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2014 Industry Forecast: Area medical devices

The SCVBJ asked local experts to share business forecasts for the coming year

Posted: December 21, 2013 2:00 a.m.
Updated: December 21, 2013 2:00 a.m.
 

Tracey Kruger, Vice President of Global Marketing

Advanced Bionics

The only U.S. manufacturer of the whole cochlear implant, with a focus on research and development and recipient outreach and care


1. What kind of growth do you foresee in 2014 for your industry?

Over the next year, I expect the medical device companies in the area will continue to see moderate growth, as well as expansion in terms of employees, which provides a greater contribution to the community.

As we expand in the coming years, I expect to hire many of those employees locally because it contributes to housing growth and local business.

2. What opportunities are ahead?

I see opportunities for growth in multiple areas.

Advanced Bionics will keep growing in terms of company size, and some of that growth will be in research and development.

We make heavy investments in R&D, which results in the creation of new products to market that are manufactured locally but distributed worldwide.

3. What challenges is your industry facing?

I don’t foresee any unique challenges in the coming year compared to the year before. The local industry is growing at an expected rate.

Our outlook for next year is actually quite positive. Right now, we are the only U.S. manufacturer of the cochlear implant and have introduced several new products, gaining market share locally, nationally and internationally.

4. What kind of support does your industry need?

Advanced Bionics has grown quite rapidly over the past two years. We hired a large number of new employees and relocated to a new building. We are already facing issues regarding capacity; having sufficient space to accommodate our rate of growth will be a challenge. We’re looking to reconfigure our existing office space as it’s required.

I don’t know if that’s a challenge that’s unique to Santa Clarita itself or just a rapidly growing company.

5. What plans does your company have for 2014?

Our focus next year will be to continue a rapid pace of innovation, create more competitive products and continue to gain market share on a global level.

Our focus on R&D allows us to have a competitive advantage, ensuring that as we grow and become a more competitive company, we ensure our standards of customer service and care continue to be provided at the same time.

A patient-focused mindset is part of our culture – putting first the recipients of the devices we create. Keeping that commitment is also very important.

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