A New Zealand Success Story: Fisher & Paykel Healthcare applying surgical procedure volumes insights
Fisher & Paykel Healthcare has come a long way from when it first started importing refrigerators and washing machines into New Zealand in 1934. Building an ensuing track record for handling and manufacturing mechanical appliances and responding to market demands, it is now a leading manufacturer and distributor of respiratory and acute care products in over 120 countries.
The company was originally named Fisher & Paykel Industries Limited, but renamed itself in 2001, when it split its core product ranges into two separate companies: Fisher & Paykel Healthcare Corporation Limited and Fisher & Paykel Appliances Holdings Limited.
Fisher & Paykel Healthcare are listed on the Australian and New Zealand stock exchange, and their Interim Report 2015 reports a net profit of 48.9m NZD, boasting a solid ten percent net growth compared to the previous year.
Its greatest success has been through its respiratory humidification products to aid surgical procedures, and it was the first enterprise worldwide to design a humidifier for specific use for patients with sleep apnea. The technology they used for the now world-class treatment of obstructive sleep apnea was originally derived from their unique respiratory humidifier system applied for critical care. They were able to broaden their initial product range conveniently and strategically to satisfy a much wider field of acute care demands.
Fisher & Paykel owe their success to seeing potential: the potential of their technology to be used innovatively and applied to other branches of care, as well as seeing the potential in the growth of the critical and acute care markets.
Trends of surgical procedures are continuously changing, though one thing remains constant; there is a consistent increase of all surgical procedure volumes combined. Find out more about the New Zealand surgical procedure volumes.
Worldwide, there is an increasing demand for critical care capacity.
This is accounted for by:
- an ageing population on a global scale – elderly patients are associated with deteriorating health conditions, requiring high risk procedures and respiratory support
- changing health profiles – more surgeries are being requested
- a greater accessibility to intensive care treatments in general – OECD and industrializing nations are both (working on) improving affordable universal healthcare for their populations, including elective, acute and intensive surgery
In 2014, Fisher & Paykel started investigating the opportunities of humidifying technology in the sphere of surgical procedures. So far, 20,000 surgical procedures have applied their technology in the previous year. Particularly device support for laparoscopic procedures and post-surgical complication reduction is being looked into.
Finding ways to address and resolve particular surgical risk factors and common clinical issues prevalent during intensive care procedures, will undoubtedly pave a path to success in the current healthcare market and be a benefit to both the supplier and the end user.
Fisher & Paykel have proven to be resourceful and observant, applying their existing technology -and innovative developments thereof- to match current and forecasted market demands. Their corporate strategy is “to provide an expanding range of innovative medical devices which can help to improve care and outcomes for patients in an increasing range of applications”. They believe that clinical research is key to their success.
They are confident that they are entering a vast new market. A market with a potential value of over US$5 billion a year, where Fisher & Paykel hope to aid more than 100 million patients with their product line for respiration support.
99 percent of its 317.4m NZD operating revenue is derived from foreign trade; in fact, 22 percent of all of New Zealand’s high technology sector exports are accounted for by Fisher & Paykel. The company is committed to invest approximately 55 m NZD this year in further research and development, which is a 17 percent increase from the previous year.
The company has a strong medical understanding of clinical operations, a widespread distributor network, and a strong technological foundation, which provide it with the ideal tools to design products that are highly effective and highly marketable in the healthcare sector.
About Laura Weynants
Performs primary and secondary market research to create country reports at TforG. Interviews KOLs and medical sector professionals to build on TforG’s healthcare market expertise and competence networks. Complementing five years of sustainability policy and CSR communication, she now focuses on grasping key medical market trends, structures and opportunities in medical sectors worldwide. Coming from an international background of living in Germany, Spain, USA, UK and Belgium, she has gained a keen insight in international organizations and language skills to perform first hand investigations. She graduated from Sussex University Brighton, UK with a BA English Literature and Sociology and achieved a Master Degree in Sustainability and Corporate Social Responsibility in EOI Business School in Madrid, Spain.