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| News in Brief - September 2011 Brief items of the latest industry news... |
| Worldwide orthopaedic product sales reached $39.5 Billion in 2010 Orthopaedic market growth from 2009 to 2010 came in lower than that of... |
| GraftBolt™ team win Collaborative Impact Award A group of innovative clinicians, technology specialists and R&D managers have... |
| Symmetry Medical to acquire Olsen Medical Symmetry Medical Inc., a leading global source of innovative medical device... |
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Worldwide orthopaedic product sales reached $39.5 Billion in 2010 Orthopaedic market growth from 2009 to 2010 came in lower than that of the prior year and at the lowest rate since the early 1990s, largely as a result of a persistent global economic downturn, according to the The Orthopaedic Industry Annual Report released by ORTHOWORLD Inc. Evidence-based medicine, physician owned distributorships, intense pricing pressure, greater data requirements for regulatory and insurance approvals, U.S. healthcare reform and the impending medical device tax are some of the major issues that will continue to impact the orthopaedic market for the foreseeable future. Despite mid-single digit growth, the report asserts that the orthopaedic market should always be one of the healthiest among medical devices due to undeniably perfect patient demographics. In addition, an able-bodied and productive workforce is vital to economic prosperity. Musculoskeletal conditions are the most common cause of chronic disability, the most common medical cause of long-term absence and, in the U.S., the greatest cause of lost work days and medical bed days. The Orthopaedic Industry Annual Report is a strategic must-have for industry newcomers and seasoned veterans alike,” commented April Bright, General Manager of ORTHOWORLD. “Our diverse clientele leverage the intelligence contained in the report for market research, forecasting, sales strategies, investment planning, competitive analysis and other decision making initiatives that keep business driving forward into the future.” To own a copy of The Orthopaedic Industry Annual Report, visit www.orthoworld.com or contact: Michael E. Casey mike@orthoworld.com GraftBolt™ team win Collaborative Impact Award A group of innovative clinicians, technology specialists and research and development managers have been awarded the 2011 PraxisUnico Collaborative Impact Award for their exceptional team work to develop a novel anterior cruciate ligament (ACL) fixation device. The award recognises collaborative projects that leverage the intellectual assets of the research base of more than one partner. In the case of GraftBolt, the product was developed from an initial sketch into an implantable device as a result of collaboration between an NHS hospital, a university and its agent for commercialisation (UMIP), a company and an NHS Innovation Hub. The original concept came from an NHS surgeon at University Hospital of South Manchester NHS Foundation Trust who recognised the clinical need and sought advice, expertise and funding from University of Manchester and TrusTECH, the North West NHS Innovation Hub. This funding was used to continue the initial development, feasibility work and testing and to file a patent to protect the intellectual property. TrusTECH then negotiated a licence with the leading US orthopaedic device company, Arthrex Inc, to develop the device into a commercially viable product. Dr Joanne Thomas, Senior Technology Manager, TrusTECH said: “The development of GraftBoltTM is an excellent example of how a clinician, academics, a company and an NHS Innovation Hub can work together to develop a new product. The success was due to: good team communication; a robust patent; and a highly motivated commercial partner with excellent market knowledge. It is great to see the product now on sale, improving healthcare and generating royalties for the NHS Trust and the university.” The anterior cruciate ligament (ACL) in the back of the knee stabilises the knee joint. ACL injury affects 1 in 3500 people, with about 200,000 injuries in the US per year. It is commonly repaired using the patient’s own hamstring tendons to form a quadruple graft that is secured in the tibia (shin bone) and femur (upper leg bone). The NHS performs around 11,000 ACL reconstructions per year. ACL reconstruction is not universally successful, with failure rates of 5-25% often resulting in further surgery and long term problems. The main cause of this is loss of graft fixation within the tibia in the early post-operative period. Symmetry Medical to acquire Olsen Medical Symmetry Medical Inc., a leading global source of innovative medical device solutions, including orthopedic implants, surgical instruments, and sterilisation cases and trays, has announced that it has signed a definitive agreement to acquire Olsen Medical, a privately-held, world leader in the design, development and manufacturing of electrosurgical instruments and accessories. Under the terms of the asset purchase agreement, Symmetry will acquire Olsen Medical’s assets in an all cash transaction. The agreement has certain pre-closing conditions that must be satisfied, and the Company anticipates closing the acquisition by August 15, 2011. Symmetry anticipates that the transaction will be neutral to the Company’s 2011 financial results, excluding acquisition and integration-related charges, and that it will be accretive to the Company’s 2012 financial results. Olsen Medical manufactures a full line of single-use and reusable bipolar and monopolar forceps, cords, electrosurgical pens/pencils, electrodes, and accessories. The Company’s products are primarily sold in the United States and internationally through distributors. Olsen Medical’s domestic distributor network includes Symmetry’s wholly-owned subsidiary Specialty Surgical Instrumentation (SSI). Thomas J. Sullivan, President and Chief Executive Officer of Symmetry Medical, said, “We have partnered with Olsen Medical for several years through our SSI subsidiary and know them to be innovative, with a strong brand name and market presence. We have had tremendous success selling Olsen’s products, including their market leading disposable forceps product family, and are pleased to add Olsen to our Team. This acquisition is consistent with Symmetry’s strategy to complement our core business as a medical device supplier with growth in our direct hospital business through expanded products and territories that are consistent with our expertise and market segments.”
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