RAYNER REFOCUS

The world’s first and oldest manufacturer of intraocular lenses (IOLs) will now focus exclusively on developing and marketing high-tech IOLs. After selling its 104 retail optical stores, Rayner Group Limited has strengthened its research, added surgical training and trebled its IOL manufacturing capacity – moves its new leaders say will transform it into a world IOL market leader.

“We aspire to be a global pure play IOL business,” says Tim Clover, who has stepped up from a non-exec board role to become Joint CEO and New Projects Director earlier this year, with former CFO Darren Millington. “There is no intention to bolt on equipment product lines or get into other areas of ophthalmology. We see an opportunity for a global organisation focused entirely on IOLs that will invest all its resources and R&D in that one area,” he added.

Surgeons will play a leading role in the transformation, Clover says. Rayner’s new headquarters and state-of-the-art production facility in Worthing, West Sussex, UK, includes expanded wetlab and training suites. “We look forward to welcoming surgeons to learn the latest techniques.”

It is even named the Ridley Innovation Centre in honour of the firm’s most famous collaboration with Sir Harold Ridley, inventor of the IOL.

Rayner also hope to build surgeon collaboration by expanding its direct distribution operations beyond the UK, Germany and the US. Having its own representatives work directly with surgeons in many countries and in many types of practices will not only engage physicians with the firm’s existing products, it will help Rayner develop and refine new IOL concepts, Clover says. “We want to work with surgeons in every country and every subspecialty rather than heavily engaging with just one or two.”

Build and buy

Selling its optical shops not only helps Rayner focus on IOLs, it frees cash for developing new products internally and acquiring other innovative IOL makers, Clover says. The firm has no debt and its ambitious private owners are committed to supporting the vision of creating a market leading IOL manufacturer.

Internally, Rayner are developing a hydrophobic acrylic platform to complement its extensive line of hydrophilic acrylic offerings, including in-the-bag and sulcus-fixated designs. New multifocal designs are in the works to add to the firm’s existing aspheric monofocal, toric and multifocal models, Clover says.

All will be built to the exacting quality standards for which Rayner are known. “I’ve been astonished by the enormous lengths our quality assurance team goes to, ensuring that every lens is perfect and will give a predictable outcome. At Rayner, the quality of manufacturing certainly stands out,” Clover added.

Clover, whose job is to lead Rayner’s strategic expansion while Millington advances operations, also plans to roll up some of the smaller IOL firms developing innovative products. “There are a lot of tier-two players all spending large amounts of money on similar R&D, and arguably none has the market presence alone to make a global impact. There is clearly an opportunity for two or more of these to come together,” he says.

Clover says he is currently investigating several acquisition prospects and expects to conclude one or more in the next year.

Market opportunity

As the baby boom generation ages into its 60s and 70s over the next decade, Clover sees big opportunities for advanced IOLs, particularly for presbyopia-correcting lenses. While presbyopia-correcting lenses have underperformed expectations in recent years, Clover believes that will change.

Reimbursement is one reason. More and more countries are allowing patients to pay extra for premium technology such as multifocal IOLs and femtosecond laser-assisted surgery. Baby boomers “are interested in exercising choice, and if a superior technology is €1,000 per eye many will pay it”, Clover says. His experience with co-payments in private hospitals suggests 30 per cent to 60 per cent of patients will spend more for a premium device.

Better lens technology is another reason. As presbyopia-correcting lenses improve, more people will want them, Clover says. He points to consumer insights from Optegra, a private ophthalmic clinic chain he built, which found no one really prefers to wear spectacles.

“One day this may come to define our generation; that we walked around with bits of wire and glass hanging off our faces. IOL technology is getting better and better every year and I could definitely see a point some time in the future when spectacles are obsolete,” he says.

Rayner’s strategy is to advance a range of promising technologies, Clover says. “We are in an accelerating development curve in terms of technology. We are seeing accommodating lenses, extended depth of focus, quad focus – I don’t think it has played itself out. That is why R&D will be increasingly important over the next five to 10 years.”

Clover says Rayner’s vision is to lead the pack. “To be successful you will need to be a leader. We are looking to invigorate the market with a steady stream of new development,” he added.

Tim Clover: timclover@rayner.com