At AdvaMed’s The MedTech Conference, CEOs from top medical device companies shared how they navigate difficult times, inflation and new technologies.

BOSTON — Leaders of medical device firms shared their advice and best practices at AdvaMed’s The MedTech Conference in Boston last week. In keynote speeches and panels, executives with Medtronic, Stryker, Boston Scientific and other companies shared stories about lessons learned and how they got through turbulent times.

Amid rising healthcare expenses, some procedures are shifting to outpatient facilities, such as ambulatory surgery centers, to save on costs. Boston Scientific CEO Mike Mahoney spoke on the evidence needed for more heart procedures to move to ASCs, where orthopedic surgeries, such as hip and knee replacements, have become more commonplace. Mass General Brigham’s CEO also offered a hospital perspective on increasing costs.

Another challenge medical device companies have dealt with this year is cyberattacks, with several high-profile companies, including Stryker, Boston Scientific, and Medtronic, being targeted. Spencer Stiles, Stryker’s chief operating officer and incoming CEO, shared about his experience navigating a cyberattack and how to keep communication lines open.

Finally, medtech leaders discussed navigating a time of economic uncertainty, from how to shore up supply chains to how to lead through a challenging stock market.

“What's the difference between a toy and something that's scaled? Obviously, the economics matter a lot. But … it has to be simple. You can't break the workflow, and I've learned some hard lessons personally, like adding five minutes to an hour-long case. Man, that's not that bad.

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