passed since my initial read of the story, the visceral feelings are gone. Congratulations, Morgan County for getting off the sideline. I believe there are wonderful opportunities here and tremendous assets. A great first step is to identify what these assets are and then determine how to best utilize them.

Stelzner and Zuckerberg Slated to Speak at Innovation Summit

 

Indiana’s principal IT initiative, TechPoint, has added SocialMediaExaminer.com founder Michael Stelzner to its annual Innovation Summit on Nov. 8.

Stelzner, who’s also penned a number of business books, will deliver the opening address.

TechPoint also has lassoed the sister of Facebook founder Mark Zuckerberg—Randi Zuckerberg—to deliver the keynote luncheon address. She’s leaving Facebook to start her own social media company to advise companies on how to best leverage the social media site.

Stelzner’s work includes “How to Quickly Propel Your Business Beyond the Competition” and “Writing White Papers: How to Capture Readers and Keep Them Engaged.”

 

 

 

Why Martinsville?

I live in Martinsville, and, I have to admit, I have often wondered why any doctor would want to come and work in our small burg when they could instead get a high-paying job in the “big city”.  I recently discovered that there is evidently some skill and planning involved in “luring” a doctor to small towns, particularly if, like Morgan Hospital, you have been bought by a much larger health organization such as Indiana University Health.

So how could the big boys entice doctors to the small towns? Avoid saying anything specific about the town, and instead tell doctors-to-be they can live somewhere else or go somewhere else.

Morgan Hospital and Medical Center in Martinsville, the latest acquisition by Indiana University Health, tried those tactics in a recent online posting seeking an internist.

“Enjoy a Norman Rockwell-like community with close access to more cosmopolitan environments for cultural events, concerts, museums, shopping, sporting events and dining,” the ad says.

And while it mentions a few things about the job itself and hospital itself—“great practice growth opportunity” and “one-stop primary care hospital!”—it spends most of the time talking about the attractions of Martinsville or, more precisely, not too far outside of Martinsville.

One big advantage a large health organization might have—something not mentioned in the advertisement—is the ability to pay higher salaries. Primary care physicians draw annual pay of about $170,000, but generate at least 10 times as much in revenue for a hospital by referring patients to the hospital for the more expensive surgeries and specialty care. Padding the pay a bit upfront can, therefore, be lucrative down the line.

As a resident of this “Norman Rockwell-like community”, I am hoping that this method of hiring works and that we get talented, quality medical staff in our hospital.  I remember when I was a kid and we had to go to Bloomington to have my broken wrist set because they didn’t have the capabilities to do it at Morgan County Hospital.  I’d like to think the hospital has come a long way since then…

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New Tenant at Purdue Research Park Offers Drug Delivery System

A company that specializes in developing devices to deliver injected freeze-dried drugs, diagnostics and vaccines has become a tenant in the Purdue Research Park.

LyoGo, founded in 2009 by Rush Bartlett, Arthur Chlebowski, and Peter Greco, has developed patent-pending technology that stores a lyophilized, or freeze-dried, drug in one chamber and liquid diluents in the other. David Giddings, a medical industry veteran with more than 30 years of experience, is CEO. Charles Haywood, business development adviser, also is president and CEO of Mansfield-King, a contract manufacturer of personal-care products that was the fifth-fastest growing company in Indiana in 2010.

LyoGo was formed for the purpose of developing innovative drug-delivery systems. LyoGo is focused on engineering delivery systems which offer a superior user experience, are intuitive to use, improve safety and sterility, and substantially reduce or eliminate the need for refrigeration at room temperature, which improves drug storage and distribution. LyoGo develops systems for delivering drugs that are intentionally designed to easily fit into the established drug-filling processes of leading pharmaceutical companies.”

This is cool technology because freeze dried drugs don’t necessarily require refrigeration and can be kept for years at room temperature instead of a few hours. (Case in point- I have a jar of Folger’s Freeze Dried Coffee Crystals of which I only use a couple of tablespoonfuls once a year to make Christmas cookies.  I have had the same jar for years, and my cookies still taste great- ask my husband…) Drugs like this can be used for stockpiling vaccines and for diabetes and cancer drugs.  This is an excellent addition to West Lafayette’s life science industry.

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Life Sciences in the Midwest

A new contract sterilization company locating near Warsaw hopes to capitalize on the existing strength of the “Orthopedic Capital of the World,” while also expanding into other areas. Canada-based Iotron Industries says Columbia City, located in the agricultural heartland between Warsaw and Fort Wayne, offers the perfect geography for its three-prong growth strategy to increase its business in medical devices, commercial defense and agribusiness.

The $15 million facility in Columbia City is the company’s first U.S. operation and will split the distance between two major industry clusters: Warsaw’s orthopedic sector and Fort Wayne’s commercial defense industry, in which plastics and composites are used in aircraft and aerospace applications.

Indianapolis-based Medical Animatics, a 3D animation company, is making a foray into the game business. The company will develop a game for kids ages 6-12 to help them learn safe behaviors at home, in their neighborhoods, at school or at a park. Medical Animatics will develop the game for Ohio-based Nationwide Children’s Hospital. Health games designed to be both educational and enjoyable are being developed by two other companies with Indiana ties—Bloomington-based Wisdom Tools LLC and Indianapolis-based Gabriel Entertainment, as well as by growing numbers of developers around the country. Medical Animatics also develops 3D animated instructional and informational materials for the health care, higher education and sports industries.

Northern Indiana’s Manchester College plans to begin work this summer on its new $18 million pharmacy school. School spokeswoman Jeri Kornegay said Thursday that a ground-breaking for the 75,000-square-foot building in Fort Wayne is expected early this summer, possibly in June. Until the building is complete in July 2012, the college’s School of Pharmacy will continue to occupy space at Parkview Hospital in Fort Wayne, about 30 miles east of North Manchester. The project is supported by a $35 million grant from Lilly Endowment that’s the largest gift in the college’s history. While pharmacy schools have opened on a rapid pace around the nation in recent years, Indiana is one of 18 states with a shortage of pharmacists. Manchester’s will be the third in Indiana offering doctorates in pharmacy, joining schools at Butler University in Indianapolis and Purdue University in West Lafayette.

Indianapolis-based medical device maker NICO Corporation announced at the American Association of Neurological Society (AANS) annual meeting that it has received CE Mark approval for its automated minimally invasive brain tumor removal device, the NICO Myriad™. The approval allows NICO to sell the Myriad system in the 27 countries that make up the European Union. The device has been commercially available in the United States since 2009 with more than 1,000 procedures performed with adults and children, sometimes in cases that would have previously been considered inoperable.

On a sad note, Bill Cook, founder of the Bloomington-based medical equipment manufacturer Cook Group Inc., passed away this past week.  He was 80 years old.  Cook built Cook Group Inc. into a worldwide conglomerate, with 42 companies under its umbrella. The Cook Group employs about 10,000 worldwide with sales estimated at more than $1.5 billion.  Cook’s company is one of the largest employers in Central Indiana, with about 3,000 workers in the Bloomington area.

Getting Ready to Kick Off Big Ideas Competition

Creo Quality is getting ready to kick off its Big Ideas Competition for 2011 on April 15. This is a contest for anyone who has a business/product/technology idea that would help improve Morgan County.  Each participant submits their idea and a panel of judges reviews the submissions.  The winners receive cash prizes to help start their business, as well as access to business mentors and resources to help learn about business ownership and entrepreneurship. It also gives sponsors a chance to invest in their community by donating money that will go towards helping new businesses.

We are excited about this opportunity to improve the business and economic climate of our county and are looking forward the innovative ideas our contestants will come up with.

Look for more information in upcoming posts.

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Life Sciences in the Midwest – March 2011

David Floyd stepped down as president of Warsaw-based DePuy Othopaedics according to massdevice.

“David Floyd is no longer the top man at DePuy Orthopaedics, leaving the Johnson & Johnson (NYSE:JNJ) subsidiary in the midst of a damaging recall of one of its hip replacement line that has already cost it nearly $1 billion in legal expenses.

DePuy Orthopaedics, the Warsaw, Ind.-based Johnson & Johnson subsidiary, said Floyd is leaving to pursue outside interests. No replacement has been named, according to MarketWatch.”

Depuy is a Johnson and Johnson subsidiary.  J & J has been in the news quite a bit recently because of the many recalls that have been issued on products from medical devices to medicine. Medicaldevicenow talks about the recall on insulin pump cartridges.

“The New Brunswick, N.J., based healthcare giant, which has been plagued recently by a seemingly endless stream of product recalls, has recalled five lots of potentially leaky insulin pump cartridges that the company said could lead to serious health problems and death.”

Johnson and Johnson have even had to lower their CEO’s salary from last year as a result of the recalls as stated in topix.

“Health care giant Johnson & Johnson lowered Chief Executive William Weldon’s total compensation by 9 percent in 2010, after two years of revenue declines and an unprecedented string of recalls that have battered the reputation of medicines like Tylenol and other household brands.”

On a different note, how will the tax on medical devices that is to go into effect in 2013 affect Indiana companies?  As per this article in the Indianapolis Star, companies like Bloomington-based Cook Medical could look at serious decrease in growth as a result of being forced to pay 55 percent in tax.

“The U.S. medical device industry is about to go on life support from a new tax on medical device companies that starts in 2013 and because of a Food and Drug Administration that keeps novel devices and their benefits from American patients. Nothing less than the well-being of millions of patients, as well as the health of the American medical device industry, is at stake

Few sectors pack the economic punch of the medical device industry, which employs 360,000 Americans and pays $21.5 billion in annual wages. One job creates two spinoff jobs. Medical devices fuel $123 billion in annual exports. The impact on communities like Lafayette/West Lafayette, where Cook Medical employs more than 300, and throughout Indiana, where Cook-affiliated companies employ about 4,000, is obvious: no job growth because the FDA stalls innovation.

Equally ominous is a 2.3 percent medical device tax. Set for 2013, that tax may seem like just a few cents on the dollar, but because it is a top line tax on sales, the impact on profit is about 15 percent. Tack on the 35 percent federal corporate tax already paid — the highest in the world — a state corporate tax rate averaging 5 percent, and we have a combined tax rate of 55 percent.

Imagine paying a 55 percent tax on every dollar earned by every member of your household. It is an impossible burden. A medical device tax, coupled with increasingly unwarranted FDA regulations, leaves companies like Cook Medical with a cloudy future, as competitors turn to Europe to manufacture and sell new devices.”

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Life Sciences in the Midwest- New Developments

There have been several interesting developments in the life sciences industry in the Midwest this month.

Endocyte, a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases, announced on February 4 the pricing of its initial public offering of its common stock.  Endocyte is based in West Lafayette and intends to utilize the proceeds from the IPO to fund its phase 3 clinical trial related to the use of EC145 and EC20 in platinum-resistant ovarian cancer and to move preclinical products forward in the development process.

For more information see Endocyte and Endocyte Announces IPO.

Danaher Corp. climbed to the highest price since 1980 after agreeing to pay $6.8 billion for diagnostic-equipment maker Beckman Coulter Inc. amid higher demand for medical tests from an aging U.S. population.   The Brea, California based Beckman manufactures products used to diagnose diseases and in the development of new drugs, including centrifuges, hematology analyzers and cell sorters. Beckman has a facility in Indianapolis that employs several hundred people.

See more on Beckman.

Marcadia Biotech Inc., a Carmel-based biopharmaceutical company founded by former Eli Lilly and Co. executives in 2006, has been acquired by Swiss life sciences giant Roche. Roche’s holdings include Roche Diagnostics in Indianapolis, which has about 3,500 local employees. Marcadia is a relatively small firm, but has raised millions in venture capital.

Read more about Marcadia.

I look forward to seeing the continual progression and development of businesses in our area.

Kokomo, IN – Moving from Cars to Med Device

Creo Quality recently conducted a strategic assessment to determine the feasibility of developing the life science industry in Kokomo, Indiana.

Kokomo and Howard County have a rich, storied history tied to the automobile industry. The community was extremely prosperous during the automotive industry’s heyday. Several businesses emerged in order to support this industry. Kokomo emerged as a leader in advanced manufacturing, attracting topnotch engineering and technical talent to the region. While the automotive industry has been in decline, many of the capabilities, resources, and technical resources remain. Kokomo’s challenge is to figure out a strategy to leverage its assets and strengths while diversifying its economy to be less reliant on automotive.

Our study determined that GKEDA (Greater Kokomo Economic Alliance) should take a low-risk, strategic approach while considering entry into the life science sector.

GKEDA should:

  • Identify assets with potential to support medical device industry
  • Develop medical device marketing strategy
  • Make GKEDA known
  • Identify other industries where current assets and strengths can be leveraged

As I have mentioned before, I am new to the industry, and I had never really put much thought into the economic development of Kokomo.  It was interesting to me to learn all that this community has the potential to offer our industry.  It also made me wonder what untapped resources lay in other communities in Indiana.

New Facility For Orthopedic Instruments To Be Built In Ft. Wayne

Greatbatch Medical announced it will build an 80,000 sq. ft. facility in Ft Wayne.  The total investment in the facility will be 17 million dollars and will relocate 100 jobs from neighboring Whitley County and will also create 76 jobs.  The facility will be used to develop orthopedic market instruments for hip procedures and spine fixation, as well as fracture fixation implants and  instrumentation for the largest orthopedic medical device companies.

I have heard “the economy” blamed for alot of things lately, from the inability to find a job, to the failure of a business, to the downturn in the housing industry.  I find it exciting that even in these tough economic times, there is still growth in this industry.

For more information check out Medical Device Now.

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Creo Quality Is Working With Greater Kokomo

I recently alluded to Creo Quality’s upcoming engagements with a couple of economic development organizations.  I’m thrilled to report that the first of these is now underway.

Creo Quality is working with Greater Kokomo Economic Development Alliance to perform a strategic assessment on the community’s abilities to pursue life science opportunities. Read the press release featured on Inside Indiana Business.

Kokomo has a long history tied to the automotive industry. Unless you’ve been hiding under a rock, we all have seen the decline in the automotive industry. And the town of Kokomo has been especially hard hit.

We applaud Jeb Conrad and Greater Kokomo for having enough vision and foresite to explore other options. We make no promises but will be able to assess whether the community should explore and pursue life science opportunities.

Once we have the results, we’ll be sure to share some of our findings with you.

Helping Communities Pursue Life Sciences

Perhaps this post is a little premature. However, Creo Quality is excited about 2011. We have a variety of projects lined up for the new year already.

We are working with a handful of inventors and entrepreneurs, helping them take their ideas to the next stage. I love working with inventors who believe their ideas will change the world.

I’m really looking forward to 2011 for another reason. We will be working with two central Indiana communities to explore opportunities within the life science industry. We expect to start working with the first of these communities in January.

2011 will be a year for Creo Quality to demonstrate the depth and breadth of our services to help both early stage companies and communities. We will show how sound strategic principles are applicable in both spaces.

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