Article preview from Medtech Insight- December 1, 2010
Among new technologies discussed at three major ophthalmology conferences this fall, it was the emerging field of laser cataract surgery that generated the greatest interest among attendees, although the first system is just now being launched commercially and there are many unanswered questions regarding the economics of this promising technology and how it will be adopted.
Article preview from Medtech Insight- December 1, 2010
This fall, three conferences provided insights into the state of the ophthalmology field: the annual Congress of the European Society of Cataract and Refractive Surgeons (ESCRS), held in Paris in September, the 2010 annual meeting of the American Academy of Ophthalmology (AAO), held in Chicago in October, and, the second annual Ophthalmology Innovation Summit (OIS), held prior to the start of AAO, which provided an investor and company perspective on recent developments in eye care. All three had strong attendance and a generally upbeat mood, despite the fact that 2010 witnessed the third consecutive year of declining US refractive surgery volumes as well as continued slow growth in the premium intraocular lens (IOL) market. Among new technologies, it was the emerging field of laser cataract surgery that generated the greatest interest among attendees, although the first system is just now being launched commercially and there are many unanswered questions regarding the economics of this promising technology and how it will be adopted.
Industry Outlook: Partly Sunny with Chance of Thunderstorms
In addition to presentations by emerging companies in all segments of ophthalmology, the OIS featured a number of talks regarding the state of the industry. William J. Link, PhD, managing director at Versant Ventures, presented an overview of venture financing in ophthalmology. Versant has been the most active venture firm in the sector, with investments in 15 ophthalmology companies (12 device and three biopharma), accounting for 30% of all venture capital (VC)-backed ophthalmic start-ups.
Link provided an upbeat outlook, citing a history of strong entrepreneurship in ophthalmology and an ophthalmic funding environment with relatively positive momentum. Since 1999, there have been VC investments in 47 ophthalmic start-ups, versus only about three to four during the prior decade, with participation from about 27 VC firms. ( See Exhibit 1.) These investments have been rewarded by a steady stream of merger and acquisition (M&A) exits in the sector over the past eight years, with 11 device acquisitions valued at over $13 billion and seven biopharma acquisitions valued at over $13.5 billion. Link also noted the strong environment for ophthalmic R&D funding: in addition to the $400 million-plus invested by VCs in 2009, the National Eye Institute/National Institutes of Health is investing over $600 million annually in ophthalmic R&D, and Alcon Inc./Novartis AG is on track to spend over $700 million on R&D in 2010.
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