How Medtech Can Sustain its Momentum in 2021: Strategies for Successful Investment



Despite the pandemic, 2020 was a successful year for medtech. The industry reaped the fruits of over a decade of concerted effort to reduce regulatory hurdles, work better with hospitals and diagnostic companies, and increase innovation. As part of the continued Medtech Talk Digital Discussion Series, host Geoff Pardo teams up with Justin Klein to co-moderate a panel interview with three medtech investment experts to recap 2020 and look to strategies for 2021: Scott Whitaker, President and CEO, AdvaMed; Mark Deem, Venture Partner, Lightstone Ventures; Managing Partner, The Foundry, LLC; and Rachel Jonas, Vice President and Investment Analyst, T. Rowe Price. The panel discusses challenges, watchouts, and opportunities for 2021; the continually evolving reimbursement landscape; the need to and how to encourage more early stage investing; public funding and whether the medtech IPO window will persist; where to invest next; and what new administration and policy issues to watch out for. Listen now to catch these valuable insights!

Podcast Guest


Justin Klein, MD, JD

Co-Founder and Managing Partner

Vensana Capital

Justin Klein, MD, JD is a co-founder and Managing Partner at Vensana Capital. Justin was previously a partner and leader of the medical technology investing practice at NEA, one of the largest and most active venture capital firms in the world. Justin also worked at the Duke University Health System where his experience included roles in strategy, finance and operations as Duke built one of the nation’s first integrated healthcare delivery systems. Justin currently or previously served on the board of directors of Cartiva (acquired), ChromaCode, CV Ingenuity (acquired), Epix Therapeutics (acquired), FIRE1, GPB Scientific, Intact Vascular (acquired), Metavention, Personal Genome Diagnostics, PhaseBio Pharmaceuticals (IPO), Relievant Medsystems, Senseonics (IPO), Topera (acquired), Ulthera (acquired), Vertiflex (acquired), Vesper Medical, and VytronUS (acquired). Justin currently serves as a member of the Board of Directors of the Medical Device Manufacturers Association and that of AdvaMed Accel, where he is the Chair of its MedTech Investment Working Group. Justin graduated with an AB in Economics, a BS in Biological Anthropology & Anatomy, and a Minor in Chemistry from Duke University. He also concurrently earned his MD from the Duke University School of Medicine and his JD from Harvard Law School.


Scott Whitaker

President and CEO


Scott Whitaker is President and CEO of AdvaMed, the world’s largest medical technology association. Prior to AdvaMed, Whitaker was chief operating officer of the Biotechnology Innovation Organization (BIO), the world’s largest trade association representing biotechnology companies, and president of the BIO International Convention, the world’s largest biotech conference. Whitaker also previously served as chief of staff of the U.S. Department of Health & Human Services (HHS) from 2003 to 2005. He also served as assistant secretary for legislation at HHS from 2001 to 2003. Whitaker began his Washington career on Capitol Hill, where he worked for U.S. Senator Don Nickles (R-Okla.). Whitaker holds a master’s degree in government from Johns Hopkins University and a degree in political science from Palm Beach Atlantic University.


Mark Deem

Venture Partner, Lightstone Ventures; Managing Partner

The Foundry, LLC

Mark Deem is a Venture Partner of Lightstone Ventures (LSV). He assists the LSV medical device team with deal sourcing, due diligence, and portfolio company management. He has served in this role since November 2013. Mark is also currently a Managing Partner at The Foundry, LLC. The Foundry is the premier medical device company incubator and a preferred partner to LSV. Since its inception in 1998, The Foundry has founded and financed over a dozen medical device companies. Success stories include Ardian (acquired by Medtronic), eValve (acquired by Abbott), and Concentric (acquired by Stryker). Mark joined The Foundry at its inception in 1998. In addition to spearheading the research and invention process on new clinical opportunities, Mark leads the early-stage effort in The Foundry’s new companies until the company’s CEO and Senior Staff is hired. Prior to joining The Foundry, Mark served in a founding role as consulting Director of Research and Development for Ventrica, Inc. Previously, Mark was a senior member of the Research & Development team at Medtronic Micro Interventional Systems (MIS). Mark joined MIS as one of the initial members of the company’s engineering team and remained there through the acquisition by Medtronic. Mark has also held engineering positions with Devices for Vascular Engineering, Cordis Corporation and the USCI Division of C.R. Bard. Mark has spent over twenty years in the design, testing and manufacture of medical devices. He is a co-inventor on over 250 issued and pending U.S. patents. Mark also serves as Chairman of the Board for Foundry Therapeutics 1, and is a Director for Half Moon Medical and FIRE1.


Rachel Jonas

Vice President and Investment Analyst

T. Rowe Price

Rachel Jonas is a Vice President and Investment Analyst at T. Rowe Price covering the medical devices, diagnostics, and life sciences tools industries. She has worked across all stages of medical technology development and investing from evaluation of early-stage technologies at the translational research stage to venture capital investing and investing throughout the growth cycle of public companies. Rachel’s public equity investing experience began at Sands Capital Management where she served as a Medical Analyst covering therapeutics and medical device companies before joining T. Rowe Price. Rachel previously worked as an Associate at Care Capital, a venture capital fund focused on investing in early-stage therapeutics companies, and as an investment banker at Citigroup. Rachel holds MSE and BSE degrees in Bioengineering from the University of Pennsylvania and a BSE from the Wharton School. She completed her MBA at Harvard Business School where she graduated as a Baker Scholar.

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Meet Our Host

Geoff Pardo


Geoff has been in medtech for over two decades in both operational and investment roles. He is passionate about the industry potential and sharing stories from the front lines of innovation.



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