Cambridge has long been the epicenter of biotech – the proximity of world-renowned hospitals, universities and life sciences companies have created a cluster unlike any in the world. But the med tech community is quickly making its mark. 10 of the top 10 biggest medical device companies in the world already have a presence in Massachusetts, and Philips, one of the largest manufactures of med tech, is moving its headquarters from Andover to Cambridge to be closer to health care innovation. There’s a very clear trend driving this: convergence.
Drug delivery mechanisms have advanced dramatically. Patients that used to have to sit for hours getting treatments can now use nanotechnology to deliver the same drug in seconds. Trackable pills, just approved by the FDA, can ensure patients take their medication. The collaboration between biopharma and med tech companies is leading to some amazing innovations for patients – especially when it comes to improving their quality of treatment and helping them better manage their conditions.
This collaboration has led to more M&A and less formal partnerships, with big pharma acquiring or licensing the technology of med tech startups so they can commercialize their products as standalone treatments or as complimentary to an existing drug. Novartis, GlaxoSmithKline, Roche, Johnson & Johnson, and Merck, among other big pharma companies, have been active in investing in med tech, and we’re likely to see more follow.
Join us at our Medical Device symposium on May 3rd to explore the advances in drug delivery, and the many opportunities for collaboration: https://www.massbio.org/events/the-convergence-of-medical-devices-and-drugs-advances-in-drug-delivery-2624