Case studiesSpinal implants
Emerging Implant Technologies
How a German spinal implant manufacturer launched in the United States, built a $3.5M run rate in ten months, and was acquired by DePuy Synthes Spine.
$3.5Mrun rate in the first 10 months
National HCAcontract in the first months
Acquired, 2018by DePuy Synthes Spine, a J&J company
The challenge
A German company launching spinal implants in the U.S. faces an FDA approval process with its own standards, a market dominated by established American companies with deep provider relationships, and a reimbursement system it has to understand to grow.
OSP Advisors, then Ortho Spine Partners, brought relationships with surgeons, distributors and hospital executives that could shorten that sales cycle.
Every company has its own characteristics. This is an example of how we did it, not a template. There are no copy-and-paste solutions.
How it unfolded
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01
Know the market, price competitively
Founder Guntmar Eisen was introduced to OSP through mutual connections. He had commercialized products in the U.S. before and wanted to approach the market differently this time.
“When I visited the Fraunhofer Institute for Laser Technology, the chief engineer showed me prototypes of their 3D printing via selective laser melting. I actually felt cold shivers run down my spine as I thought, ‘What can we do with this?’”Guntmar Eisen
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02
Build and execute the strategy
The commercialization plan took shape at Selby Spine in Park City, Utah. We agreed on what EIT should stand for in the U.S.:
- Advanced technology at an affordable price
- A real understanding of providers’ concerns
- Better patient care
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03
Road shows
Guntmar’s passion and technical depth were compelling to surgeons. OSP organized week-long road shows with surgeons and distributors across the country, one full week every month, giving Guntmar and Josh consistent audiences to explain the value of partnering with an innovative start-up.
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04
Market access
Market access is a challenge for every early-stage company in the U.S. With OSP’s relationships, EIT secured a national HCA contract within the first few months of commercialization.
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05
Market demand created
A $3.5M run rate in the first ten months got the market’s attention. Three of the top four strategic spine companies entered a process. EIT’s leadership wanted a partner that would invest in accelerating early success and stay committed to the platform.
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06
Johnson & Johnson
By mid-2018, DePuy Synthes Spine, a Johnson & Johnson company, was clearly the right partner. After thorough due diligence, the acquisition was announced at EuroSpine 2018 in Barcelona.
It was very hard work, but we had the right people at the right time. Because we had no existing product line or messaging, we could afford to be somewhat radical.