Medical device industry pioneer Paul Trainor dies
Monday, 23 January, 2006
Paul Trainor AO, 78, 'father of Australia's medical device industry' died on January 13, 2006.
Paul was a man way ahead of his time, recognising the imperative of internationalism before most others.
In an Australia in the 1960s, where manufacturing could only operate under an umbrella of protection, he created the Nucleus Group of companies, producing medical products in Australia and taking them to the world, even in an adverse exchange rate environment where the Australian dollar was over US$1.20.
Paul, and the people he mentored and influenced, built many medical device companies targeting niche markets with high value products.
The most notable company in his legacy is Cochlear, a world leader in cochlear implants with over 70 per cent in the world market and a market capitalisation of over AUD$2 billion. Reflecting Paul's character, Cochlear combined financial success with enabling thousands of deaf people around the world to hear.
Not to be forgotten, however, was Telectronics, which was a world leader in cardiac pacemaking, with at some times 15 per cent of the world market and revenues exceeding $300 million around 1988. In addition, Ausonics was a world leader in diagnostic ultrasound imaging.
His ethical entrepreneurial approach, coupled with his drive and people skills, has left a huge legacy, not to mention his contribution to Australia through participating in federal and state advisory bodies.
By 1988, when it was sold to Pacific Dunlop, Nucleus employed more than 2000 people. Much of today's Australian medical industry is led by people he influenced. These medical industry leaders include:
- Chris Roberts, CEO, Cochlear (ASX:COH)
- Michael Hirshorn, CEO, Nanyang Innovation Fund
- Catherine Livingstone, chair, CSIRO
- Collin Sutton, CEO, Ventracor (ASX:VCR)
- Ross Harricks, CEO, AtCor (ASX:ACG)
- Stuart McConchie, CEO, Heartware (ASX:HTW)
- Neil Anderson, CEO, CathRx, (ASX:CXD)
- Tony Stephens, CEO, Continence Control Systems International
- Anne Simmons, associate professor of biomedical engineering, UNSW
- Mike Skalsky, CEO, Lighthouse Technologies
- Keith Daniel, director, Optiscan Imaging and Milvella
- Peter Crosby, COO, Ventracor
In addition, there are many people now retired that made at least an equal contribution. There are also successful entrepreneurs, who Paul mentored, who built businesses in industries other than the medical industry, which tend to go largely unnoticed in the healthcare sector, although successful,
Paul's funeral was held on January 20 and a memorial service will be held in due course.
He will be sadly missed.
Michael Hirshorn was recruited by Paul Trainor to the Nucleus Group in 1978, initially for Telectronics and then to Cochlear from 1981. He is currently chief executive of Nanyang Ventures' Nanyang Innovation Fund.
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