Medtech's Accelerating Changes, Leadership Development and Having Fun
To the Matt, tectonic podcast. This is your host Jeff Pardo, and in today's podcast I'm thrilled to have Katie Simon. Vice President Edwards Life Sciences and general manager of Global Critical Care Business. Katie has had a fascinating career both at Edwards, but also at medtronic where she was president their diabetes business. In addition to that she served on the board of numerous start up companies that are each having a huge impact on their various specialties companies like Inari. Inspire tourney a welcome Katie. Thank gap. It's great to be here. Thanks so much for joining us in. We have a lot of things to cover today, so I'm really excited to have the opportunity at beyond the podcast of let's start with Edwards in critical care and i. a lot of people don't realize that critical care is a seven hundred million dollar business within Edwards. Could you give our listeners an overview of critical care and really what the core of the Edwards offering is? The core initial started Edward. critical care started with the Swan Ganz Catheter, that was actually invented out of Cedar. Sinai and many people know the kind of the story. That invention was just that It was sitting on the beach and said Hey. How do I get a good reading of a patient's pulmonary artery pressure, and it's really hard to do unless you're inside the heart, and it's really hard to get to that pulmonary artery position and figured out that if you took a you know, think about how sailboats work. If you blow up a balloon and let it flow really through the body like a sailboat. Sailboat it would land in the pulmonary position, and that was invented almost fifty years ago. by a Jeremy Swan Ganz out of Cedar. Sinai. That was the beginning of our business. And since then we've really expanded and focused on advanced Chemo, dynamic monitoring, really in patients in the ICU or in high risk surgeries whether cardiac surgeries or high risk, non cardiac surgeries that may be four patients that are very thick and that have surgery greater than three hours, so are being screw from the beginning with the Swan. Ganz Catheters, and now we do you know all kinds of pressure? Monitoring Technologies really focused on making sure patients. Are Stable. That's great actually didn't know the the history of the slum Ganz Catheters so that's fascinating. One one of the things that must be having a huge impact on your business is the current crisis were facing in vid. How has that Changed Your Business in in? How are you seeing? Critical care evolve through this crisis. It's an interesting I. Think for us. We always assumed so much of our business was in the ICU and out with the with Kobe hitting. We've seen it hit in various degrees, so for example in the UK They realized that they had a significant shortage of ICU. And so they came through and ordered like one point, two million DP or pressure sensors from us to stock up so that they could build out there I see us other countries like Germany or the US had adequate ice, you beds in different parts of the country of the US. We've seen some regional spike, but overall I think we've found in the US. We had enough ice. You better than in Germany. They have enough, but then kind of across the rest of Europe. They found significant shortages so. So, we've seen some spikes in demand, related to building I, you capacity, and then we've seen just various spikes in demand like regionally for example in New York and New Jersey. Of course we've seen some higher demand there, but on the flip side, probably fifty percent of our revenues come from high risk surgery, and so with the cancellation of surgeries, really across the US and the world we've seen the kind of downward demand or downward revenues for about half the business for the high risk of our procedures. Interesting. I didn't realize it cut both. Ways. I think the the the building of stockpiles are expanding capacity is interesting dilemma that I think a lot of companies are are facing because on the one hand, it's great from the near term business side on the other hand you wonder. What will purchasing look like in the future with these SORTA stockpiles? How do you deal with that are a that? Is that something that? You see is. Concerned going forward. Yeah absolutely like so. It's been interesting journey for lot of our products manufactured of the Dominican Republic and in the Dr. Reduction of human you know of of human capital in terms of the workers, because many of the workers that were over age sixty were no longer able to come to the work that reduced our capacity by about eighty percent, and meanwhile then we had this bike demand. So now. We're sort of getting back to a steady state where you know, people are able to come back to work, but it's been a really interesting short-term. And there's also the concern as you said like. We've had this surge in demand, so we've had to work double. You know three shifts, and through the weekend to meet kind of these spikes in demand building capacity, but we all recognize that that's not going to be sustainable, and it's going to go back to a normal state afterwards so mostly. We're just hiring. And trying to use extra shifts as a way to kind of manage it so that we don't all become over capacity by ourselves right permanently.