With three days under my belt as a new addition to the Medical Plastics News team and I’m faced with the task of writing the editor’s comment. On one hand it’s fairly daunting as I haven’t even been here a week but conversely, it has given me a great opportunity to see the sector from the ‘outside’.
Growing up in a medical family, I was used to seeing medical devices around the house. Of course, I’m not suggesting I was the product of careless parents (however, whoever thinks doctors are a careful breed should think again) but it has to be said that quite often I would find syringes and implants sitting next to me on the dining table (they never did learn not to leave a child, a drink, a sister and a syringe in close proximity) and I clearly remember the time my dad went into exquisite detail explaining the workings of a replacement hip, in a bid to persuade me — aged nine — into a medical career.
His enthusiasm gave me a strong sense of the work involved in this field so it’s a privilege to now be able to hone that interest and be able to get underneath the skin of sector and its success. Looking at the statistics surrounding the market, it is clear this industry has every reason to shout its worth and be recognised for the contribution it makes to the global economy and well being of us all. According to a report by visiongain, the medical device industry was worth $320bn (£191.8bn) globally in 2012 and its strength can be tracked by its success in outperforming the pharma industry growth-wise.
Longterm success
It is estimated that this year the medical device contract manufacturing market will reach $49.45bn (£29.64bn) with revenue growth set to continue at a strong pace until 2024. The medical polymer market itself looks likely to rise by more than half over the next five years to reach around $3.5bn (£2.1bn) — an increase of around 52% from 2013 to 2018. It could be argued that recent moves in the US to introduce a tax on medical devices underline the success of this sector and the financial contribution government recognises it can make going forward.
Value such as this doesn’t create itself. Innovation, expertise and strong business acumen are crucial. While 3D printing, amid much hype and chatter, has only just hit mainstream media, it has of course been in existence for years and the sector is now looking at applications for 4D printing. A sector that is pushing the boundaries with technological advancement and innovative thinking is always a pleasure to be part of. When the ultimate aim is to improve the lives of individuals, that innovation starts to come to the fore.
Important issues
Coming to the publication from energy journalism, I’ve yet to get under the skin of this sector. However, just a few days in and it’s clear there are common themes and issues relevant to success and profitability, whatever the market. Maintaining a competitive edge, investing in skills for today’s market and future growth, overcoming supply chain challenges and pushing boundaries to increase profit margins plus market leadership, are vital to success and just some of the areas I am keen to find out about as well as the technological advancements being made on a continual basis. I am also keen to gain an insight into the pressures your business faces and their effect on profit margins. As issues of sustainability become increasingly important, for example, how does this marry with technological advancement and innovation?
I’m looking forward to meeting many of you and coming to understand how your business overcomes challenges, the best practice you can share with others and your views on the sector now and for the future. Medical Plastics News is your voice so feel free to get in touch to share your thoughts and expertise — I’m looking forward to getting to know as many of you as possible.
Lu Rahman, editor