Keystone President Featured in MiBiz Roundtable: West Michigan med device suppliers navigate consolidation, pricing pressures, talent constraints

11/15/2017

The following excerpt was taken from an article published in MiBiz on 11/12/17.

Many executives at companies in West Michigan’s medical device supply chain came out of the automotive industry only to find they’re facing all-too-familiar challenges in their current roles. 

The global medical device industry continues on its pace of rapid consolidation, driven by the cost of commercializing innovations in a highly regulated market. That’s likewise consolidated power among fewer, larger customers, who’ve increasingly targeted the supply chain for annual pricing concessions common in the automotive industry. 

That’s one dynamic reshaping how suppliers approach their business and creating opportunities for well-managed companies like the ones in West Michigan, according to executives who joined MiBiz in a recent medical device industry roundtable discussion.

The roundtable, which was sponsored by Holland-based JR Automation, included:

  • Rob Ball, CEO of Genesis Innovation Group LLC, a Holland-based portfolio of medical innovation companies whose backers proposed a $10 million venture capital fund to invest in the industry
  • Eric Icard, senior business development manager at The Right Place Inc. and facilitator of MiDevice, a West Michigan-based medical device industry consortium
  • Jim Medsker, president of Keystone Solutions Group, a Kalamazoo-based product development and contract manufacturing firm 
  • Tom O’Mara, executive vice president of Autocam Medical Devices LLC, a Kentwood-based global contract manufacturer of orthopedic implants, spinal implants, orthopedic cutting tools and other medical device components
  • Chris Witham, president of Fruitport-based Motion Dynamics Corp., a manufacturer of small metal components and sub-assemblies used in disposable medical devices

View the rest of this article: West Michigan med device suppliers navigate consolidation, pricing pressures, talent constraints on MiBiz.com