“Do not be afraid of change, drive it,“ voiced CEO of Phillips-Medisize, Matthew Jennings (FTMBA ’88) to a room of Broad College of Business students. With $900M in revenue, over 200 products, and 4.5k people employed worldwide, Phillips-Medisize boasts a substantial footprint in the medical industry.The Broad alumnus offered insights as to why Phillips-Medisize thrives in the ever-changing healthcare world:
- Aging population has contributed to an increase in healthcare consumptions
- Rapid rise in chronic diseases
- Accelerating pace of branded biologic drug launches
“We take great pride in making devices that are designed to help improve your life or the life of loved ones,” Jennings said.
Jennings emphasized that it is not necessarily the products out the door that make an impact on patients’ lives, but rather the employees of Phillips-Medisize that cultivate these unique products, which directly improve lives.
As a leader, Jenning’s mission is to aid in the growth of people and businesses that bring meaning to lives, cultivate economic growth in communities, and create outsized equality returns for investors.
With 19 manufacturing locations in 21 countries, Phillips-Medisize is one of the largest private medical companies. As the national healthcare budget grows and countries increase spending, the market is rapidly broadening access to medical care globally.
MBA student Hondo Shen notes his biggest takeaway from the lecture as being the advice to “continue to learn and grow, while not being afraid to jump around in your industry.”
Jennings has worked in the healthcare industry for nearly 30 years, completed over 20 acquisitions and worked for three private equity firms.