Tuesday, May 13 13:03:08
A big American hospital network has signed a partnership deal with Ireland's i360medical to develop the hospital's new healthcare solutions and medical device innovations for commercial application.
The deal is with North Shore-LIJ, New York's largest integrated health network and one of the largest healthcare providers in the United States with nearly 20,000 physicians and nursing staff at its 17 hospitals along the East coast.
This commercial deal will establish an ‘innovation partnership' between both companies.
The partnership will ensure that all of the hospital's new healthcare solutions and medical device innovations will be evaluated and potentially developed in Ireland by i360medical and their global network of clinical, engineering, development and industry and commercialisation specialists.
North Shore-LIJ already has a number of concepts that have been proposed by their staff and i360medical will start evaluating these ideas immediately with the goal of transitioning five devices into clinical, technical and market assessments by 2015.
Derek Young, Chief Executive of i360medical, said this is an extremely important partnership for both our company and for Ireland.
"The decision by this large American hospital network to use Ireland as its hub for evaluating and developing its medical device concepts is very significant. Ireland has an opportunity to further develop its worldwide credentials as a global leader in medical devices and moves such as this one by North Shore-LIJ will only enhance Ireland's reputation. We would expect that the medical device concepts that become commercially viable will start-up in Ireland and thereby securing more investment and employing more people," he said.
Brian O'Neill, Enterprise Ireland's manager of high potential start-ups in the industrial and lifesciences sectors, said: “This is a fantastic partnership that teams up one of the world's leading healthcare systems with one of Ireland's leading healthcare commercialization companies. i360medical will bring its globally recognised expertise to bear to help North Shore-LIJ identify new opportunities and technologies that can drive a significant improvement in patient health while driving economic growth. This is a great opportunity for Ireland where we can use the highly developed ecosystem to support, grow and scale new start-ups from the i360medical innovation engine. i360medical is a great example of a high-growth Enterprise Ireland client company that offers significant international potential and one that brings health and enterprise systems together with significant mutual benefit.”
North Shore-LIJ established a formal Healthcare Innovation Alliance with Cleveland Clinic Innovations in 2012 to engage the health system around innovation. i360medical is also a member of the Healthcare Innovation Alliance program, and this expanded collaboration will complement existing efforts with an increased emphasis on medical devices. i360medical will provide scientists at North Shore-LIJ's Feinstein Institute and clinicians elsewhere across the North Shore-LIJ Health System with support services that stimulate the development of medical devices and prioritize technologies for further commercial development. i360medical engineering staff will then assist in moving promising ideas to market, including prototype design and development, project management, clinical trials and regulatory approval for the devices. Current North Shore-LIJ Health System technologies under review by i360medical include a smart catheter for traumatic brain injury, a solid-state blood-flow sensor, a neural tourniquet device to dampen injury/disease-induced blood loss and a tendon fixation device.