ResMed boss Mick Farrell has likened the past few months to a tale of two markets - on the one hand sales of its ventilator products have gone through the roof, on the other demand for its core sleep treatment has ground to a halt | MsEmmaK
Australian biotech giant ResMed's chief executive Mick Farrell has likened the past few months to a tale of two markets.
ResMed's main game has been the diagnosis and treatment of sleep apnoea and other respiratory disorders which affect sleep quality and lifestyle. As the COVID-19 pandemic opened a new frontier for ventilator demand, it also reduced the volumes of people going clinics to get treatment plans for these conditions.
Farrell's response was it could vary widely between markets, with each continent seeing its own virus story play out. "We will not run out of ventilators because ResMed has now flexed its muscle on manufacturing and supply chains and will be able to meet, along with our competitors, the demand as they move around the world to the new first waves, second waves and third waves," he said.
ResMed has been keen to drive home the scale of its local manufacturing commitment in recent weeks. Last Monday the company appeared before a public hearing of the Senate economics legislation committee, threatening it could move research spending offshore if a tightening of the research and development tax incentive scheme occurred.
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