PM360 asks Tim Wright, CEO, MiMedx what it means to be a leader in the life sciences industry.
PM360: You’ve guided several successful turnarounds in your career. What has helped you succeed?
Tim Wright: Healthcare companies facing challenge often have one thing in common: They lost connection to their purpose. Whether pharmaceutical, biotech, or device, for companies to move to the next level they must recommit to the energy and urgency around why they matter. Companies invest in their science, their people, their pipeline, and their customer connections because patients in need don’t have time to wait. Companies must realize their mission to bring value to patients and families. By keeping the team focused on improving patient lives, we succeed.
How do you approach leadership in the face of adversity?
Great companies need leadership to reach their full potential. Similarly, the science of health categories needs champions. In both situations, I’ve found two key requirements: Clarity of purpose and collaboration among departments and people.
In my career, I rose through the ranks from sales and product management to lead marketing at Dupont Merck in Europe; then the Dupont Canada division; and later was an executive at Elan during great transformation. The Financial Times described it as the turnaround story of turnaround stories. Additionally, the spin out of Tyco Healthcare from Tyco International to launch Covidien and Mallinckrodt Covidien required renewed focus on innovation, collaboration, and delivering value to patients. In each role, we focused on the value of our products and rallied colleagues to roll up their sleeves and deliver for patients.
Through partnership, products achieve their full potential—whether they are physicians who deliver care to patients, payers who help to make products accessible, or regulators who ensure the products are safe and effective. That’s why I believe in empowering those around me to contribute to our collective success.
What gets you out of bed in the morning? What excites you?
For me, it really comes down to impacting people’s lives and inspiring colleagues to renew their passion for patients and leveraging incredible technology to make that possible. At MiMedx, we use proprietary amniotic tissue technology to help people’s bodies repair themselves. Regenerative medicine was something out of science fiction a few years ago. Being surrounded by a team devoted to creating, refining, and providing advanced care keeps me inspired to push myself and the company forward.
There are more than 2.9 million people in America who suffer from chronic wounds, including diabetes patients, veterans, and others. Every one of them deserves improved care and the opportunity to heal. That’s our mission.
