The biotechnology industry has grown markedly in the last few years, both locally and across the United States. In Rhode Island, medical-device manufacturer Ximedica has been a key driver of that growth.
Randall S. Barko, the new president and CEO of Providence-based Ximedica, discusses his new role, Ximedica’s expansion and the international state of the medical-device business.
PBN: You took over for former CEO Stephen Lane in early April. How have your first few months at Ximedica been?
BARKO: I was a member of the advisory board here for about three years, so I had a good appreciation for the business before the founders had me step in. It wasn’t a hard transition, just getting deeper into details and things like that.
PBN: What are your hopes for the future of the company, both short and long term?
BARKO: First of all, Ximedica is a very dynamic company. It’s a great organization with a lot of talented professionals – there are over 100 professionals here in Providence – and in the fall of last year we opened a new office in Minneapolis. That office is continuing to grow. We currently have a couple of engineers from Providence that have relocated for at least a year to help, you could say, “Ximedicize” the Minneapolis office.
We want that office to be another Ximedica, not just an office. … Future growth will be [focused on] establishing more activities in other parts of the U.S. and the world.
PBN: Do you have a timetable in mind?
BARKO: We are evaluating several opportunities as we speak. We have people – team leaders - physically located in proximity to offices near key customers besides just the Minnesota office. They’re physically close by the customer so they’re the forerunner of future offices. … No matter what business you’re in today it’s competitive and we want to deliver