Based on its recent analysis of the medical device coatings market, Frost & Sullivan recognizes DSM Biomedical with the 2014 North America Frost & Sullivan Award for Growth Excellence Leadership. DSM Biomedical is a total solutions provider that works with customers from start to finish in the medical device development process. The company has stood out for its innovation-centric growth policies, close relationships with value chain participants, and stellar customer experience.
DSM Biomedical has successfully diversified and sustained growth by not only competing as a coating formulator, but also positioning itself as a coating applicator. A part of this process is that it collaborates with customers to set up coating application equipment at their facilities. Through its strong brand recognition and customizable product offering, DSM Biomedical outperforms competitors in the total customer experience.
DSM Biomedical's new coating service plant addresses customers' coating concerns and enables them to focus on their core competencies. This value addition gives it an advantage over other companies when dealing with device-makers that make their own coatings. It also allows them to scale the production process in order to succeed in a low-cost manufacturing setting.
Its adjacent industrial coating business has provided it with expertise in coating development and application, which helped boost growth in diverse applications. For example, its VitroStealth® antifouling hydrophilic coating is used on medical devices as well as on glucose monitoring biosensors.
In a space marked by intense competition, DSM Biomedical's top-line growth has consistently been positioned above the industry average of 7 percent to 10 percent. Although other companies have maintained a similar pace of growth, DSM Biomedical has achieved this success within a short span of seven years.
"The company's strong growth can be attributed to its strength in hydrophilic and antimicrobial coatings, multifunctional coating portfolio and experience in working with device-makers in developing coating application methods," said Frost & Sullivan Research Analyst Reuben Sequeira. "Additionally, its brand awareness and skill in industrial coatings and other bio-based products and services have added thrust to its growth."
The company stays abreast of new market trends and unmet needs through market surveillance evaluations after product launches, regular detailed questionnaires, and direct interactions with the FDA, surgeons, and patients. Furthermore, its proficiency in bio-based materials allows it to efficiently evaluate medical device-makers' coating needs.
DSM Biomedical also grows inorganically, as is evident from its acquisition of Kensey Nash, a company that develops regenerative medicine utilizing proprietary collagen and synthetic polymer technology.
"Frost & Sullivan expects DSM Biomedical to sustain its growth by strengthening capabilities through key mergers, acquisitions, partnerships and collaborations," noted Sequeira. "The company's global reach and a history of Master Files to speed products to market are helping it become the materials collaborator of choice."
"We are honored to be awarded the Frost & Sullivan Award for Growth Excellence Leadership," said Dr. Hinke Malda, Global Director Medical Coatings at DSM Biomedical. "DSM is committed to continued excellence and innovation in the medical device coatings market."
Its cross-functional knowhow and strategy of value-added partnerships and acquisitions have ensured DSM Biomedical's highly competitive participation in the medical device coatings market.
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in growth and customer value. It recognizes the superiority of the product/service as well as the overall customer, purchase, ownership and service experience offered, which has resulted in the recipient company seeing above-market growth and increased share of wallet. The award lauds the growth, diversification and sustainability strategies of the company.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
DSM Bright Science. Brighter Living.™
Royal DSM (dsm.com) is a global science-based company active in health, nutrition and materials. By connecting its unique competences in Life Sciences and Materials Sciences DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders simultaneously. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM's 24,500 employees deliver annual net sales of around €10 billion. The company is listed on NYSE Euronext.
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