Navigating the medtech landscape requires a blend of innovation, resilience, and strategic partnership. At LSI Europe ‘24, industry stalwarts Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners, and Josh Makower, Co-Founder of Stanford Byers Center for Biodesign and Venture Partner at Sofinnova Partners, took center stage to shed light on medtech investment, sharing experiences that spanned decades of transformative industry growth.

Their discussion provided a treasure trove of insights for entrepreneurs, investors, and strategics looking to unlock value in medtech. From lessons on perseverance to the importance of collaboration, here are the key takeaways from their inspiring panel.

People: The Heart of Medtech Success

Both Papiernik and Makower emphasized that medtech success is built on the foundation of exceptional people—visionary founders, dedicated teams, and aligned investors.

Papiernik recounted his early investment in Shockwave Medical, one of the largest medtech exits to date, acknowledging that while the initial technology intrigued him, it was the team that sealed the deal:

“The people are really at the heart of it. The technology goes through ups and downs, but it’s the people who execute the vision that make the difference.”

Perseverance: The Key to Long-Term Value Creation

The medtech journey is rarely a straight line, and both panelists emphasized the importance of perseverance and patience. Makower reflected on the industry’s unique challenges:

“In medtech, success is about patience and perseverance. If you believe in your technology and have the data to back it up, stick with it. Real value is created over time.”

Papiernik reinforced this, sharing how Shockwave Medical experienced multiple rebirths before its ultimate success:

“Shockwave took over a decade to achieve its monumental exit. It’s a testament to persistence, as well as the ability to adapt and evolve with the right team and resources.”

De-Risking Through Strategic Medtech Investment

A recurring theme in the discussion was the importance of de-risking investments over time. Makower explained how this approach differs from other industries:

“Medtech isn’t about rapid markups; it’s about de-risking capital incrementally. Early investments may not see significant value jumps, but they lay the groundwork for transformative exits.”

Papiernik added that collaboration among investors is crucial for achieving these outcomes. Highlighting the importance of syndication, he noted:

“Medtech deals require significant capital. Building a strong consortium of investors who can provide the necessary resources at each stage is critical.”

The Evolution of the Medtech Ecosystem

Both panelists celebrated the growth of the medtech investment community, reflecting on how far the industry has come in terms of collaboration and innovation. Papiernik remarked:

“Thirty years ago, there was no ecosystem like this. There was no community of investors or community of entrepreneurs. Today, we have a vibrant community of investors and entrepreneurs capable of raising hundreds of millions to bring groundbreaking technologies to market.”

Makower attributed this growth to the unique camaraderie within medtech, where collaboration often transcends competition:

“Medtech stands apart because of its collaborative spirit. Even among competitors, there’s mutual respect and a shared mission to create value for patients.”

Scaling the Peaks of Medtech

Using a powerful metaphor, Makower likened the medtech journey to climbing a mountain:

“Think of your journey as scaling Mount Everest. Base camp isn’t the summit. You need the right partners, resources, and preparation to make it to the top.”

Papiernik expanded on this, cautioning that the journey doesn’t end at regulatory approval or initial commercialization:

“The goalposts keep moving. Achieving milestones like CE marks or FDA approval is just the beginning. True success lies in scaling the business to its full potential.”

Advice for Entrepreneurs and Investors

As the session drew to a close, Makower and Papiernik shared advice for those navigating the medtech investment landscape:

• For Entrepreneurs: Makower emphasized the importance of finding investors who truly align with your vision: “Choose partners who understand your journey and are committed to seeing it through.”
• For Investors: Papiernik urged investors to remain patient and focus on the long-term potential of their portfolio companies: “It’s possible to achieve monumental exits, but it requires the right combination of technology, market opportunity, and people.”

Both panelists encouraged attendees to use the LSI Europe '24 conference as an opportunity to forge meaningful connections that could drive future successes.

Conclusion: Navigating the Medtech Investment Landscape

The medtech industry thrives on collaboration, perseverance, and visionary leadership. As Papiernik aptly concluded:

“When like-minded people come together, incredible things happen—not just for their companies or investors, but for the patients who benefit from these innovations.”

With medtech investment continuing to evolve, the insights shared by Papiernik and Makower serve as a guiding light for those looking to make an impact. As the industry gathers at events like LSI Europe, the potential for transformative partnerships and groundbreaking advancements has never been greater.

The full recording of the panel can be found in LSI’s resource hub at the link below:

• Fireside Chat with Josh Makower and Antoine Papiernik

To hear more insights like this, join hundreds of executives at LSI Europe ‘25 at the JW Marriott Grosvenor House London from September 7th to 11th, 2025.