Bio Ventas, Roenick, Osteoarthritis Pain discussed on The Drill Down
Through september thirty terms and conditions apply. I welcome to the drill down. Podcast back to the drill own podcast. We're glad to have you can really joins us right now. He is the ceo of bio ventas. Joining us from durham north carolina. Ken glad to have you. Tell me about your business. What how do you guys make money. Well we sell medical devices corey To both hospitals as well as physician offices and i we restore patient's lives to act active healing so these might be patients that have osteoarthritis of the knee that are disabled in some way or not able to live in active life or they've had a fracture that isn't healing and we're able to through our stimulation device axon restore that fracture and he'll it without a surgical procedure. We offer gate restoration devices. That post stroke allow people to regain walk normally Those are some of the things that we do as a company But we sell these devices to two providers to hospitals that utilize them to help their patients and it seems that there's a sort of a a a a fundamental the bone growth or supplementing bone growth has kind of a central component. All that stuff yes. A lot of what we do Certainly with our stimulation of ice exhibition and then our bone graft substitutes which are used in spinal fusion. They are about bone growth and and obviously ultimately for for all these patients. I i would say we're a pain relief company corey so we relieve patient's pain whether it's because we can help achieve bone growth to defuse spine and relieve pain or to heal fracture and relieve pain or to eliminate pain from osteopath rightous All these things And these devices address pain and by addressing pain it allows a patient to go back to living an active life which we as a company feel as an active life. That's a happy life or a happier life if people can get out and exercise and hike or or be with their loved ones in In the outdoors for instance. Those are those are things that we're trying to achieve as a company with our devices and this is all devices. This isn't this isn't drugs to per say nope. These are all medical devices classified. They're all fda approved as a medical devices. Some are injectables. Corey like are highly roenick. Acid product jura lane for instance which is an injection into the knee for osteoarthritis pain. But it's still regulated by fda sadr as a as a device medical device. How much of this is about sort of degeneration and the joy world having of getting old or how much of this is sports medicine and and other things like that great question a big party with. That's my job. A big part of it. Corey i would say over. Fifty percent of what we do is in degenerative conditions that are caused by aging so osteoarthritis is a degenerative condition and with our devices we really hope to allow patients to continue to be active older in life. And that's a key mantra that we have in and that really excites. The company is as we see people fifty sixty seventy eighties that use our products that are able to live more active lives because of that Other than you know having a more invasive sometime surgical procedure they can use our devices or get an injection of our device like dur- lane and restore and eliminate pain so they can continue to be active until two of the sales process. There's a building here in san francisco and san francisco ferry building here the or the base of the bay and kind of in the heart of downtown san francisco. There's building on sutter street. Not too far from here. And it is a dozen fifteen stories filled with doctors offices. And i have never been in that building and not seen someone get into the elevator with a giant suitcase briefcase. Like thing full of something that they're going essentially door to door knocking doctors door selling dr into the sun. There from from plastic surgeons two dentists. Two osteo surgeons of or whatever general practitioners. But i wonder. Is that how you sell stuff. You knock on doors and chopin doctors offices and say we've got the solution to your patients needs. Sometimes we do We have a sales force of about three hundred in the united states. And we also sell of course around the world We have direct sales teams in canada. Uk and germany and then we use distributors elsewhere. But those sales reps will interact with orthopedic surgeons predominantly. That's are predominant call point and you know the the surgeons will typically they. They look at them as sales reps. Yes but also sometimes it's consultants because if you look at our our sales people see so many different scenarios clinical scenarios and say osteoarthritis treatment or in fracture treatment more so than sometimes the physicians that the physicians will will engage them and say hey. Do you think your device exegen could heal this fracture. And and that's where the the rebel way in and the sales rep knows korean situations if they got it. It'll help in a dozen help. It her credibility so so they're very careful when they're in that consulting relationship. They maintain their credibility. So yes it's sales sometimes it's out prospecting. But just the other half of it is servicing their new at their their existing accounts. And and it's that fair balance with our sales team. And i suppose. I have a friend from tim. Gorman is a medical sales in he also fantastic beer brewer at the fair brewing company. Get there quick but he also. He's he actually goes into operating room with doctors and and sees what they're doing and i'm he surely not consulting in the surgery but he sees what they're doing and the any knows what. The best practices are from doctor to doctor from place to place. So he's really able to share that knowledge that is correct in with our bone graft substitutes products like osteo amp is one are rupture in the in the procedure. making sure that the nurses have what they need. They deliver it correctly to the doctor in the devices. Ready to go when he's ready to implant it so that's part of the role there. It's a service role in that situation. Not a selling role and that's where this position can be very unique as a sales rep is your you have you always have to be prospecting to your point in getting those elevators going into those offices. But at the same point you're also servicing the account you have and and being that that consultant or providing that service. I would suppose they also able to bring back from the field to to bio venice and say. Hey this this work better if we did it this way or i noticed. The doctors have to keep going through this extra step with. Can we fix that. Yes we have a consistent feedback loop and obviously with the pandemic. we've had a continued to iterative. That and for a company our size you know. We're roughly nine hundred employees and We regard ourselves as being agile being able to respond quicker than some of our larger competitors. And that's just served us well in the pandemic where we've seen pretty good success with our business As we've weathered the storm here so to speak. And and i think that feedback loop their responsiveness that we've been able to employ with different new tactics..