Post-coronavirus outlook for 4 major companies in orthopedics

March 21, 2020 COVID-19, Medical Devices, Medical Technology, 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

About Peter Coffaro 504 Articles

Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.