Chief Commercial Officer (CCO) @ Velano Vascular, Inc.
Founder and CEO @ 3D Strategy Consulting, LLC
Consultant, VP, Commercial Development and Ops @ Honor
Bachelor of Science (BS) @
My motto in life has always been “all true growth occurs outside of the comfort zone”. This has been the driving force in my career decisions as I sought out critical business roles at Guidant and Abbott. The success that I have been able to demonstrate in each position has given me the confidence that these experiences
My motto in life has always been “all true growth occurs outside of the comfort zone”. This has been the driving force in my career decisions as I sought out critical business roles at Guidant and Abbott. The success that I have been able to demonstrate in each position has given me the confidence that these experiences will translate to fast-paced environments.
I have over 13 years of management experience in medical devices. These roles have expanded my capabilities as an engineer, marketing expert and commercial leader in order to hone my ability to: (1) get up to speed quickly, (2) deliver results and (3) communicate effectively.
My broad experience in both strategic and tactical roles allows me to offer a unique perspective to the medical device continuum from ideation to sales execution.
Chief Commercial Officer @ From May 2015 to Present (8 months) Founder and President @ 3D Strategy Consulting works with CEOs of medical device start-up companies for fund raising and pre-commercialization planning. The focus of the collaboration is in transforming innovative technologies into a defined strategy based on an unique value proposition. Currently, 3D Strategy Consulting works with companies across the US as well as Singapore, Ireland and Israel. From February 2015 to Present (11 months) San Francisco Bay AreaDirector, Area Sales West @ Head of Western Area Endovascular sales team comprised of 5 regions and a 42 person sales organization with $110MM in sales and a $20MM budget. Successfully finished 2013 with a result of 105.3% to plan. From April 2013 to January 2015 (1 year 10 months) San Francisco Bay AreaDirector, Strategic Marketing and New BVS Applications @ Worked with the ESPRIT superficial femoral artery bioresorbable scaffold team to finalize a first in man product design and protocol for the 35 patient European clinical trial. The 12-month data was presented in January as a late breaking trial at the LINC conference in Liepzig, Germany.
Developed the communication strategy for the drug eluting ESPRIT superficial femoral Bioresorbable Scaffold that incorporated the evolution of clinical messaging and associated venues and speakers. By using technology forums to educate physicians on the science behind the platform technology they were able to more fully understand the product and value proposition.
• Over a 2 year period, developed the business plan for investing in the treatment of occlusive disease of the superficial femoral artery. Presented and aligned the organization on the proposal. The intent to acquire the IDEV Company was announced by Abbott on July 15th. Formed a guide wire business plan to create accountability on attaining market leadership by 2016. Completed the development and launch of the CONNECT and COMMAND guide wires in Europe and began the US evaluation. In 2012, the guide wire franchise delivered a 30% revenue growth.
Supported the commercial execution plan in China for our carotid stent through physician programs and sales training leading to the growth of market share from 35% to 48% in 6 months.
Co-Director of Abbott Vascular Innovation Incubator that gained $2.8MM in funding for an internal renal denervation project after internal prototyping and animal studies showed promising results. From October 2010 to April 2013 (2 years 7 months) Country Manager, The Netherlands @ • General Manager for $30 MM revenue business including business responsibilities for sales, marketing, finance, reimbursement, regulatory and human resources. Achieved record sales plan for coronary business in 2009 by developing an action plan to close a $5.3MM gap in Q4. Achieved 112% to plan in 2010 by closing two 3 year 100% Abbott contracts at AMC Amsterdam and Erasmus Rotterdam. From June 2009 to October 2010 (1 year 5 months) Director, EMEA Coronary Marketing @ Responsible for launching Abbott’s first drug eluting stent XIENCE V Work Horse and XIENCE V SV stent in EMEA. We gained 20% market share in 6 months and reached market leadership in May 2008.
Responsible for launching the second drug eluting stent XIENCE PRIME LL in EMEA and achieved an incremental 7 market share points that allowed us to maintain market leadership.
Collaborated and directed the development of the annual plan for EMEA with each country general manager. We analyzed the implementation plan and P&L scenarios against the annual objectives which led to a growth of 10% in the EMEA coronary business. From December 2005 to June 2009 (3 years 7 months) Group Manager, US Commercial Endovascular Marketing @ Responsible for bringing the XACT™ stent and EmboShield™ to the US market. Led the training and credentialing of operators in the US pivotal IDE carotid stent and filter trial (SECURITY) which led to brisk enrollment. Launched XACT™ stent and EmboShield™ Carotid system in September 2005 in the US and gained 50% market share in 3 months.
Worked with the sales director to hire a commercial sales team of 40 territory managers in the US that achieved $17MM in sales the first fiscal year.
Raised $182 MM from institutional investors by delivering management presentations to fund the ACT 1 randomized carotid clinical trial to get FDA approval for standard risk asymptomatic patients and gain reimbursement from CMS by 2015. From June 2003 to December 2005 (2 years 7 months) Manager, Global Strategic Endovascular Marketing @ Responsible for managing the MEDNOVA (Galway, Ireland) investment and relationship prior to acquisition. Provided design inputs strategies and coordinated the commercialization of the carotid products in EMEA that led to 30% market share after 1 year of launch.
Created a 5 year strategic plan for the Endovascular business unit that led to the strategic acquisitions of MEDNOVA and JOMED as well as several internal R&D programs. From September 2001 to June 2003 (1 year 10 months) Global Strategic Marketing, Product Manager @ Global product launch, VIKING OPTIMA™ coronary guide catheter that gained 5% market share to 18% globally. The launch was critical to provide major customers with all product lines.
Team member on a SKUNK Works program for a novel coronary system that was comprised of a 5F coronary guide catheter, stent, PTCA catheter and 012 guide wire family that resulted in 10 patents. From December 2000 to September 2001 (10 months) Senior R&D Engineer @ Consulted with leading Interventional Cardiologists and Dr. Renu Virmani to validate performance of product attributes acutely and chronically in animal studies compared to design requirements. This was completed on TETRA™, covered coronary stent, heparin coated stent and actinmyocin D eluting stent.
Appointed SWOT engineering support for the TETRA™ coronary stent launch and successfully navigated the difficult discussions with customers who had complications with our stents. TETRA™ regained 10% market share points in 3 months in the US to become the number one coronary stent globally. From December 1998 to December 2000 (2 years 1 month)
Master of Science (MS), Bioengineering and Biomedical Engineering @ Georgia Institute of Technology From 1996 to 1998 Bachelor of Science (BS), Applied Physics @ Emory University From 1992 to 1996 Richard Foust is skilled in: Cardiology, Medical Devices, Marketing, Marketing Strategy, R&D, Product Launch, Commercialization, Cross-functional Team Leadership, Market Development, Product Development, Product Management, Strategy, Healthcare
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