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Top Reports for Healthcare CEOs in 2023

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Informative Resources for Executives to Create Massive Value

For the first time in person since 2020, the 41st annual J.P. Morgan Healthcare Conference is taking place January 9-12, in San Francisco. Over 8,000 attendees representing 550 healthcare companies have gathered for the premier conference, widely considered to be the largest and most informative healthcare investment symposium in the industry. It connects global industry leaders, emerging fast-growth companies, innovative technology creators and members of the investment community.

With hundreds of CEOs meeting face-to-face for the first time in three years, the networking and insights shared this week are a welcome return to the past.  With the higher cost of capital, a focus on tightening the balance sheet, geopolitical concerns, and other factors, we are in an era that requires innovation and value creation. Every healthcare company CEO needs all the resources, connections, expertise and insights they can get to help their company win.

As a CEO executive coach working exclusively in the healthcare sector, I’m asked daily by my clients and others for connections, information, and updates about what’s new in our industry. Since work obligations made it impossible to attend live and converse with colleagues at this year’s event, here’s a list of the most useful reports for healthtech sector CEOs (and other leaders) from the past year I’m recommending.

The selected CEO content comes from research conducted by EY, CB Insights, Accenture, Pitchbook, SVB, McKinsey, KPMG and more, with a short description of the report and a link for quick access. Addressing topics like disruptive technologies, digital health, the future of healthcare, the growing role of private equity, the strategies of the biggest players, these reports share valuable insights. Which forces are transforming the healthtech industry? Which trends deserve the most attention? Which innovations are likely to disrupt? You’ll find the answers within this baker’s dozen list of informative free reports. As you review the material, even in choppy economic waters, you will see there is still a tremendous opportunity for healthtech companies to grow and become more valuable.

Pulse of the Industry Report 2022: In today’s disruptive healthcare environment, how will medtech transform? – EY

To gain deeper insights on where medtech has been and where it’s headed, download the full annual Pulse of the Industry medical technology report. There you will find original perspectives on how medtech can rethink innovation to address new challenges and opportunities in commercial models, supply chain and talent management. https://tinyurl.com/5n8ysx2t

Digital Health and Medtech: New Signals for Transformation – Accenture

Globally, healthcare is experiencing increasing pressure and disruption, from affordability challenges to shifting patient expectations. Care is expanding from hospitals to ambulatory and at-home care, but the industry remains at the beginning stages of having the capabilities to meet this shift. Medtech must find an approach that reflects and benefits from the speed of transformation now enabled by digital innovation. Five trends that can help medtech companies mature and scale their capabilities to thrive in this new paradigm of digital health are shared. https://www.accenture.com/us-en/insights/life-sciences/rise-digital-health

The Future of Healthtech 2022 – SVB

Dramatic shifts over the past year indicate that a market rebalancing is underway, with investments and valuations lowering from 2021’s boom. However, the healthcare industry is more resilient during periods of downturn and remains ripe for innovation.

https://www.svb.com/trends-insights/reports/healthtech-trends-report

2022 State of VC, PE & M&A: Health Tech – Axios Pro

What forces are transforming the healthtech industry right now? Which trends deserve the most attention? Which firms are making the biggest impact on VC, PE and M&A? This report answers those questions. https://www.axios.com/pro/venture-capital-private-equity-manda

Private Markets Rally to New Heights – McKinsey Global Private Markets Review 2022

This annual review of private market investing shares research on industry dynamics and performance. Private markets bounced back last year, despite a new set of risks with a war, higher inflation and interest rates, supply chain and labor challenges. Private equity continued to drive global growth. Private equity fundraising ‘winners’ do so by growing their flagships and raising more frequently. https://tinyurl.com/5yc627u7

US Private Equity Breakdown 2022 – Pitchbook

After a busy start to the year, US private equity dealmakers are finally feeling the bite of higher interest rates, with activity in Q3 collectively slowing across M&A, growth equity and recap deals by more than 20% year-over-year. Yet what may seem like a dramatic decline could also be considered a reset. Far from being a new normal, 2021’s blistering pace of activity was an aberration, making the “old normal” of the pre-pandemic years a better comparison for private equity, according to this report. https://pitchbook.com/news/reports/q3-2022-us-pe-breakdown

Book of Strategy Maps – CB Insights

This 67-page coffee table book of strategy maps shines a light on the strategies behind some of the world’s most important companies – from JNJ, to CVS Health, to Optum.

https://www.cbinsights.com/research/report/book-of-strategy-maps/

2023 US Venture Capital Outlook – Pitchbook

With 2022 coming to an end, many investors are happy to turn the corner on a year that saw crypto ride a remarkable rollercoaster and VC firms clutching their pearls. 2023 is shaping up to be an even more stress-inducing ride for investors, according to this outlook. But while analysts predict some downward movement, there is of course always some upside—if you know where to look. https://pitchbook.com/news/reports/q4-2022-pitchbook-analyst-note-2023-us-venture-capital-outlook

H12022 Digital Health Review – Fletcher Spaght

The report contains details on revenue performance, investments and exits (M&A, IPO).

https://www.fletcherspaght.com/post/h1-2022-digital-health-review

Trust Barometer Global Report 2022 – Edelman

The report is published in January and covers a range of timely and important societal indicators of trust among business, media, government and NGOs, shaping conversation and setting the agenda for the year ahead. https://tinyurl.com/2s4z9kpk

Book of Market Maps – The CB Insights

The reports consist of 31 pages about healthcare companies that are navigating the marketplace. Fascinating and comprehensive. https://www.cbinsights.com/research/report/book-of-market-maps/

2022 Year in Review Images – McKinsey

Reflecting on the past year sheds light on pivotal moments and forges the path toward a resilient future. The past year has been anything but ordinary. The unnerving combination of war, inflation, energy scarcity, and climate change wasn’t what anyone expected as life was just beginning to move forward from the COVID-19 pandemic. 2022 has also proven to be a year of resilience. McKinsey designers put a lens on the images that helped bring our insights to life, and their selections are telling.

https://www.mckinsey.com/featured-insights/2022-year-in-review/2022-the-year-in-images

CEO Outlook: Growth Strategies in Turbulent Times – KPMG

Tested by enormous challenges in quick succession — a global pandemic, inflationary pressures and geopolitical tensions — it’s encouraging that CEOs, surveyed in the 2022 CEO Outlook, were confident in their companies’ resilience and relatively optimistic in their own growth prospects. The 2022 CEO Outlook draws on the perspectives of 1,325 global CEOs across 11 markets to provide insight into their 3-year outlook on the business and economic landscapes. https://tinyurl.com/5n8mnvba

CEO 2022 Study: Own Your Impact: Practical Pathways to Transformational Sustainability – IBM

The IBM Institute for Business Value, along with Oxford Economics, interviewed 3,000 CEOs from 40+ countries and 28 industries as part of this series. These conversations focused on executives’ perspectives on leadership and business; their changing roles and responsibilities; and sustainability, including how they are addressing challenges, what they see as opportunities and visions for the future. https://www.ibm.com/downloads/cas/6NJEKDD8

For additional CEO resources for 2023, see The CEO’s List of “Must Have” Tools for 2023: The Best New Studies, Books, Articles, Apps and Resources for CEOs Who Seek To Create Value in an Uncertain World.

Sometimes it is the smallest insight that can have the biggest returns. When CEOs are equipped with the right insight, at the right time, they make better decisions and all stakeholders benefit. Invest some time reviewing this excellent content to help you lift your game. To become the exceptional, value-creating CEO you are meant to be.

 

Frustrated Mom’s Startup Company to Create Home-Administered Diagnostic Test for COVID-19 

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It was a Friday afternoon in 2018 and Hopkins, MN resident Patty Post found herself at the clinic, for the third time that week, waiting for her daughter to be tested for strep throat.  On Monday it was her younger son who needed a strep test, on Wednesday it was older son, and on Friday, her daughter had a sore throat, needed a test and likely a prescription.

When Patty called her children’s pediatrician Friday morning to explain her daughter’s symptoms and request a prescription, it fell on deaf ears. “Bring her in the office and we’ll test her here,” she was told. Faced with burning yet another afternoon at the doctor’s office for a simple test, Patty asked herself, “Why can’t a strep test be administered at home? It’s a simple immunoassay. Why isn’t there a home test available for parents to administer to their children who are susceptible to strep? And if the test is positive, why shouldn’t you be able to get a treatment plan virtually and a prescription?”

A self-described “problem solver”, Patty says she caught the entrepreneurial bug when she was only ten years old, when she began marketing her babysitting services to families who vacationed near her family’s lake cottage, where she lived during the summers with her parents.

Frustrated by the status quo of going to the clinic to get checked for a simple infection, motivated Patty to start up a company of healthcare and technology experts to find a better solution to this problem. She founded Checkable Medical and became its chief executive officer.

Checkable Medical’s mission is to empower individuals to make clinical, evidence-based decisions from the comfort of their homes. They are focused on delivering innovative at-home diagnostic testing to employers and individuals.

Without having to go to the doctor, Checkable Medical’s diagnostic tests paired with a digital platform allows individuals and caregivers to administer their own tests for infectious diseases thus reducing the burden on our healthcare system and minimizing exposure to the population. Checkable Medical focused their energy and resources on developing an in-home, over-the-counter in vitro diagnostic and digital platform for the rapid identification of Group A Streptococcal bacteria

In March of 2020, as the COVID-19 crisis spread across America like wildfire, Patty and her team explored whether their technology could help in the fight against the coronavirus.  They became a distributor of a COVID serology antibody test and are now creating a platform for individuals and employers to detect antibodies of COVID from home. For individuals who test positive, they should seek the assistance of a healthcare provider. For individuals who test negative, that finding may help them in getting back to a new way of normal.

Their rapid-result antibody serology test, administered at home or at the office, will determine if the individual has the antibodies to fight COVID-19.  It is anticipated the test will detect the presence of both an acute IgM and chronic IgG immune response to infection of the COVID virus with a 95% accuracy. Patty Post’s hope is the serology antibody test will be a vital tool in reopening the economy.

Post said, “We believe the test will help identify if you’ve been exposed to the virus or have developed antibodies against the virus. We believe it can be helpful in identifying asymptomatic carriers and in identifying bigger groups of individuals who have been infected – potentially helping us get back to a more normal pace faster.”

“We’re in the early stages of a clinical trial, we will have data in late summer to submit to the FDA. Our hope is for a quick approval and we can offer the test and digital platform directly to consumers and employers.

Patty is a woman of faith and says her purpose is to serve others. She believes God has given her the gifts and nudge to create and provide diagnostic tests that can be administered around the world.

She described the heartbreaking problem of young women in parts of Africa and India who die during childbirth due to undiagnosed heart conditions caused by damage from strep infections.  She sees a day when diagnostics can be brought into rural villages of third-world countries to diagnose diseases like strep, influenza and COVID and pair positive diagnoses with antibiotics.

When asked if the COVID crisis has made her purpose more profound, she said, “Absolutely, I’ve been more purposeful since the crisis. We all have felt helpless, watching the virus coming down the pike. As a family member, you can’t visit your loved one at a hospital. We all feel a great deal of uncertainty. I’m an entrepreneur and I’m very driven to make a difference.  At Checkable Medical, we have tools and we are developing new tools. It’s our place – and it’s my place – to use my gifts and our company’s tools to make a difference.”

While Checkable Medical has regulatory hurdles yet to clear, the diagnostic tools and digital platform they offer will help consumers and companies make evidence-based healthcare decisions from home and work. Their success could make for an important tool that could boost the economy by allowing employers to safely bring their people back to work.

Patty Post is a leader who is driven by her purpose.  Through her focus, energy and leadership, she and her team are making a great impact during the pandemic.

Positively Impact Others in the Chaos of Life

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When the men’s small group that Dave Hemink is a member of collectively decided to mine for and define their individual life purposes, just over two years ago, little did Dave know how valuable that exercise would be in the throes of the COVID-19 crisis.

At the time, Dave was a division president of a $1B global publicly-traded medical device company. As a seasoned leader with twenty-five years of experience running companies, he knew a lot about leadership. The father of two teenage girls and married to his amazing and beautiful wife, Kristin, for nearly twenty years, Dave had a loving family and an important job. Once Dave’s purpose was clarified, it suddenly opened an entirely different way of thinking.

Purpose is the overarching guiding principle that gives your life meaning.  Most people haven’t clarified their purpose. Together with the other men in his group, Dave reflected on some deep questions, his life experiences, his values and gifts.  Dave said, “We looked within and clarified our purposes. Your purpose is deep within you, it is there. It’s up to each person to find it.”

After thoughtful consideration, Dave defined his purpose as: “I live life to break barriers, create paths and enable people to live purposeful lives, that positively impacts others, while living in the chaos of life.”

When the COVID-19 crisis hit the US in full force in March of 2020, we all experienced chaos in our lives. Dave included. Dave is the chief executive officer of Nonin Medical, a Plymouth, MN-based medical device company, that has been a world leader in innovating and manufacturing pulse oximetry systems for 35 years.  The mission of the company is to improve the quality of people’s lives throughout the world by expanding the capabilities of noninvasive measurements.

The pandemic and resulting public health crisis have created a shortage of pulse oximeters, which have been identified by the World Health Organization (WHO) as a critical clinical therapy in treating COVID-19 patients, citing: “Oxygen therapy is a major treatment intervention for patients with severe COVID-19. All countries should work to optimize the availability of pulse oximeters and medical oxygen systems.” Dave and the Nonin team provide the equipment needed for healthcare workers and patients on the frontlines of this global pandemic.

“In the past few months, Nonin has seen a dramatic increase in demand for its mobile pulse oximeters. I don’t think anybody could have predicted what we are seeing today”, said Dave. “We’ve been fighting this from day one and the global demand for pulse oximetry products globally has been unprecedented,” Dave further stated. Nonin Medical’s executive chairman, Phil Isaacson, added, “The people who have been buying from us in the past are now trying to buy 10 times more. We can’t keep up.”

Dave and the Nonin team are literally working around the clock, expanding manufacturing capabilities and strengthening their supply chain to provide pulse oximeters to healthcare professionals worldwide to diagnose and treat COVID-19. “We have product lines that are up 2,600 percent,” reported Hemink.

Dave said his purpose helps center him during this unprecedented period. “My purpose is front and center now. Your purpose is magnified at different times of your life. You live it – it is embodied in you in times like these,” said Dave.

“As a leader, you have a lot of tools at your disposal, I compare it to a mechanic’s Craftsman red tool chest. Some of the tools you use daily, some of the tools you will never use, until one day, you have a unique job that requires a unique tool.  That is where we are today.  The COVID-19 crisis has our team reaching so far in the back corners of the tool chest.  That chaos component is amazingly real. We’ve got supply chain issues and challenged suppliers. We are an essential employer and we’re committed to keeping our team members safe and well. We have customers who are demanding and desperately in need of product. Every hour it is something different. What I’ve learned is you live your purpose – and that tool chest – to guide you. To provide the team with the path”, Dave continued. “I think of purpose as the grout between the tiles. It holds everything together.”

When asked how he uses his purpose to lead his team, Dave replied, “I’m using it to create calm during the chaos, so I can give our team members the confidence to act. They are doing heroic things. The definition of a hero is an ordinary person in an extraordinary time who takes action. That describes our team members.  They are having to really stretch – sometimes doing things they’ve never done – for the greater good.  Figuring out as we go, as we’re driving 120 miles per hour. For example, helping our suppliers open shuttered factories in the Philippines and India. Finding new sources of raw materials to meet our customers’ demands. Figuring out how to process and ship orders even faster.  Working with the FDA proactively and creatively to accelerate new product approvals. We’re doing this and more, all in real time. I couldn’t be any prouder of the team and the amazing work they are doing.”

If meeting the dramatic demand for Nonin products wasn’t challenging enough, while ramping up their production capabilities, Nonin Medical has had to deal with additional chaos, when one of the first diagnosed cases of COVID-19 in Minnesota was an employee of the company. “Suddenly, that individual, as well as 10% of the Nonin team, were in proactive quarantine, just when Nonin needed every hand on deck. Thankfully, no other team member to date has tested positive and the individual who tested positive has recovered, is healthy and back to work,” said Dave.

Christine Horton, Nonin’s vice president of global marketing states, “Great leaders and individuals grow from adversity and chaos. I see Dave as someone who is positively impacting others through the chaos of life. He’s navigating the company, the leadership team and individuals through this adversity in order to better everyone. It hasn’t been about Dave, about his title or any of that. He could have any title and people would follow him. He doesn’t need to lead with his title. They are following because they feel empowered when they follow him. He’s navigated us through so many obstacles, where we could have had failures, we’ve found opportunities. We are finding solutions. He’s navigating us to make the entire company better and very, very rapidly. In a very short time.”

“The character of a leader is defined in the time of a crisis. This is who we are and what Nonin is all about. It’s a new frontier and we need new solutions. We’re flexing our adaptable muscle for those on the frontlines. This can be – and will be – our finest hour. Having a clearly defined purpose is my rudder in the chaos of life, so I can provide the leadership all our stakeholders desperately need,” Dave said.

When leaders lead with a clear purpose, everyone benefits. It serves as your North Star, the overarching principle that gives your life meaning. Would you want to be led by someone without a purpose? What if that leader, without a clear purpose, was you?

Leading with purpose provides a path, that positively impacts others in the chaos of life. In today’s unprecedented time, while leading Nonin Medical, Dave Hemink is creating great impact.