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Speaker: Investing in ophthalmic space yields rewards over time
Ocular Surgery News live blogged the Ophthalmology Innovation Summit.
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NEW ORLEANS — National Eye Institute funding remains relatively stable in the ophthalmic market, as does venture funding, according to one entrepreneur presenter speaking at the Ophthalmology Innovation Summit preceding the American Academy of Ophthalmology meeting here.
“Even though venture funding is down in general, in ophthalmology we’re staying pretty stable,” Emmett T. Cunningham Jr., MD, PhD, MPH, told colleagues in his introductory remarks.
These are challenging times for health care investors, he said, but over time, long-term investors will see returns.
“One has to hope that this will translate into a sustained level of funding for companies because it is a critical part of the innovation cycle,” Cunningham said.
Ocular Surgery News live blogged the summit, which is excerpted here, on Healio.com/Ophthalmology.
Live blog, part 1
7:33 a.m.: Emmett T. Cunningham Jr., MD, PhD, MPH, managing partner of Clarus Ventures, delivers welcome and opening remarks.
7:35 a.m.: Cunningham gives an overview of the ophthalmology market.
7:37 a.m.: Cunningham: “Venture funding is going down in general, but in ophthalmology venture funding is at least stable.”
7:39 a.m.: Cunningham: “It’s been a very good public market across the space.”
12:28 p.m.: William J. Link, PhD, managing director at Versant Ventures, discusses “U.S. vs. EU — A Venture Perspective.”
12:29 p.m.: Link: “We have strong, progressive leading surgeons in Europe, as well as America.”
12:30 p.m.: Link: “We have a better source of capital available in the U.S. than in Europe.”
12:30 p.m.: Link: “There’s a regulatory path advantage in Europe.”
12:31 p.m.: Link: “There’s no question that there’s more financial value being generated by U.S.-based companies. But, few, if any, U.S. companies can build value without a European presence, so we should keep working together.”
To view the entire part 1 presentation, go to healio.com/ophthalmology/practice-management/news/online/%7B4123179f-02f2-4fb7-af23-8968e5c1796a%7D/live-blog-ophthalmology-innovation-summit-part-1.
Live blog, part 2
1:07 p.m.: David E.I. Pyott, chairman of the board and CEO of Allergan, delivers “Keynote: Sustaining Innovation in Ophthalmology — A View from the Top.”
1:09 p.m.: Pyott: “If we look at the front end of innovation, we should have our eye on the budget of the NIH and the budget of the National Eye Institute.”
1:20 p.m.: Pyott: “Since I became CEO at the end of 1997, you can see a huge ramp up in R&D. Up to a billion dollars this year. Investment is very much accelerating.”
1:21 p.m.: Pyott: “We have had 11 product approvals since 2010.”
1:23 p.m.: Pyott: “On the industry structure of ophthalmology, some of the large pharmaceutical companies have exited (Pfizer, Merck). Then, there are permanent residents. And there are new entrants (Regeneron, Valeant, ThromboGenics and Shire).”
1:24 p.m.: Pyott: “One thing we have to take into account is there are very few players left.”
1:25 p.m.: Pyott: “If you are a small company, you have to really be focused on what you want to be when you grow up.”
1:27 p.m.: Pyott: “A great leave-behind message: Companies like us really need you. … We constantly need to look for ideas and new platforms outside of the company.”
1:32 p.m.: OIS Innovator’s Award being given to Thomas Burns, CEO of Glaukos, and Richard Hill, MD, co-founder of Glaukos and inventor of the iStent.
To view the entire part 2 presentation, go to healio.com/ophthalmology/practice-management/news/online/%7B03caf865-b8f3-4594-9dbe-646fa3b53e20%7D/live-blog-opththalmology-innovation-summit-part-2.
Disclosure: Cunningham is managing partner of Clarus Ventures. Link is managing director of Versant Ventures. Pyott is chairman of the board and CEO of Allergan.