It is very refreshing to see Israel through the eyes Medtronic Inc. (NYSE: MDT) VP medicine and technology Stephen Oesterle. "This was one of the best business trips I've ever had," he says. "I enjoyed everything, from the medical devices companies to the Western Wall and Tishbi Winery."
Oesterle added, "It took me 57 years to come here for the first time, but I promise that it won't take another 57 years before I come back. I'd move here, I enjoyed it so much." Oesterle was in Israel to attend the Israel Life Sciences Industry (ILSI) Biomed 2008 conference last week. He made the comments at an event for senior doctors by Medtronic Israel, led by general manager Yehudit Gal.
Oesterle told "Globes", "When I spoke with President Shimon Peres, I said that at some point Medtronic would want to set up an R&D center in Israel that would serve the entire company. It's possible that at some stage we'll manufacture here as well. Until now, Israel has mostly been a market for us and we have a successful marketing office here with a little business development. But I believe that we can do more here."
Oesterle is enthusiastic about Israel's position in the global medical devices market. He does have some worrying news about the local medical devices market, however, which he believes is about to undergo radical changes. Anyone who does not adapt, will not survive. He says that the Medtronic of 10-20 years in the future will not be the medical devices company of today.
Oesterle says, "Some devices really cure diseases, but not many. How many devices restore a person's health? Only a few. The rest manage the disease."
He believes that biotechnology has the ability to heal or at least partly restore a person's health. "Almost every degenerative disease originates in a protein that is either too active or not active enough. Diabetes, chronic anemia, heart failure, and inflammations - if we can control the proteins, we'll at least have a treatment that restores health, and possibly even cures," he adds.
"The question isn't whether a medical device will change, but how and how fast. We're still benefiting from the necessity of bringing the biological solution, whether via RNA interference (RNAi), stem cells, or proteins to the right organ."
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2008
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