Today was my third and final day in Shanghai. Tomorrow morning, I leave for Beijing. I am looking forward to seeing the city and am excited at how well the trip has gone.
Most of today I met with some great people from the global company Terumo Corporation.
Terumo is a medical device company with over $4B USD in annual sales. They have lines of business including general hospital devices and supplies such as catheters, thermometers and monitors as well as a business that produces a broad range of blood management devices and supplies. And, of course, they have a cardiac and vascular business as well.
We started out early this morning and covered everything about ABS and our platform. After a few hours we dialed in Doctor Mehran Khorsandi, ABS cofounder and chief medical officer, to cover some questions that were specific to interventional cardiology. Again, after Mehran spoke he answered their questions and left our hosts with no doubt about the ability of cardiologists to transfer to the ABS system. I look forward to follow-up meetings with Terumo at their corporate headquarters in Japan.
This was our second set of meetings with Terumo. We last met with them at the JP Morgan in California a few weeks ago. We also met today with Fosun Pharma and Lilly Asia Ventures. Both meetings were good, and their representatives were well informed on the Asian market. We discussed the regional potential for companies like ABS. Heart disease is a major global problem and kills over 47,000 people a day. So, the hard work by the people at companies like Advanced Bifurcation, Terumo and Fosun Pharma is important to everyone.
Today was a very busy day and the jet lag is catching up with me a bit.
This is the second installment of my blog posts from my trips to Asia on behalf of Advanced Bifurcation Systems.
After the politeness and friendliness of people, the next most noteworthy thing is how incredible the infrastructure is in China. Every road I have seen in Shanghai is in perfect condition. Even traveling in the snow is surprisingly easy because of the condition of the roads.
Shanghai Pudong International Airport is beautiful and very well maintained. It made me think about the appearance of LAX and JFK in New York and what these airports communicate about China and the United States to international travelers. An airport is an important first impression to international travelers and China seems to be doing a much better job in that area. Customs was crowded but fast and polite and I cannot say the same of my many experiences at LAX.
My hotel room overlooks the Huangpu River and this morning there was a parade of boats carrying coal that went on for hours. I could only think how the last U.S. administration destroyed the domestic coal industry and the potential for U.S. exports to international market that could provide hundreds of American jobs.
This morning I was reading about Beijing, whose population is 22 million. I am very excited to do business in China. Tomorrow I have meetings for ABS with 7 institutional funds and am looking very forward to these meetings. Healthcare is a huge topic in China and ABS could be a major player in this country. The last week in March, I will attend the China Health conference and I am meeting with the largest hospital group.
The food here is awesome and people cannot do enough for you. Travel can be rewarding but also draining so the people you meet play a key role in your comfort. I will write more tomorrow, and I will sign off in Mandarin
Today I flew to Shanghai for a series of meetings across Asia. Heart disease in its many forms is one of our top global health challenges, killing over 17M people every year. So, there is tremendous interest in the ABS platform.
The United Airlines flight to Shanghai was excellent. Every traveler loves having an empty seat next to them, so you can imagine what a luxury it was to have that on such a long flight. It was a very good flight overall.
I arrived in China Saturday night local time and the people have been spectacular every step of the way. Everyone I have encountered has been extremely polite and friendly. Most of the people I have met speak English. I have been working to learn Mandarin and practicing a new language is a lot easier when people are patient with you and speak your language.
I am Staying at the Hyatt on the Bund and the hotel staff are the best I have ever experienced. Every trip has its small hiccups and my first one was transportation from the airport to the hotel. The Hyatt planned to send a car to the airport to get me, but the car did not show up. The airport was very busy, but a very friendly lady arranged a cab for me. The driver was good but spoke no English and my Mandarin is not strong enough, so we communicated via sign language that would have been funny to watch. The cab cost 650 Yuan which is $102.92 USD.
When I checked in I told the hotel desk that car did not meet me. They were very polite and sincerely embarrassed. I told them it was just a mistake and dropped it at that. It is important to give feedback to companies you do business with. How they take that feedback tells you a lot. While unpacking in my room there was a knock on my door. Sunbeen Wang, the hotel manager, personally came to apologize for the car. She bowed and told me they were very sorry and then she gave me 700 CNY for their mistake. I was shocked and know that would never happen in the States. So, they actually paid for the taxi ride. Just unbelievable. It is a great reminder of the importance of focusing on the customer as a person.
An article contributed by Chunka Mui for Forbes focuses on the subject of baby boomers and healthcare. The numbers stated in this article are staggering.
The medical needs of baby boomers that are affected by diabetes, high blood pressure and chronic illnesses are increasing. Therefore, the money paid by this generation for insurances and other costs are increasing.
Also, the article discusses how the medical staff in general won’t be strong enough to fulfill the baby boomer needs. The system is going to be inundated, and bankruptcy for individuals and our nation could result, Mui states.
This article is a good article, I do think it comes down to personal responsibility. We are largely responsible of whether we are sick or healthy. Keeping up on diet and exercise, is important since weight control is one of the underlying issues for being and staying healthy.
Self-awareness will help baby boomers stay on top of their medical needs. Knowing what we are doing and when we are doing it. Responsibility of our own person, will make a difference.
These are exciting times at ABS as we continue our progress towards regulatory approval globally and the release of our advanced stenting system worldwide. Within a few short years, most open heart surgeries could become a thing of the past.
Firm Financial Footing
The medical field is a competitive one with innovative research teams competing to attract the attention of major investors. That’s why adding Ken Richards to our team was so important. He brings with him a wealth of experience in the investment arena working for successful investment firms such as York Bridge Capital and CIBC World Markets. Ken has the expertise to help ABS reach its $20 million funding target.
Ken’s a graduate of Dalhousie University in Halifax, Nova Scotia and that’s not the only Canadian connection at ABS. On October 3, 2017, we also made a major announcement about our next wave of human clinical trials in partnership with Dalhousie University’s Medical School in New Brunswick. Planning is well underway to begin this next phase of trials at the medical school. This is a big “next step” in our steady progress towards the eventual commercial role out of our innovative stenting system.
Our breakthrough technology received a lot of positive feedback at the recent European Bifurcation Club meeting in Portugal where our CMO, Dr. Mehran Khorsandi, talked about our new procedure. We’ve been able to use this to continue our momentum and we’re excited about what the next few months has in store.
How it Works
Our new technology is designed to replace less reliable stenting methods used today. Our procedure covers all types of lesions regardless of branch angle, size, plaque burden or location. Our system places stents in both the main branch and side branch simultaneously and its self-aligning to virtually eliminate the need for further surgery.
Once we’ve received full regulatory approval I believe that the Advanced Bifurcation Systems Platform will become the method of choice for most interventionist cardiologists.
Politics has always been a contact sport. But I argue that we have been able to come together to find common ground to fight an enemy. We did it with World War II (at least after Pearl Harbor), we did it after September 11th. We did it (mostly) during the height of the Cold War. We can do it today if we Row The Boat together.
Different Challenges – Huge Stakes
The issues we face are extremely serious. Changing technology and demographics mean huge challenges for jobs and resource contention around the world. As the old order falls apart and we look to the future, we need to understand that gridlock means failure. We have risks to jobs at the same time as a huge shift in aging. Healthcare across the world suffers from spiraling costs that no current system solves. Supporting larger numbers of retirees on programs including Social Security is unsustainable.
Time to Row Together
As Minnesota Golden Gophers head coach PJ Fleck says, we need to row the boat together. What does Fleck say this requires?
You need an Oar – this is the energy that you bring to your cause, relationships, work and life. This is what will move our boat. We need the right energy, and we need to share the same type of energy to move forward together.
Then you need the Boat – this is the sacrifice we must make to move forward. We have to sacrifice to get what we have never had as a country, even if it means sacrificing our opinion.
Finally, we must have a Compass – we need to travel in the right direction as one, and surround ourselves with positivity, rather than negativity.
If we focus on the present and rowing our boat as a country, together, we will ultimately achieve great goals and a better quality of life for all Americans. But how do we do that?
The Next Instagram May Change the Way You Take Pictures
But The Next Big Medical Innovation Could Save Your Life
Last week at the European Bifurcation Club meeting in Porto Portugal, ABS co-founder and chief medical officer Dr. Mehran Khorsand presented the ABS bifurcation stenting platform. We met many other dedicated doctor and professionals who are devoting their energy, time and money to creating life-saving and enhancing innovations that will benefit us all. This is why medical innovation is different and deserves to be treated differently.
For all the things that divide us as a nation, medical innovation should stand as a beacon for cooperation. We agree on the problems facing aging population and medical issues that affect too many people like obesity, cancer and heart disease. We agree that Social Security and Medicare and Medicaid are in trouble and that health care costs need to be addressed. Yet from financing to regulatory approval to employment law to tax policy, we miss opportunities to work together.
As mentioned in this article about an earlier post, we need to stop viewing medical innovation and medical innovators as something to be exploited and instead treat them as a critical national asset that benefits each and every one of us, our family and our nation. This is a great place for the Trump Administration and Democratic leaders to work together on an issue that benefits everyone.