With economic conditions trepid in the Europe and the United States, most of the major med tech companies implemented cost-cutting measures or streamlined their programs to increase their revenues. There were acquisitions here and there in 2013 in an effort to diversify future investment, or to spur revenue growth.
In the United States, the Affordable Care Act hastened the delivery of health care and the buying habits of consumers, putting greater pressure on companies to prove their products could help manage or reduce costs as well as improve their standard of care.
Despite the challenges and changes in the industry, some companies still experienced growth. Companies like Covidien and Abbott spun off their pharmaceutical arms and focused on boosting their remaining devices and medical technology business. Here now are the top five health care companies as revealed by Fast Company:
1, Medivation
One in six American men will be diagnosed with prostate cancer this year. San Francisco-based Medivation developed a drug called Xtandi, designed to extend the lives of patients in advanced stages of prostate cancer. The company registered $338 million in net sales and its drug Xtandi is now being tested on men in the early stages of prostate cancer.
2. Beijing Genomics Institute
Beijing Genomics Institute envisions itself as the go-to destination for global scientists aiming to collaborate on ambitious projects for unlocking the mysteries of plants, animal, and human DNA. Today, it is now the most prolific sequence of human genomes with the help of technological advances in order to reduce the cost of complete genome sequencing. Last year, it acquired Complete Genomics for $118 million to give itself more firepower.
3. Partners in Healthcare
Partners HealthCare recently invested over $1 billion a year for drug discovery, genetics, and information technology, making it among the top research organizations in the world. Its affiliates include the most esteemed hospitals in the United States such as Brigham and Women's and Massachusetts General. Today, they are taking the lead in translating genomic advances into the nascent field of "personalized" medicine.
4. Medisafe
Medisafe has developed a wireless and cloud technology database that will boost drug adherence. With its new apps, the family and friends of a sick loved one can aid in providing medical care by alerting them if their sick father or mother has taken their medication. This technology has greatly boosted prescription compliance.
5. Blueprint Health
Blueprint Health established itself as the premier health care incubator on the Eat Coast and perhaps the United States. Based on a co-working space in SoHo on Broome Street, its medical entrepreneurs, mentors, and VCs worked like a streamlined, health-care oriented Y Combinator. Most of its graduates have already started their own companies such as AdhereTech, a smart pill-bottle maker, focused on using information technology to boost doctor's efficiency, hospital outcome, and patient care.
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