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John R. Fischer, Senior Reporter | December 15, 2021
The aim behind these decisions is to create more efficient care pathways and raise standards of care, as well as make Olympus more of a competitor on a global scale. To help in this endeavor, the company is expanding its global R&D network, strengthening medical and scientific affairs and creating a more centralized Quality Assurance and Regulatory Affairs function. Also helping is its merger and acquisition activity, which includes its recent acquisitions
of urological device maker, Medi-Tate, for $260 million;
Quest Photonic Devices for $60 million; and
Veran Medical Technologies for $340 million. Medi-tate’s flagship product, iTind, expands Olympus’ stake in in-office treatments of benign prostatic hyperplasia. Quest’s proprietary fluorescent imaging systems broaden the procedures that its endoscopic surgical imaging line can be used in, and Veran Medical Technologies, a developer of interventional pulmonology solutions, makes it a leading player in the respiratory device market.
In addition, the company recently
launched Olympus Innovation Ventures, its wholly owned corporate venture capital fund which will invest in startups that are developing innovative technologies to improve clinical outcomes, reduce healthcare costs and enhance quality of life for patients. It will prioritize early-stage investments for next-generation innovations, as part of Olympus’ new direction for its medical division.
"We will focus of course on gastroenterologists, urologists and pulmonologists, but also infection preventionists, nurses and healthcare administrators who are key decision-makers," said Kaynor. "We will also continue to expand our leading educational programs and training exercises to help healthcare professionals increase their technical expertise, achieve excellent clinical results, and ensure patient safety."
Olympus announced in November that it has produced strong half-year figures, including a record operating profit margin of 18.5% and strong year-on-year growth of 31%. It expects its medical business revenue to reach a record high for the fiscal year 2022.
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