The medical devices industry grew at a blistering pace in 2020 thanks to the complicated demands of patients and the COVID-19 pandemic, which prompted firms to innovate and build new inventive solutions. The worldwide medical devices market was worth roughly $456.9 billion in 2020, and it is expected to grow to an amazing $612.7 billion by 2025. A growing number of healthcare institutions, rising healthcare expenditures, technological improvements, and an aging population are all contributing to the industry’s growth.

The global fight against the COVID-19 pandemic has been centered on healthcare providers. To care for patients and keep lives safe, healthcare providers—especially frontline staff, have put their own health and wellbeing in danger. While hospitals first struggled with a lack of safe personal protective equipment, diagnostic tools, and knowledge, attention has shifted to the scarcity of experienced leaders, who may very well be the lifesaver of the moment.

Miodrag “Misha” Rakic, Xoran Technologies’ Chief Executive Officer, has a documented history of working in the medical device sector and is a strong business development expert with experience in Research and Development (R & D), FDA Medical Devices, FDA GMP, Sales Strategy, and Cross-functional Team Leadership.

Xoran is a medical and veterinary cone beam computed tomography (CBCT) company focused on developing innovative solutions for imaging at the patient’s point-of-care, meaning directly where the clinician is diagnosing and treating the patient.

First Step towards Future

Misha graduated from the University of Belgrade with a master’s degree in electrical engineering, and his first job after graduation was in the nuclear physics department. During this time, he developed an interest in software development, and when a college friend asked if he wanted to work on developing the software architecture for a new, ultra-compact, low-dose CT scanner for heads, Misha said yes.

The Inception Story

Xoran Technologies was formed in 2001 by two University of Michigan research scientists with the purpose of creating practical, innovative technologies that help doctors treat their patients more efficiently and effectively.

Xoran Technologies, LLC is the global leader and inventor of small, specialized medical CT scanners. It’s a firm at the nexus of research and commercialization, dedicated to delivering new, common-sense approaches to patient care. The organization has made a commitment to provide CT imaging that is both convenient and straightforward for patients and professionals. With its low radiation dosage scanners, the team is dedicated to meeting the demands of today’s clinicians and assisting them in giving accurate diagnoses. The MiniCAT™ in-office CT scanner, the xCAT® truly mobile intraoperative CT scanner, and XoranConnect®, a web-based medical and veterinary image-viewing and archive tool, are among the company’s products. Its whole line of products was created to decrease waste and inefficiency in the healthcare industry.

According to Misha, following Xoran’s first prototype, “CT in a box,” he and the other Xoran founders collaborated to develop the iCAT™ for dental professionals and the MiniCAT for ENTs and allergists.

Both systems are compact, upright CBCT devices that enable these specialists to obtain fast, low dose CT imaging directly in their clinic, as opposed to making the patient go to a hospital radiology department for their imaging needs.

In fact, early on Xoran received several grants from the National Institutes of Health that helped Xoran commercialize their systems. These grants and early sales wins enabled them to remain the privately held company that it is today.

Team of Tech Expertise

According to Misha, Xoran’s successes and client satisfaction are because of a data-driven team effort. He found that was one of the key strategies that he implemented when he came on as CEO. He shares, “Every week, each manager reports on the key metrics and deliverables associated with their respective departments.” This means that everyone from the sales department—who has quarterly targets for revenue that must be reported on and met, to research and development, whether entry level or upper management are held responsible. He further adds that whoever has project deadlines for successful handoffs, is kept accountable to the overarching company goals and metrics.

“Coming from a technical background, data doesn’t lie. We keep ourselves constantly accountable to our stated goals—it keeps everyone laser-focused on the most important tasks and projects,” Misha explains.

Ensuring Consistency, Commitment, and Growth

Misha has a duty to the Xoran Board of Directors to safeguard the company’s financial and operational health, as well as its continued rapid growth. He understands that he is ultimately responsible for everything. His obligation to the company’s consumers is to ensure that Xoran systems are always performing to their full potential. To him, it’s critical that the company guarantees that the clinicians who rely on its technology are chirping away, gaining from point-of-care CT. He also has a duty to his staff, ensuring that they are engaged and happy at work, and that they continue to thrive at Xoran.

Misha feels the greatest gratification comes from happy customers. He remembers, “My heart was filled with joy when we had an installation in Haiti, where our xCAT IQ™ device—a truly mobile CT system for brain imaging—was the device of choice over Neurologica.” Even so, he believes that it was quite an expense for that facility since the customer is funded through charitable contributions. Due to health regulations and other safety considerations, Haiti is not the easiest place to get to, and yet Xoran’s brave Customer Service Engineer, Alfred “Will” Wilson, prepared for the trip for a few months and then went on-site and successfully trained their wonderful, selfless personnel at the Foundation to perform scans of the quality you would expect in the most renowned institutions in the United States.

Achieving Success while Overcoming Challenges

Misha, like every other leader and entrepreneur, has had his share of setbacks. He, on the other hand, does not allow them to weigh him down; instead, he perseveres and innovates until he is satisfied with the ultimate product.

Misha defines success as having a happy team (which includes his family at home) with workers who are satisfied with their daily productivity, their overall contribution to Xoran’s goods, and their beneficial impact on patient care.

Achieving Global Reach

Xoran Technologies is a medical industry leader in low-dose radiation, cone beam CT scanner systems that are particularly developed for the patient’s point-of-care. Providers all over the world use the MiniCAT in-office suite of products, the xCAT truly mobile suite of systems, VetCAT™, and vTRON™ scanner systems to diagnose and treat patients.

Given the company’s excellent growth trajectory, the strategy is to expand its product line by delving further into services and complementary goods, all while building the necessary sales staff and maintaining the same core company culture. And Misha sees it as crucial to the company’s success.

Website: www.xorantech.com