Can you tell us about your journey at Boston Scientific, how has the company been performing?
I have been CEO of Boston Scientific for over a decade and I am proud that the company helps impact approximately 30 million patients each year—which is also the greatest motivator for our employees. We operate across the globe and have a presence in around 130 countries. In terms of the business, I am extremely pleased with the transformation that our company has enjoyed, and continues to enjoy, over the past decade. Performance at Boston Scientific is strong and is led by innovation. We consistently grow at the high end compared with our industry peers, and we feel we have delivered good returns for shareholders - this has been led by our motivation, our people, and our products.
Can you give some examples of recent innovation at Boston Scientific and their relevance for patient health?
Our biggest single product, the WATCHMAN Left Atrial Appendage Closure device, has been a game-changing device for patients suffering from atrial fibrillation, which is a cardiac condition. Patients with atrial fibrillation have a four to five times greater likelihood of having a stroke. We have developed the WATCHMAN FLX device internally, and it is FDA approved for use in nonvalvular atrial fibrillation patients who are eligible for anticoagulation therapy. Our WATCHMAN FLX device helps many patients to get off their blood thinning drugs, as many struggle with staying consistent with this medication, and there is a concomitant risk of bleeding. This product of ours has been a global success.
Boston Scientific is also one of the market share leaders in a business called Neuromodulation, which is focused on treating Parkinson's and other movement disorders as well as pain management. We have an internally created product, the Vercise™ PC Deep Brain Stimulation System, which is the first-ever system engineered for precise neural targeting. This enables custom therapy for patients with Parkinson's disease, primary and secondary dystonia, and essential tremor. Vercise enables patients to live lives as actively and normally as possible.
Boston Scientific recently announced an agreement to acquire Apollo Endosurgery, what are your new capabilities as a result?
Over the past decade, Boston Scientific has acquired more than 35 companies. These companies often improve and help round out the portfolios of our various business units. The Apollo Endosurgery portfolio includes devices used during endoluminal surgery (ELS) procedures to close gastrointestinal defects, manage gastrointestinal complications and to aid in weight loss for patients suffering from obesity.
ELS provides a less-invasive alternative to open and laparoscopic surgery for patients with diseases in the gastrointestinal tract or for those with morbid obesity, while providing the potential for quicker recovery. Endoluminal surgery is an emerging field and a core focus for our endoscopy business.
How has Boston Scientific responded to the challenges brought forward by COVID, and how has the focus on research and development shifted after this event?
Many countries experienced staff and nursing shortages, and Boston Scientific could provide helpful relief in this regard, as most of our procedures are done the same day - and can even be completed as an outpatient procedure. Our life-changing innovative products, treatments, or implants can help save hospitals money, and allow them to be more efficient. Our products can free up hospital beds and in turn help alleviate the burden associated with staffing shortages.
Our R&D strategy has not changed much due to COVID. Organic product development programs usually take two to six years to develop, as a lot of clinical science and clinical studies are required.
We have, however, expanded digital capabilities in our business and can now launch products all over the world which leverage digital tools such as digital monitoring and remote case support.
What are the key challenges that companies face today, and how can Boston Scientific overcome them?
The biggest challenge for most companies over the past 18 months has been the supply chain disruption - still being experienced worldwide. There are shortages of raw materials, ships, and certain products which we all require in our manufacturing. In addition, the inflationary environment has made materials more expensive and manufacturing plants less efficient.
Another challenge in the industry is attracting and retaining talent. Fortunately, Boston Scientific is great at retaining talent, and we pride ourselves in creating an environment where employees are proud to work, and where employees have development opportunities to grow their careers. We are thankful that the company has been growing consistently, and this has allowed us to offer more advancement opportunities for our employees. We have a great company culture focused on diversity, inclusion, and globalization: in our experience this leads to greater employee engagement.
What are Boston Scientific’s objectives for the next three to five years?
Advancing science for life is the most important thing we do. This encompasses meaningful innovation that helps patients change their lives, which is also meaningful to hospitals. We expect to grow at the high end in view of our peers, and we already continue to outgrow most of our competitors. We expect to continue to deliver strong financial results with good returns for our shareholders. And we will continue to drive innovation that is fueled by our acquisitions and internal R&D.
Do you have a final message you want to share with our audience?
If you are looking for a great place to work or to invest in, Boston Scientific is it.
