Baxter completes Hillrom acquisition to create global multibillion medtech leader
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Baxter International, Inc. has completed its purchase of Hill-Rom Holdings, Inc., transforming Baxter into a $15bn global entity in the field of medical technologies.
The merger brings together two top medtech companies with a common goal of revolutionizing healthcare and improving patient care throughout the world. The company intends to expand legacy Hillrom and Welch Allyn products into new international markets, bringing the combined portfolio of products and services to even more patients and providers around the world, leveraging its strong global footprint, including commercial and service infrastructure.
Baxter also has a unique chance to lead the way in new areas that will assist healthcare providers to enhance workflow efficiencies and care outcomes. Baxter plans to use its combined expertise in connectivity technology and integration, digital health solutions, data visualization and analytics, therapy development, and monitoring and sensing to build a connected system that surrounds the patient and their care team, based on the company’s global installed base of more than two million medical devices.
The proposed purchase of Hillrom by Baxter was announced in September 2021. For each outstanding common Hillrom share, Baxter paid $156 in cash, amounting in a purchase price of $10.5bn, based on the number of Hillrom shares at closing. The total sale value, including Hillrom’s outstanding liabilities, is around $12.5bn. In the first three years after the acquisition, Baxter anticipates the operation to achieve around $250m in annual pre-tax cost synergies. These projections do not account for any potential additional revenue growth prospects resulting from the merging of the two companies.
In response to these dynamic developments, the Polish Federation of Hospitals (PFSz) has established the Coalition for the Development of Robotics. Joanna Szyman, a member of the board of the Federation, and the president of the NEO Hospital group, has said that the Federation aspires to create a centre of expertise in medical robotics, at which clinical partners, industry and science meet and work together in the areas of training, research and development and data analysis, in order to optimise the implementation of robots and new technologies in medical practice.
Around the world, approximately 3% of all operations are now carried out by robotic means. The high cost of the technology has, so far, constituted an obstacle to market development. The advent of the HUGO RAS system creates an opportunity for the widespread use of robots, as its developers have promised to remove the cost barriers associated with the use of robotic systems. The cost of the equipment has not yet been disclosed.
Estimates based on the results of a survey carried out specifically for the PMR and Upper Finance Group report suggest that, in a country the size of Poland, there should be about 50 robots by the end of 2025, and that this should allow 15,000 procedures to be carried out every year. By the end of 2021, approximately 2,500 procedures should be possible. According to Monika Stefanczyk, the Head Pharmaceutical and Healthcare Market Analyst at PMR, the report claims that, between 2021 and 2026, the average annual growth rate (CAGR) of the robotic surgery market subgroup will be as high as 23%.