BD + Bard… One Year Later

It’s hard to believe it’s already been one year since BD completed the Bard transaction that brought together two healthcare leaders and formed one of the largest and most impactful medical technology companies in the world. Then again, it’s hard for me to believe that it has only been a year given all that we have accomplished as a combined company in the past 12 months.

The strategy behind combining these companies was relatively simple: BD brought a legacy and expertise in improving the processes of healthcare (think safety and efficiency of processes such as infectious disease diagnostics or medication management) and Bard brought a legacy and expertise on providing some of the best clinical solutions for critical disease states (think treatment of critical conditions like kidney disease or peripheral arterial disease). Bring them together and you have a company that is uniquely positioned to be an indispensable partner to hospitals and health systems to improve both the treatment of disease for patients and the process of care for healthcare providers. So what’s happened in the last 12 months?

In short, a lot!  Among the many highlights that stand out to me:

• I’m often asked about the keys to success in large-scale integrations. Among the top factors to me are BD’s integration principles, which have been to not simply integrate one company into the other, but to use the opportunity to bring together “the best from both” companies to build a bigger, better and bolder new company. This includes evaluating governance and operating systems, culture and talent programs, infrastructure and technology… even the dress code! It’s been motivating to see the teams come together so quickly to begin integrating our companies with first priority to our customers and their patients. 
• We included the best from both companies to create a stronger solution for vascular access management, which is our term for an integrated approach to accessing veins and arteries for a variety of healthcare applications through preparation, placement, care and maintenance built around clinical best practices. From skin preparation technologies that help disinfect the skin prior to a vascular access procedure, to catheters that deliver critical medication for a several days or months, to implantable ports that allow medications to be delivered for months or years, to innovative valves and prefilled flush which allow a patient’s vasculature to be safely accessed, BD has reimagined the approach to help clinicians reduce complications and improve quality of care. About 90% of hospital inpatients receive a peripheral IV, and those IVs have a 35% to 50% failure rate. We think healthcare can be much better than that.
• We are taking a similar approach in our BD Surgery business, where we’ve combined the best technologies from BD and Bard to provide a more comprehensive solution to a variety of surgical procedures — from leading pre-operative skin preparation technologies, to surgical instruments, to technologies that control bleeding, to advanced implants to treat hernias and other conditions.
• Whether the focus is on vascular access, surgery, or chronic diseases like peripheral vascular disease or chronic kidney disease, legacy Bard was well regarded as a leader in delivering innovative clinical therapies to improve patient care. That track record has continued as part of BD. We launched both the longer length Lutonix? Drug Coated Balloon (DCB) and the smaller platform Lutonix? 018 DCB, which was the first of its size. The end-stage renal disease (ESRD) group delivered the Lutonix? DCB for treatment of dysfunctional dialysis fistulas. The Covera? Vascular Covered Stent was launched for the treatment of stenosis at the vein-graft anastomosis as well.. We also completed the first tuck-in acquisition for the legacy Bard portfolio, acquiring TVA Medical to advance leadership in solutions for fistula creation in patients who suffer from chronic kidney disease.  

Beyond “what” we’ve accomplished together, I have also been impressed with “how” the BD team has done it – with a deep focus on our people and our culture:

• We conducted interviews, focus groups and surveys to understand the strengths and opportunities of each legacy culture, defining new cultural priorities to shape how we want to operate and interact as a new company moving forward.
• Our associates from legacy Bard and legacy BD came together so quickly and collaboratively aligned in a shared purpose of improving patient care around the world. It may sound trite, but it is true: At our first combined leadership meeting back in May 2018, it was almost hard to tell who was from which legacy organization.
• Our team has worked tirelessly to reimagine our solutions as a combined company for the benefit of our customers and patients, all while performing needed integration tasks to bring two companies into one.
•  It’s been great to see talent advancing all across the company.   There have already been many legacy Bard leaders elevated into leadership roles at BD and legacy BD leaders elevated into leadership roles within the legacy Bard businesses.  Every associate from all levels of the organization have dedicated themselves to creating a better company.

It’s easy to look back and reflect on all of our progress over the past year, but it’s important to recognize that large integrations are really hard work that require the entire organization to come together for success. Another important integration principle we follow is to make sure we “maintain business momentum.” For those teams responsible for the integration, that often means taking on work above and beyond an already busy agenda. For those not directly involved in the integration effort, that means staying focused, delivering on our objectives and driving our strategy forward.

What’s truly remarkable to me is how every team has stepped up to help successfully transform BD so we can make an even bigger impact and fulfill our purpose of advancing the world of health. The Life Sciences team had a phenomenal year in 2018, achieving our highest revenue growth in a decade. Within the Medical segment, the team continued to focus on our customers and execute on our core growth strategy. Across the business, the new BD team has built a robust product pipeline that we believe will make a difference in countless patients’ lives. That’s what matters most.

If we can accomplish all that we did in just one year, I can only imagine what the next years will bring. We’re off to a great start. Thanks to all of our associates for contributing to making the first year as a new combined company a successful one. Looking forward to many great things to come for our customers, patients and our associates!