9 March 2020
Fisher & Paykel Healthcare with leaders of Manukau DHB / Middlemore Hospital, where they donated 12 myAIRVO devices for patient use.
With 9.1% growth propelling their revenue over $1B, TIN member Fisher & Paykel Healthcare are the top revenue earner for New Zealand's healthtech sector. In anticipation of the 24 March launch of the New Zealand HealthTech Insights Report, we've spoken with Vice President Corporate, Marcus Driller about the driving factors of their success and how they aim to be a force for good, both in New Zealand and abroad.
Congratulations on F&P Healthcare becoming the third company on the TIN200 to pass the billion-dollar mark! What in your view are the three things that the company has focused on in the last 5 years that have helped achieve this success?
Success for us at Fisher & Paykel Healthcare means improving the care and outcomes for more and more patients around the world each year. Last year our products were used in the treatment of approximately 14 million patients in more than 120 countries. For the last five years we’ve had a consistent focus; working with healthcare providers to develop new therapies that change clinical practice and reduce costs to healthcare systems, continuous improvement of our products and increasing our presence around the world.
Any successful company faces challenges along the journey towards sustained growth and profitability. What has F&P Healthcare’s approach been to facing the challenges within the healthcare sector, and how has this influenced the company’s long-term strategy?
We live in a world where healthcare costs are increasing at a rapid rate. With an ageing population and increasingly successful healthcare practices improving longevity, the burden of healthcare cost is likely to be unsustainable.
Our long-term approach has been to develop quality products that are designed to be easy to use, to help reduce a patient’s need for costly, higher intensity care, and where possible, to facilitate a patient’s independence and treatment in the home. Our products are designed to provide an economic benefit for the customer, and in that way we can help to deliver a more sustainable healthcare service the world over.
Speaking from your position as the number one healthcare technology sector company on the TIN200, what is your broader vision for the future of HealthTech in New Zealand?
We think there are a number of advantages of being a healthtech company headquartered in NZ. NZ has world class healthcare systems, a supportive regulatory environment, efficient and effective processes for conducting clinical trials and a competitive cost base. A small local market like NZ encourages tight links between industry, universities and hospitals. It also ensures a need to think globally. We look forward to seeing the world-leading and world-changing innovation that comes out of other New Zealand healthtech companies in the future.
Tell us how you think your company can become a ‘force for good’ – using your talents and networks to help address economic disparity and bring about genuine societal change.
Our entire purpose is about improving care and outcomes for patients and we have more than 4,500 people around the world who are focussed on this.
We also believe that we can create value in our local communities by partnering with like-minded organisations to promote access to healthcare, STEM education, and environmental sustainability. In 2019, for example, we signed a $1.5 million partnership agreement with Counties Manukau Health to provide funding for clinical research projects that benefit local communities in South Auckland. We also supported science, technology, engineering and maths education through the SouthSci and Wonder Project programmes.
Find out more about Fisher & Paykel Healthcare in the New Zealand HealthTech Insights Report, launching on 24 March at the first TINTalk of 2020, or view their profile in the TINTech Directory.
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