The build-to-buy model is becoming a recurring theme in medtech boardrooms, strategic planning sessions, and early-stage funding conversations. But for all the talk of structured deals designed to streamline acquisitions and accelerate innovation, questions remain about whether this model actually delivers on its promise. At LSI USA ’25, a panel of industry leaders gathered to unpack the build-to-buy approach, exploring its potential benefits and its all-too-frequent pitfalls. Definitions and Divergence Moderator Joe Mullings kicked off the conversation with a foundational question: What exactly qualifies as a build-to-buy ? According to Addie Harris, there are two main flavors. “You have your pure innovation build-to-buy, and then you have fill-a-gap-in-our-portfolio build-to-buy,” she said. In the first model, strategics provide funding to incubate innovation in a specific area, often with early academic or startup collaborators. In the second, companies know exactly what they want ...