July 18, 2020 | It has now been twelve months since CoorsTek Medical became part of the Lincotek family. MIKE MEIGGS, the former President of the US-based business, assumed the role of President of Lincotek Medical in the United States for integrated supply chain solutions following the acquisition. Now, he offers some reflections on the progress made over the past 12 months, as well the opportunities that lie ahead.
From the Lincotek Medical perspective, the past year has been about continuing our improvement trajectory while creating an ever-more seamless and integrated service for our customers.
It is important to realize that the medical device market has been changing quickly. To keep pace, our customers must outperform the market and as such, they expect the same from their outsource partners. They want reduced costs and faster timelines that meet the expectations and demands of the entire healthcare community. As they explore new marketplaces, innovation and development gets compressed into very narrow timelines.
Tracing the roots of our organization back for many years, we have always offered a concept to launch business model and have learned to adapt to meet these changing needs of the market. Following the acquisition, we have been able to add a new dimension to what we offer. Manufacturers across the globe have worked on streamlining processes through coatings and additive manufacturing, and now those services are being incorporated into our existing business model.
Looking back over the last year, I am more than satisfied with the progress we’ve been able to make. In addition to our expanded service offerings, we have also set the stage for a future as a valued partner to our customers.
We have made significant investments in technology with a capital program aimed at a complete capability upgrade over the next few years—and no plant was left untouched. We completed the installation of a state-of-the-art finishing line to be coupled with our casting operations while also adding some of the latest technologies at our machining facilities. This equipment refresh is going to benefit both us and our customers. We are ensuring that our capabilities are fully up to speed with the needs of the market and can deliver the features for implants and instruments that our customers demand.
But this improvement program is not just about equipment. We have also been taking the necessary steps to ensure that our operations function as efficiently as possible to meet the low-cost, reduced lead-time demands of the market. Our work of combining the new equipment with the efficient operations will continue for some time and will be based off the strong foundation we have built over the past year.
Just like every other business, we’ve been confronted with the challenges brought on by the coronavirus pandemic, and I’m proud that our employees have maintained operations with very little interruption to supply chains. They have all worked very hard to ensure that they all remain safe and healthy through enhanced cleaning and the use of face coverings.
So, what are the next steps? Up until now, we have been evaluating the organization while concentrating on small incremental changes. In the near term, we will be focused on completing our integration to become a single and coherent operation. To our customers, this means one business management system that makes interactions across all functions of our organization unrecognizable.
We look forward to making this goal a reality!