Michael Fisher, Director of Product Development for GCMI, shares his insights from the IEEE-NIH Healthcare Innovations and Point of Care Technology conference.
Recently, GCMI attended and spearheaded a presentation during the IEEE-NIH Healthcare Innovations and Point of Care Technology conference which focuses on innovation and technologies for precision health and their clinical translation, to address challenges in quality global healthcare.This conference is sponsored by both IEEE (Institute of Electrical and Electronics Engineers) and NIH (National Institutes of Health) and was held at the main NIH campus in Bethesda, Maryland.
Michael Fisher, Director of Product Development for GCMI presented at this conference. Here are Michael’s takeaways.
Supporting the development of new Point of Care (POC) technologies
The NIH used this conference as a platform to describe funding mechanisms, research interests, and its development ecosystem for POC technologies. The CMS (Centers for Medicaid and Medicare) sent directors to describe payment and prospective value for POC products, IEEE presented new electrical and communications standards that bear on these devices; and NIST (National Institute of Standards and Technology) sent subject matter experts to discuss communications systems and the need for security. Many public institutions, private medical device innovators, and not-for-profit investigators attended to describe their perspectives on POC devices, technologies, and global needs.
“I chose to discuss project planning to achieve regulatory compliance and application of tools for risk mitigation during my presentation,” says Fisher. “And following the podium presentation, I co-chaired two technical break-out sessions discussing POC regulatory compliance and product development planning.”
“As expected, the break-out sessions had vigorous discussions many of which surrounded the mysteries of finding commercialization resources, understanding formal product development processes, defining and achieving regulatory compliance, and managing a research career that has veered into product development.”
- Ph.D. programs need more education and training for commercial endeavors. About 80% will end up in Industry, not academic research.
- Commercialization processes for medical products need to be taught to a broad audience of university-based professionals.
- University Office of Technology Transfer needs to be engaged in the development process (not just patents, but also commercialization endpoints).
- Not enough people know about NIH technology transfer programs – outside of grant-based funding.
- GCMI is well-positioned to be an excellent partner for the initial commercialization steps i.e. project strategy and planning.
GCMI exists to help commercialize research
From a funding perspective, there is a gap between obtaining funds and support for basic research and the eventual needs of formal commercial development – paying for regulatory opinions, patent strategies, production equipment, process qualifications, office space, non-research employees, sales development, strategic partnerships, etc. Can you really bootstrap a successful medtech company? The answer is yes, but only if you know where to find the best resources.
The Atlanta medtech ecosystem is rich in assets. The resources medtech innovators need including funding advice, equipment, facilities, regulatory knowledge and, most importantly, relationships are here. GCMI simply helps you unlock them.
“GCMI levels the playing field for small medtech startups to get a toe hold, work through regulatory, make it to market and then scale. With their help, we were able to avoid millions of dollars in upfront costs.” – John O’Shaughnessy, Founder and CEO of Matrix Surgical USA
GCMI looks forward to supporting additional NIH conferences with regards to product development and commercialization resources.
If you are a physician innovator or engineer currently developing a novel medical technology, or if you have an idea and want to know how to navigate from concept to cure to commercialization, we want to be your trusted partner! Contact GCMI via email at firstname.lastname@example.org or contact us through our website www.devices.net.