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Challenges Faced by Medical Device Companies: Part I
Interview with Ian McDougall, CEO of Evasc Medical Systems
About Ian McDougall, BASc President & CEO of Evasc Medical Systems
Ian has an engineering degree from the University of British Columbia and has been working in the medical device sector for over 14 years. He has co-founded several medical device companies, leading the development of more than 6 intervention products from concept through to U.S. and European regulatory approval and commercialization. In 2005, Ian was recognised as one of the top 40 business people under the age of 40 in British Columbia Canada ('Top 40 Under 40').
About Evasc Medical Systems Corp.
Founded in 2001, Evasc Medical Systems is focused on the commercialization of interventional vascular products. Evasc has proven expertise in medical device design, prototyping, and production. Evasc is currently concentrating on the commercialization of a device for improving the treatment of cerebral aneurysms. For more information, visit www.evasc.com.
Why medical devices? What drove you to start Evasc Medical Systems?
Even before I started my education in Engineering, I had an interest in medicine. My grandfather was a physician and I knew from a young age that I wanted to be involved in medicine. I also had a keen interest in technology and business. My combined interests and a desire to make a lasting contribution to society were the deciding factors in choosing my career path. During a previous business venture, I became involved with a group of interventional cardiologists. Evasc Medical Systems evolved out of these relationships, and it has been very satisfying to create and grow Evasc over the past 10+ years.
When it comes to demand, which types of implantable medical devices do you feel have the most potential for growth?
Evasc Medical Systems operates within the interventional neurovascular implant space and there has been a strong annual growth rate in this sector, with an average annual growth rate over the past 6 years of around 35% being reported. I also see a lot of opportunity surrounding devices for heart reconstruction, such as percutaneous aortic valves and mitral valves.
In your opinion, what factors are driving the demand for implantable medical devices?
The ageing population is the most obvious factor that comes to mind. Improved imaging and education is resulting in improved diagnosis. Also, high quality medical imaging is becoming ubiquitous and early detection of disease is occurring before symptoms present themselves. As a result, there is a higher demand for treatments, resulting in a growing market which in turn is driving the development of new technologies.
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