Promoting Medical Device Innovation and Technology Transfer
It is no surprise that universities, research institutes and hospitals are a treasure trove of innovative medical device concepts.
Translating those concepts into actual products and getting them into the hands of the patients, clinicians and caregivers who need them is not for the faint of heart; it requires time, money, and a level of expertise most researchers and clinicians do not possess.
Developing an Entrepreneurial Mind and Skill Set
Research institutions and government agencies have developed a myriad of educational programs aimed at developing an entrepreneurial mind and skill set among innovators. These programs offer an excellent foundation and first step in understanding the technology transfer and commercialization process. These same innovators are also busy teaching, conducting research, or seeing patients. They may not have the time and expertise to tackle all the necessary business development activities themselves, slowing progress and increasing the risk they won’t get to market or win a licensing deal. TTOs must look for multiple ways to identify and assist the most promising innovators in order to reap the rewards from licensing deals and spin out successful companies.
The Value of Simbex Services
Simbex partners with TTOs and can assist in several ways, depending on programmatic need:
- TTOs often must triage and prioritize the wealth of inventions disclosed to them. Simbex provides in-depth due diligence on new innovations, with insight on areas such as market potential, customer segmentation, competition, clinical workflow, regulatory and reimbursement.
- TTOs engage Simbex Commercialization Services to consult directly with innovators and provide the customer discovery, market analyses, and strategy development they need to make the critical decisions that propel them forward.
- Simbex participates in the grant application review process for programs run by TTOs, accelerators and other innovation centers, providing strategic and actionable feedback for the review committee and applicants.
- Simbex provides follow up consultation with applicants. This service is particularly impactful for those applicants who may NOT have won a grant as we can help them think through alternative approaches and how they can be more successful in the next round.
- At Simbex, we developed Commercialization Pilot Grant Programs for NIH and FDA from scratch, covering every detail from soup to nuts: application development, marketing to potential applicants, application review and feedback, and award decision-making. Contact us about developing an innovation grant program at your institution.
The Importance of Removing Unconscious Bias.
When evaluating technologies within your own community, your decision-making process may unconsciously consider factors outside the contents of a proposal or invention disclosure. Simbex can provide your review committee with an unbiased second opinion, providing confirmation and increased confidence in your assessment as well as offering new ideas and directions to consider. In addition, an innovator’s own bias may unconsciously affect how customer discovery is performed and interpreted. Simbex can conduct independent stakeholder interviewing and analysis on behalf of an innovator, a significant step towards removing bias from an opportunity assessment.
Let Us Help
The translation of research into a commercial product is a long and complex process. TTOs and innovators alike are stretched for time and resources. With expertise in medical device design and development, commercialization consulting and education, and product assessment, Simbex provides a menu of high touch, high value commercialization services to assist TTOs and innovators with achieving their go-to-market goals.
Please reach out to our friendly Simbex staff to learn more about how we can help you help your innovators.