EMBARGO UNTIL 7/30 at 2:30 p.m.
Multi-institutional collaboration aims to accelerate technology development and commercialization
Newswise — ProMedica has entered into a collaborative business relationship with Cleveland Clinic as part of a national Innovation Alliance network to help commercialize medical innovations.
ProMedica joins the University of Notre Dame, MedStar Health and North Shore-LIJ as part of a collaborative network focused on identifying and executing joint development and commercialization opportunities for medical innovations.
ProMedica will work directly with Cleveland Clinic Innovations’ comprehensive technology and commercialization services ecosystem to identify commercialization opportunities within ProMedica’s healthcare system.
A Cleveland Clinic Innovations senior commercialization officer will be dedicated to working with ProMedica to bring new medical innovations to patients.
John Pigott, MD, Medical Director for ProMedica Innovations, will serve as chief liaison for ProMedica, working closely with Cleveland Clinic Innovations.
“Innovation is increasingly becoming a critical institutional priority for ProMedica, and we are looking for new ways to engage our physicians and employees in offering them a pathway to turn their ideas into products and services that meet the needs of our communities,” says Lee Hammerling, MD, Chief Medical Officer for ProMedica. “We are excited to be working with Cleveland Clinic, which has a strong history in technology and new venture development, and a proven track record in converting and commercializing medical expertise. “
By employing the same knowledge and resources that have helped it create a reputation as an industry leader in navigating the commercialization process, resulting in 48 spin-off companies and more than 300 licensed technologies, Cleveland Clinic Innovations and its Alliance partners are taking a bold step in what is proving to be a growing trend in health care.
Cleveland Clinic is forming collaborations with universities and health systems to speed up the commercialization of medical innovations. Individually, corporate venturing arms struggle to find the best way to properly utilize their budgets and allocate their limited resources. Collectively, through the Alliance structure, organizations can leverage the experience and expertise of their partners to streamline the process of getting life-saving technologies to patients.
"We look forward to launching this Alliance. ProMedica has a strong commitment to innovation. We believe our collaboration will rapidly benefit patients and will be an important element of our growing national Innovation Alliance network,” says Chris Coburn, Executive Director, Cleveland Clinic Innovations.
An additional benefit of this Innovation Alliance is that through the efforts of innovation and collaboration, the technologies that are commercialized have the potential to create new companies and jobs for the State of Ohio, in addition to improving and extending the lives of patients.
“This partnership is another powerful step toward creating a medical corridor that will benefit Ohioans on so many positive levels,” said Mark D. Kvamme, President and Interim Chief Investment Officer for JobsOhio. “Together, Cleveland Clinic Innovations and ProMedica – and other similar, recent collaborations – are laying a foundation to not only better serve patients, but also attract innovative new companies and technologies that lead to more jobs in Ohio.”
Toledo, Ohio-based ProMedica is a mission-based, not-for-profit healthcare organization formed in 1986. ProMedica has more than 14,300 employees and nearly 1,700 physicians with more than 400 healthcare providers employed by ProMedica Physicians. Its 11 hospitals and more than 306 facilities offer comprehensive diagnostic, medical and surgical specialties in heart and vascular, oncology, orthopaedics, neurology, and women and pediatric services. ProMedica’s mission is to improve health and well-being, with a strong focus on wellness and clinical excellence, as well as innovative, community advocacy programs that address health-related issues such as hunger and obesity. For more information, please visit www.promedica.org.
Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio, it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. Cleveland Clinic has pioneered many medical breakthroughs, including coronary artery bypass surgery and the first face transplant in the United States. U.S.News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. About 2,800 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. Cleveland Clinic Health System includes a main campus near downtown Cleveland, eight community hospitals and 18 Family Health Centers in Northeast Ohio, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and opening in 2013, Cleveland Clinic Abu Dhabi. In 2010, there were 4 million visits throughout the Cleveland Clinic health system and 167,000 hospital admissions. Patients came for treatment from every state and from more than 100 countries. Visit us at www.clevelandclinic.org. Follow us at www.twitter.com/ClevelandClinic.