In the last few years, the healthcare sector has emerged as one of the largest and fastest-growing sectors in terms of revenue, employment and opportunities. Increasing wages and easy access to better healthcare facilities are now acting as catalysts to this sector and boosting. In 2019, the surgical equipment market was valued at $944.9 billion and it is expected to grow at a CAGR of 6.54%. Thanks to the disruptive innovations in this sector, healthcare providers across the globe now have access to sophisticated life-saving equipment. Today we are interacting with one such founder who once dreamt and now turning that into reality, by providing the best possible surgical solutions to the healthcare industry.
Bryan Cowan, Founder and Chief Executive at Acuity Surgical, has over a decade of experience in the spine implant business. Before launching Acuity, Cowan managed manufacturing and logistics for a large conglomerate where he mastered the art of process improvement and manufacturing. Later along with John Davidson, Acuity Surgical was incorporated with an aim to provide the best surgical solutions to spine surgeons in the US.
An Insight into the Business
Speaking to CEOViews about the idea behind Acuity, Bryan Cowan went on to explain- Very often, large companies purchase small companies for their development processes and renowned products. As companies are bought and sold all the time – Acuity Surgical was born out of destiny control.
Founded in 2013, Acuity Surgical holds an unwavering commitment to develop, design, produce, procure and support its surgical customers. The company’s team of dynamic innovators decided to begin the company with one single product – and since then, Acuity has been creating design-forward products and technologies solely owned by them. Serving premiere lumbar, cervical and biologic evidenced-based systems, the company is now one of the nation’s fastest-growing companies.
This brand differentiator allows the company to focus solely on making
better products for spine surgery and its respective markets.
The word acuity means insight, and the Acuity Surgical name reflects how it does business. While other companies focus on the number of products, Acuity creates products that serve the needs and experiences of individual surgeons and their patients and care teams.
Work Culture at Acuity
Responding to our question on how important the work culture is to them, Cowan responded by saying “Culture is a big deal to the company”. It is evident that the “shoulder-to-shoulder” philosophy of Acuity’s founders is at the centre of every relationship it fosters from the individuals recruited to join the team, to the surgeons and care teams served. The company strategically builds its team with forward-thinking innovators with a vision of growing the market beyond all expectations.
Acuity’s leadership strives to provide the best service to its people and surgical customers. The company doesn’t aim to simply checkboxes, but plan for the future growth and expansion of its internal and external stakeholders beyond product sales.
Talking about the factors that set Acuity Surgical apart from others in the industry, Cowan says- Acuity puts people first – its employees and surgeon customers. Acuity differs from most because it’s not leveraged by boards or financial investors. Since the company isn’t public, the team doesn’t have a timetable in terms of exit strategy or financial metrics. This brand differentiator allows the company to focus solely on making better products for spine surgery and its respective markets.
Technological Trends and their Impact on Acuity
Technology has been bringing changes everywhere and the surgical industry isn’t an exception here. Throwing light on how the technology performs and is taken care of at Acuity, Bryan Cowan said- Technology is always changing – especially in the healthcare industry. The new technologies coming out are fantastic and pushing the boundaries of our capabilities in the market. However, as many focus on creating new technologies, old systems are still lacking refinement and room to flourish to the fullest potential.
While other companies are being publicly traded or working through private equity and venture capital, the conversations are solely around the “sizzle” of what could be versus what is actually needed from the customer point of view. There are variety of technologies that are still in need of improvement, and instead of focusing on bringing a resolution to those, many businesses are looking ahead at what’s next.
At Acuity, technologies are kept, enhanced and catered to each surgical customer’s needs. The team is dedicated to developing products that aren’t the next best thing in technology but are the best for the healthcare professionals they serve. In simpler terms, the company listens to surgeon feedback and creates products that talk the talk and walk the walk.
Acuity offers a wide range of surgical products to its customers. Focused more on the Spinal surgery equipment, Auity serves premiere lumbar, cervical and biologic evidence-based systems.
Its most recent product is centered around deformities. AcuPac Deformity is delivered in large quantities and is 100% allogeneic bone, which is used as bone void filler for bridging gaps in bone caused by surgical procedures, trauma, infection or excision of tumour (s). The allograft can be used in several orthopaedic, spine, general and reconstructive surgical applications.
What’s ahead for Acuity?
Speaking about the plans for the future at Acuity, Cowan says, the company is aiming to convert the business into 100% employee ownership in 2022 through its ownership philosophy. This mindset is set to position the company for rapid expansion and success for years to come. As other companies within the spine implant market make decisions based on investors, Acuity Surgical is doing so with and for its people.
In the next six months, the company is launching eight new products as well as its Employee Stock Ownership Program (ESOP). Acuity Surgical is expected to more than double its market share within the next 12 months and while providing 100 people with the opportunity to become multimillionaires through its ESOP program, with many more exciting announcements in the pipeline for 2022.