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Sunday, 29 April 2012 20:00

Michigan 50 Companies to Watch: Medbio

Written by  MiBiz Staff
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Founded: 2005

Location: Grand Rapids
Top executive: Christopher Williams, president
Primary business: Contract manufacturing for medical devices
Employees: 43 in 2011; 46 expected in 2012

Medbio specializes in injection molding, assembly and packaging for medical and biotechnology companies that require extremely complex geometries and close tolerances. The company averaged annual revenue increases of 30 percent during the past two years and expects growth of 19 percent this year. Medbio in 2011 moved to a new facility that nearly doubled its floor space.

How have you managed to grow your company?

The company’s dedication to complete customer service has been the principal driver of our growth over the past five years. The Medbio team truly believes in providing our customers with the best service in the business.

How did you survive the recession?

Our business model revolves mainly around disposable surgical and biotech devices. As long as we keep our customers happy, we generally keep our base of business from year to year. During the recession, our customers become rather conservative with capital investments. However, we maintained our current business with them, allowing us to ride out the storm with just small side effects.

What’s the best entrepreneurial advice you’ve received?

Treat customers and co-workers/employees as you would like to be treated. Simple to understand, very sound business advice.

What’s the biggest challenge you have in your business?

Maintaining focus as different opportunities present themselves. While Medbio sees many different medical device opportunities, we must be careful when choosing which ventures to pursue. We have limited resources and most make the most these while continuing to serve our current customer base.

What’s your biggest opportunity?

We have several business opportunities. The most exciting has to be with the addition of implantable products. We currently manufacture two implantable products manufactured out of PEEK material, and we are quoting new opportunities regularly. The complexity of processing this material, as well as the stringent requirements from our OEMs, ensures that Medbio will be competitive as we continue to add more molded implantable PEEK components to our revenue stream.

How do you innovate in your company?

Medbio innovates through constant collaboration with our customers. We continually help our OEMs improve their product designs both for manufacturability and function.

Read 1516 times Last modified on Saturday, 04 August 2012 16:13

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