Post-coronavirus outlook for 4 major companies in orthopedics

The medical technology giants are feeling the impact of the coronavirus pandemic including giants in the orthopedic space such as Johnson & Johnson, Stryker, Medtronic and Zimmer Biomet.

The virus first began affecting these companies while it spread through China in January and February; many of these companies have manufacturing in China and Chinese factories were shut down for a time to curb the spread of the virus. As things began to get up and running in China again, the virus spread to the U.S., where new challenges arose.

On March 17, CMS urged hospitals to halt elective surgery and devote resources to treating coronavirus patients. Many hospitals independently announced a reduction, postponement or cancelation of elective surgeries, including many orthopedic and spine cases. In hospitals where these cases are ongoing, vendor presence is limited.

Moody’s altered the U.S. medical products and devices sector outlook from “positive” to “stable” on March 17 due to the elective surgery cancelations, although the firm anticipates it will recover with canceled surgeries being performed later this year or next year.

The American Academy of Orthopaedic Surgeons also canceled its annual meeting, scheduled for March 24-28. Device companies typically launch or display new products at the convention.

By Laura Dyrda | Becker’s Spine Review

Image Credit: Laura Dyrda / Becker’s Spine Review

READ MORE

Avatar
About Peter Coffaro 779 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.