Former Permanent TSB chief executive Jeremy Masding has joined the board of Irish medtech group i360 Medical. The appointment is Mr Masding's first return to the boardroom since stepping down at Permanent TSB last year.
Founded by engineer Derek Young and spun out of the Royal College of Surgeons in Ireland as i360 Medical in 2012, the business is effectively a one-stop shop for outsourced research and development (R&D). It takes ideas from the very earliest stage, assesses their potential and, if promising, develops prototypes, puts them through trials and the full regulatory approval process before presenting them as a commercially marketable device.
"More than 70 per cent of all medtech startups fail," says i360's chief commercial officer Bob Mitchell. He said i360 Medical excels where typical incubators and healthcare consultants fall short. "It may sound counterintuitive, but we actually help ideas to not only fail, but to fail fast."
That saves time and money, he says, “all the while increasing the probability of success”.
“Our team quickly filters and validates ideas very efficiently. The probability of success is increased dramatically given our experience, understanding and novel process designed to thoroughly assess all aspects of design, development and commercialisation,” Mr Mitchell said.
It's not just a model for the Irish market. The company has replicated it with some of the largest US hospital systems, including Northwell and the Cleveland Clinic.
Mr Young said Mr Masding’s appointment underlined the ambition of i360 Medical as it moved into the next phase of its development.
“Jeremy brings a wealth of financial and management experience to the table and will be a tremendous asset to the company,” Mr Young said, “Our vision has always been to engage a team of global experts to help us improve patient care and outcomes for patients by identifying innovative solutions and then ensuring they are brought to market as quickly as possible. We believe Jeremy will make a key contribution to our leadership team.”
Mr Masding said i360 was a business “primed for scaling and I look forward to playing a full part in that profitable growth”.
“i360’s unique business model has helped it become a global medtech and innovation leader. Several projects are now moving towards fruition, which is very positive from a patient care perspective,” he added.
Mr Masding served as group CEO at Permanent TSB from February 2012 to July 2020 after a career in British banking. He is credited with leading the bank’s turnaround from an operating loss of around €1.5 billion to an operating profit of about €70 million in 2019. This included negotiating a restructuring plan with the European Commission, disposing of certain non-performing assets, and taking the company back to the stock market, reducing the State’s shareholding to 75 per cent.
Mr Masding’s appointment follows the recent election of Mr Mitchell as interim chairman of the board. He will continue in his role as chief commercial officer and also as chairman of its commercial advisory board.