Larry Kodali (0:00): Hi everybody. Welcome to another episode of the Leadership Series. Today we have a very exciting guest, Janet. Janet comes from the healthcare commercial division. She's been a healthcare commercial executive for almost 30 years now, in medical devices and life sciences. Janet has led a global portfolio generating more than $800 million a year in revenue, and she has turned a 24% global decline into growth. So, Janet, welcome to the episode. Why don't we start with your story and tell us a little bit about yourself? Janet Geraigery (0:38): Great. Hi, Larry. So yes, I've had an amazing career being a commercial leader in medical devices. I have not only been in the medical device industry for 30 years, running the commercial side of medical device and life science businesses. I've also had many experiences traveling to multiple countries and launching new products, pricing and customers. Product and marketing leadership: I started my career at Whatman, CONMED and Smiths Medical, then Director of Sales Operations, VP of Marketing and Sales Operations and my last position was Vice President of Commercial Operations at Haemonetics. I managed two business units with $800 million in combined revenue, nine direct reports, a 99-person organization, and ownership of the P&L, with responsibility for divestitures and long-range strategic planning. Today I'm an independent consultant and board advisor. In May, I graduated from the Harvard Medical School Global Healthcare Leadership Program, and I'm a Healthcare Businesswomen's Association board member and mentor. What I'm very passionate about is introducing innovative medical devices to global markets to improve patient and healthcare safety. Larry Kodali (2:07): Wow, amazing. That's an impressive career. So, Janet, what is the biggest problem that you're seeing today in medical device and life science companies that owners and leadership teams are still not solving? Janet Geraigery (2:23): I think there's multiple challenges today. One of the biggest challenges is making sure that you have the operating structure to run your business from a regulatory, quality and legal compliance standpoint in different countries. I would say portfolios carry products that no longer earn their place. You have legacy product lines, they're unprofitable, and they don't maintain good technical files. And because customers have been purchasing them for a while, They're sometimes difficult to remove. from the portfolio while you keep providing innovation. It's expensive. So that's one of the challenges in carrying them. I have divested two underperforming product lines. One was in a whole blood legacy business, another was in a software portfolio. We turned a negative margin into a positive margin for the overall product portfolio. Larry Kodali (3:17): Wow. Wow. That's nice. From a negative to a positive. That's really great. So, Janet, tell me, what's the solution you would bring? Say you're walking into a new company, the first 90 days, what are the biggest impacts that you would look at or bring to the table? Janet Geraigery (3:39): In the first 90 days of going into a new business, I would like to understand the structure from a product portfolio, the margin by product by customer by contract, top 20 customers, top 20 countries that we're conducting business in, and where there might be some opportunity for price, or if we need to exit just to maybe streamline the business. taking simple steps along the way. We need to make sure that we fix pricing and contracts, renegotiate terms, not forgetting service. I think many times we forget service, and service should be something that is considered part of contracts. And we need to make sure that we have the proper commercial operations footprint to match the strategy of growth and moving forward. We need to make sure that we're setting up key KPIs that everyone can speak the same language across multiple functions, and ensure that we have proper launches with secured investments that can go the distance. I think many times when you're creating product innovation, you underestimate the cost to do that and to bring it to full commercial strategy. So I think it's quite important that we assess that. And one thing is, when you have a negative business, you want to make sure that you're making some difficult decisions, but you want to make sure that you're a profitable business that can grow, go the distance and reinvest in product innovation. Larry Kodali (5:15): Janet, what kind of companies get the most value from someone like you, and what would they hire you to own? Janet Geraigery (5:24): I believe that I'm a really good fit because I have both operations in marketing and strategy across a medical device business. I can make some really key portfolio decisions. I own the commercial engine: portfolio, pricing, launches and customers, so revenue grows and margins improve over time. And I believe that's how I can assist in coming to a new company. Larry Kodali (5:50): Okay, that's amazing. Janet, I just want to know: before, how were you looking for jobs before working with OptimHire? And what did you like about OptimHire's Executive Concierge program? Janet Geraigery (6:05): I would say that over the course of my career, I've never seen looking for a new career opportunity this challenging before. I've been having a lot of good conversations. It seems like many people like my resume and all my experience and accomplishments. But I will say that researching and applying and just the massive engine, the machine I call it out there, cultivating what that new career opportunity might be, has been challenging and very time-consuming. I have enjoyed working with OptimHire in the last couple of months. They have an entire Executive Concierge team. We highlight the positions that I believe are very exciting and I have lots of great qualifications that I can bring to the table. And so I've really liked having OptimHire as an extension, part of my new career opportunity, and working with them, and I would recommend them to a friend or a colleague who's in the same position. Larry Kodali (7:10): Very nice. In one word, what's the one word that comes to mind? Janet Geraigery (7:15): Convenient.
Episode 01 Medical Devices · Life Sciences
From a 24% decline back to growth: fixing the medical device portfolio — Janet Geraigery
Janet GeraigeryMedical Device Commercial Executive
Janet has spent 30 years running the commercial side of medical device and life science businesses, leading portfolios worth more than $800 million a year. She explains why companies hold on to products that no longer earn their place, and the first 90 days she uses to turn a business around.
- Led global portfolios generating $800M+ a year in revenue, with a 99-person organization and P&L ownership
- Turned a 24% global decline back into growth
- Divested underperforming product lines and turned a negative-margin portfolio positive
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- First 90 days: margin by product, customer and contract; fix pricing and contracts; build commercial operations to match the strategy
Janet argues that legacy, unprofitable product lines stay in portfolios because customers have bought them for years, and that this drains money from innovation. Her fix starts with the numbers: margin by product, customer and contract, the top 20 customers and countries, then pricing, renegotiated terms and service built into contracts. She owns the commercial engine: portfolio, pricing, launches and customers. She is a graduate of the Harvard Medical School Global Healthcare Leadership Program and a Healthcare Businesswomen's Association board member.
“I've really liked having OptimHire as an extension, part of my new career opportunity, and I would recommend them to a friend or a colleague.”— Janet Geraigery
In this conversation
Full transcript
Hi everybody. Welcome to another episode of the Leadership Series. Today we have a very exciting guest, Janet. Janet comes from the healthcare commercial division. She's been a healthcare commercial executive for almost 30 years now, in medical devices and life sciences. Janet has led a global portfolio generating more than $800 million a year in revenue, and she has turned a 24% global decline into growth. So, Janet, welcome to the episode. Why don't we start with your story and tell us a little bit about yourself?
Great. Hi, Larry. So yes, I've had an amazing career being a commercial leader in medical devices. I have not only been in the medical device industry for 30 years, running the commercial side of medical device and life science businesses. I've also had many experiences traveling to multiple countries and launching new products, pricing and customers. Product and marketing leadership: I started my career at Whatman, CONMED and Smiths Medical, then Director of Sales Operations, VP of Marketing and Sales Operations and my last position was Vice President of Commercial Operations at Haemonetics. I managed two business units with $800 million in combined revenue, nine direct reports, a 99-person organization, and ownership of the P&L, with responsibility for divestitures and long-range strategic planning. Today I'm an independent consultant and board advisor. In May, I graduated from the Harvard Medical School Global Healthcare Leadership Program, and I'm a Healthcare Businesswomen's Association board member and mentor. What I'm very passionate about is introducing innovative medical devices to global markets to improve patient and healthcare safety.
Wow, amazing. That's an impressive career. So, Janet, what is the biggest problem that you're seeing today in medical device and life science companies that owners and leadership teams are still not solving?
I think there's multiple challenges today. One of the biggest challenges is making sure that you have the operating structure to run your business from a regulatory, quality and legal compliance standpoint in different countries. I would say portfolios carry products that no longer earn their place. You have legacy product lines, they're unprofitable, and they don't maintain good technical files. And because customers have been purchasing them for a while, They're sometimes difficult to remove. from the portfolio while you keep providing innovation. It's expensive. So that's one of the challenges in carrying them. I have divested two underperforming product lines. One was in a whole blood legacy business, another was in a software portfolio. We turned a negative margin into a positive margin for the overall product portfolio.
Wow. Wow. That's nice. From a negative to a positive. That's really great. So, Janet, tell me, what's the solution you would bring? Say you're walking into a new company, the first 90 days, what are the biggest impacts that you would look at or bring to the table?
In the first 90 days of going into a new business, I would like to understand the structure from a product portfolio, the margin by product by customer by contract, top 20 customers, top 20 countries that we're conducting business in, and where there might be some opportunity for price, or if we need to exit just to maybe streamline the business. taking simple steps along the way. We need to make sure that we fix pricing and contracts, renegotiate terms, not forgetting service. I think many times we forget service, and service should be something that is considered part of contracts. And we need to make sure that we have the proper commercial operations footprint to match the strategy of growth and moving forward. We need to make sure that we're setting up key KPIs that everyone can speak the same language across multiple functions, and ensure that we have proper launches with secured investments that can go the distance. I think many times when you're creating product innovation, you underestimate the cost to do that and to bring it to full commercial strategy. So I think it's quite important that we assess that. And one thing is, when you have a negative business, you want to make sure that you're making some difficult decisions, but you want to make sure that you're a profitable business that can grow, go the distance and reinvest in product innovation.
Janet, what kind of companies get the most value from someone like you, and what would they hire you to own?
I believe that I'm a really good fit because I have both operations in marketing and strategy across a medical device business. I can make some really key portfolio decisions. I own the commercial engine: portfolio, pricing, launches and customers, so revenue grows and margins improve over time. And I believe that's how I can assist in coming to a new company.
Okay, that's amazing. Janet, I just want to know: before, how were you looking for jobs before working with OptimHire? And what did you like about OptimHire's Executive Concierge program?
I would say that over the course of my career, I've never seen looking for a new career opportunity this challenging before. I've been having a lot of good conversations. It seems like many people like my resume and all my experience and accomplishments. But I will say that researching and applying and just the massive engine, the machine I call it out there, cultivating what that new career opportunity might be, has been challenging and very time-consuming. I have enjoyed working with OptimHire in the last couple of months. They have an entire Executive Concierge team. We highlight the positions that I believe are very exciting and I have lots of great qualifications that I can bring to the table. And so I've really liked having OptimHire as an extension, part of my new career opportunity, and working with them, and I would recommend them to a friend or a colleague who's in the same position.
