The Magstim Company Limited

Origins

Magstim was formed in January 1990, with the backing of 3i plc (the largest UK venture capital company), to acquire the magnetic nerve stimulator business of Novametrix Medical Systems inc. Whilst at Novametrix, the founding shareholders and employees had worked on magnetic stimulators from 1985 and continue to do so. The challenges faced then are different to those that face start-up companies today and it is a different world, from a medical and technological perspective. However, the challenges facing companies today are universal – the raising of regulatory thresholds that hinder the competitiveness of SMEs such as Magstim’s, and the current economic climate, which will affect all facets of life, whether it be in a research lab or an operating room.

Success Factor

Magstim has raised its level of activity considerably over the last couple of years, which has allowed the firm to host, sponsor and even organise international conferences as well as investing in new technologies such as e-brochures. The company has been the dominant in its marketplace for many years, but complacency is the enemy. It now has many competitors around the world, and endeavours to remain ahead of them, not only with its product portfolio but with the marketing mix. The business environment is also constantly changing, and the company has embarked upon a substantial review of all its business processes, ensuring that its infrastructure is fit for purpose, and that it is adequately equipped to address new regulatory or engineering demands put upon the business. Finally, Magstim continually invests in training for staff, and there are numerous employment opportunities within the organisation as it grows, allowing for a smooth transition from production floor to office desk.

The Future

Magstim will continue to diversify its product portfolio to meet the needs of existing and potential customers, looking to develop peer-to-peer relationships with researchers and clinicians where appropriate, and will soon be relaunching its Neurosign range of Intra-operative Nerve Monitor equipment in the United States of America.