REV•1 Engineering Launches Development & Innovation Solutions
Celebrating its 10th year anniversary, REV•1 Engineering is expanding to deliver comprehensive, strategic development and innovation solutions for its medical device and life science customers.
"We're very excited to introduce this comprehensive approach to development and innovation, an approach that delivers continuous competitive advantage and an expressway to future revenue for our customers," said Eric Johnson, CEO and Co-Founder of REV•1. "Over the past ten years, we've built a high performance innovation engine. The products we've developed for our customers have resulted in dozens of patents, valuable I.P. and more than $1 billion in client company valuation growth. Over that time, our customers have asked us to do more. This is the result."
PwC's 2017 survey of medical device CEOs revealed 8 out of 10 are focused on organic growth, with more than a third seeing a need to strengthen innovation in order to fuel that growth. Another 2017 survey by The Emergo Group identified after regulatory concerns, new product development is the single greatest concern of medical device executives. Seven out of ten are highly concerned with the speed of technological change as well.
"During our first ten years, our team successfully developed 137 medical devices for nearly 70 companies, most of them startups," added Phil Burke, COO and Co-Founder. "The institutional knowledge and proprietary processes that our core team has cultivated and optimized from these experiences is our foundation. Ideas and solutions cross-pollinate, and our process sparks, sustains and accelerates our team's creative collaborations that result in innovative, commercially viable devices."
The Emergo survey also reported 70% of med device executives are struggling to recruit the creative talent capable of driving innovation. Adding to these challenges is the growing overall demand for medical device engineering talent. According to the Bureau of Labor Statistics, demand for experienced medical device engineers will grow by 23% over the next seven years.
"Because our team has solved so many medical device development challenges from so many sectors, from the bench through 510(k) ready, we've acquired a 360 degree perspective. We've consistently demonstrated our ability to get products market-ready twice as fast as traditional approaches. Our expansion adds the dimension of integrating technological intelligence with business and market intelligence to accelerate strategic innovation,"
"As part of our expansion, we're please to welcome aboard Terry Murray as our new Vice President of Strategic Development. Terry' extensive background in the strategic commercialization of innovative, disruptive medical device and life science products and services, rounds out our team."
Vice President of Strategic Development