Stimulating innovation is an agent which defines development of medical practices and the directions in healing patients’ ailments in ophthalmology. As it has been a dynamic industry, it has been experiencing increased threats such as cost increase, legal requirement increases, and need for increased patient quality. Simone Wiedemann is one of the many entrepreneurs leading a change, and as the Founder & CEO of W2O Medizintechnik AG, she is using her insights to design solutions that will address these challenges.
She chose to join the medical technology sector because of the problems she found in her previous workplaces including inadequate management, which focused on making quick profits at reduced value for humans. That kind of experience led her to adopt a people-centred management philosophy that is characterized by openness, full disclosure, and sustainable wealth creation.
One of Wiedemann’s principles of entrepreneurship is the ability to resolve different conflict situations connected with performing her work duties, while also having a family. She has over 25 years of experience in pharmaceutical and medical technology sales and has applied this experience to transform W2O into a brand with a focus on patient centric care and solution-oriented delivery.
In her leadership, W2O Medizintechnik AG is in a position of designing as well as marketing key surgical tools in addition to offering planning and consulting services in operation theatres. Still in the case of Wiedemann, there are strong indications of its approach to innovation through active promotion of the company through inter alia, active participation in international trade fairs, and training of health care specialists. While working through the challenges of healthcare environment, Wiedemann concentrates on delivering positive patient experiences with improved conditions of care delivery as well as upholding high standards of business integrity and corporate social responsibility.
Let’s explore her story!
Inspiration Behind Founding W2O Medizintechnik AG
Wiedemann’s inspiration for founding W2O Medizintechnik AG was, on one hand, a different understanding of the requirements of the market. Secondly, in her opinion, the so-called work-life balance with family can be achieved much more efficiently in an entrepreneurial responsibility, even if the work sometimes requires significantly more effort.
In addition, a key experience was that the management style in her previous jobs was driven less by humanity and trust and more by short-term profit. This resulted in a strongly people-centred management style focusing on openness and transparency in order to create long-term value.
W2O Medizintechnik’s Vision and Mission
The business segment of W2O Medizintechnik AG comprises the development and sale of consumables, instruments, and equipment for surgical ophthalmologists and clinics as well as the planning and organizational consulting of associated operating theatres. They see themselves as a holistic and innovative solution provider.
Their W2O brand, with the guiding principle “we care”, has an outstanding reputation in the market, which is also reflected in the fact that numerous manufacturers entrust them with their exclusive distribution rights for the German and European market. Wiedemann’s personal experience in pharmaceutical and medical technology sales in ophthalmology, most recently as sales manager of an American company, led to the founding of W2O Medizintechnik AG 25 years ago, in which she still holds 100% of the shares.
Challenges Faced in the Healthcare Industry
The Healthcare industry is constantly affected by increasing concentration by financial investors. This applies to both customers and manufacturers. The resulting fall in prices is clearly leading to an explosion in costs to the detriment of patients, as well as to a lower quality of service for patients. Another problem is the increasing bureaucratization, which is particularly affecting W2O in medical technology due to the European MDR regulations.
The resulting exorbitant increase in costs and effort is already forcing some companies to discontinue entire product series and delaying the development of innovative technologies enormously. The import of non-European products is becoming increasingly difficult and is contributing to this in particular. Other challenges are, of course, the demands of employees. But this is probably more of a cross-industry social problem.
W2O Medizintechnik AG’s Approach to Enhancing their Patient Care
Innovation is a core component of their corporate philosophy. W2O promotes the development and market launch of innovative technologies in particular. One of their core competencies is to make innovative technologies available more quickly. This also includes training in the operating room through personal support.
W2O is constantly attending international trade fairs and congresses to evaluate new approaches and test their potential for improving patient care. For them as a relatively small company, flexibility and speed are of particular importance.
Trends Impacting Future of Healthcare in the Next Five Years
In healthcare sector, there is certainly a recognizable trend towards AI-supported, automated diagnostics and treatment. In W2O’s specific market segment, however, these far-reaching technologies will still take some time. The optimization of production processes and changes to distribution channels are more important here. And, of course, the digitization options in the healthcare sector are still far behind due to strict data protection regulations. Another aspect is certainly the strengthening of their social and ecological responsibility.
W2O’s Social Responsibility
Social responsibility is a core value for W2O Medizintechnik AG. They are actively committed to sustainable business practices and support social projects. However, it is particularly important to Wiedemann that their corporate policy stands for fair working conditions and equal opportunities. They encourage and challenge their employees individually.
This is the most difficult part; recognizing the individual needs of employees and meeting them with appreciation daily. In addition, business practices must of course be in line with ethical and social standards. All of this must be practiced above and beyond the necessary economic aspects.
Wiedemann’s Way of Managing Work-Life Balance
Wiedemann’s personal philosophy in her professional life is that success is not only measured by what you achieve, but how you achieve it. “Integrity and respect are fundamental values for me, which take priority in my dealings with both employees and business partners.” says Wiedemann. The balance between work and private life is also very important to her.
Of course, this is not always easy, as her family has also played a significant role in the company’s success since it was founded and Wiedemann is in constant contact with her son and husband. It is sometimes difficult to set boundaries and really allow periods of relaxation.
Advice to Young Aspiring Leaders in Healthcare Sector
Simone Wiedemann’s most important piece of advice would be to believe in yourself and set yourself clear goals. Especially in the male-dominated medical technology sector, it is essential to have your own voice and to represent it authentically.
Networking is of course also an important aspect. She also advises you to constantly work on your professional expertise, as this creates confidence and respect in your professional environment. Let’s not forget to always be individual in every situation, whether with customers or employees – only good preparation for meetings leads to efficient and effective results.
