Now on Fast-Track for Commercialization
Newport Beach, CA – Today, Innovation Lab, a healthcare incubator, announced its Top Ten medical products that will be put on a fast-track to commercialization. The product selections were the final result of an evaluation of over 1,000 idea submissions. The list was narrowed down to 237, then a final ten. The Top Ten were then showcased to a panel of health care product experts in a Shark Tank-like Fast Pitch Event. The inventors for each of these product ideas will receive Top Ten Fast Pitch recognition from The Innovation Institute. The inventors will also receive royalties once their products go to market and start generating revenues.
The deep dive process involved an in-depth evaluation of the products. Some of the criteria included evaluating whether the products had high potential, how difficult it would be to access target distribution channels, whether a commercialization path was clear, did the idea solve a critical problem, and how competitive is the current market landscape. The panel of outside subject matter experts then selected the top ten products based on those with the highest impact and potential to generate significant revenues. The top three which will be disclosed at a later date are expected to have the potential for over $300 million.
The Top Ten products and their inventors in alphabetical order include:
- 24/7 Offload Pad – Reusable pad to transfer patient comfortably from hospital bed that reduces pressure ulcers and skin damage – Patricia Martin, RN, WOCN & Andrew Klein, MD, Bon Secours Mercy Health;
- Blood Flow Restriction (BFR) Device – Therapy to apply medium BFR to limb to accelerate muscle recovery after surgical procedure – Eric Bowman, MD, public submission;
- Collapsible Neonatal Gavage Tube – Collapsible neonatal feed tube because neonates have smaller diameter – Nadarasa Visveshwara, MD, public;
- Heart Tracheostomy – Next generation, non-bulky trach in fun shape for pediatric patients – Edward Domanskis, MD, Providence St. Joseph Health;
- Koazie.com – Comprehensive online resource to help patients and families choose SNFs and specialty care – Michelle Thai, MD, Jonathan Thai, and Dan Bailey, Providence St. Joseph Health;
- Look Better Than You Feel Camisole – Both pretty and functional camisole with built-in pockets for medical accessories for post-mastectomy, post-surgery patients – Kim Newlen, Bon Secours Mercy Health patient;
- Cranial Cuddler – A gentle device to hold oxygen mask onto neonates to reduce skin sores – Nadarasa Visveshwara, MD, public;
- Over-the-Counter Product Bundle – Lonnie Brace for targeted elbow and ulnar neuropathy healing – Steve Martino, MD, public; Dynamic Ankle Resistance Trainer (DART) ankle strengthening and rehab device, Scott Rogoff, DPT, Providence St. Joseph Health; Conforming Thermal Pack for precise ice and heat therapy – Scott Parazynski, MD, NASA astronaut;
- Respiratory Circuit Valve – 3-way valve connected to respirator tube allows for medical procedures without need to open circuit, avoiding contamination and ventilator-associated pneumonia – Harry Bayron, MD and Neil Winthrop, Registered Respiratory Therapist, public;
- Wound Care Cast – partial total contact cast protects wound area and offloads weight while patient walks; removable for wound dressing changes – Nicolle Samuels, PT, Avera Health.
“This has been a great event that we hope will expedite the commercialization of innovative medical products and ensure that patients have access to them,” said The Innovation Institute President and CEO Joe Randolph. “I look forward to seeing these projects progress and go on to make a difference in people’s lives.”
The top three products, from the ten identified, will be selected by the panel for accelerated commercialization and will be announced at a later date.
About Innovation Lab
Innovation Lab is an incubator that works with physicians, employees, the public, and industry partners to seek new products, ideas, and concepts that can be commercialized. Those who would like to submit an idea can go to https://ii4change.com/got-an-idea/. Royalties are paid for products that make it to market. There is no cost to the inventor for submission, prototypes and development of products selected.
Innovation Lab is a subsidiary of The Innovation Institute, an independent, for-profit limited liability corporation structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. The Institute strives to “do more, with less, for more people.”