creating patient centric innovation - stanford med x 2015.pptx

Championing Patient-Centric Innovation

Julie WheelanVice President, Edison Nation Medical

Necessity…the mother of

invention.

Plato

@JulieWheelan, @enmedical Copyright 2015

@JulieWheelan, @enmedical Copyright 2015

Medical device industry• The United States is the largest medical device market in the world

with a market size of around $110 billion

• It is expected to reach $133 billion by 2016

• U.S. market value represented ~38% of the global medical device market in 2012

• U.S. exports of medical devices exceeded $44 billion in 2012, a >7 percent increase from prior year

• There are >6,500 medical device companies in the U.S.

• >80 percent of medical device companies have fewer than 50 employees, and many have little or no sales revenue (notably innovative start-up companies)

@JulieWheelan, @enmedical Copyright 2015

But some critical constituents have (historically) had no real voice in shaping

medical device innovationno real voice in shaping medical

device innovation

Patients

Physicians

Nurses & Clinicians

And yet…The individuals living with or treating a particular health issue every day are often best positioned to identify pain points and resulting solutions for improving care.

They have the insights and the expertise. They live the discontent.

@JulieWheelan, @enmedical Copyright 2015

These individuals are the heart and soul of true “patient-centric”

innovation.

@JulieWheelan, @enmedical Copyright 2015

Some Stats

Source: Chatterji, Fabrizio, Mitchell, and Schulman, 2008@JulieWheelan, @enmedical Copyright 2015

• Physicians account for almost 20% of approx. 26,000 medical device patents filed in the US from 1990-1996

• Physician patents had more influence on subsequent inventive activity than nonphysician patents during this study period

• Almost 60% of physician-inventors worked in a group practice, 2-physician practice or solo practice (so well beyond traditional research settings)

• Physicians from seven specialties generated >50% of the med device patents during this time. Orthopedic surgeons, general surgeons and cardiologists made up the largest share, followed by anesthesiologists, internists, ophthalmologists, and diagnostic radiologists.

• On a daily basis, every nurse around the globe is creating or using “workarounds”

@JulieWheelan, @enmedical Copyright 2015

Endless possibilities!

+

Developing a commercially viable medical device is

complex.

@JulieWheelan, @enmedical Copyright 2015

Only a small fraction of ideas generated

by clinicians or patients will ever reach the level of

patient care without support.

Individual inventor often lack:1. Expertise in product development, intellectual property,

and business management

2. Funding

3. Industry connections

4. Risk-appetite, and

5. Time

…..All of which are critical for bringing ideas to life.

@JulieWheelan, @enmedical Copyright 2015

@JulieWheelan, @enmedical Copyright 2015

Healthcare organizations are challenged to support innovation

1. Lack appropriate resources and expertise to capture, evaluate and commercialize idea submissions from constituents

2. Sheer volume of employee and customer ideas can be overwhelming to even the most sophisticated organizations

3. Inventor relations issues can be tricky and highly political

4. Need to focus on business and patient care at a time when healthcare is changing rapidly

So how do we cultivate more patient-centric

innovation?

@JulieWheelan, @enmedical Copyright 2015

2. Inspire & Educate

3. CTA to Submit an

Idea

4. Confidential Format for Collecting

Ideas

5. Professional Evaluation

& Validation of Ideas

6. “Polish” Inventions

7. Commercialize

Top Ideas

8. Celebrate Success!

Innovation Lifecycle

1. Outreach to Innovators to Participate

@JulieWheelan, @enmedical Copyright 2015

“I have a great idea that I’m confident millions of people

need.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

@JulieWheelan, @enmedical Copyright 2015

“A patent is my ticket to success.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“There are around 1.5 million patents in effect and in force in this country, and of

those, maybe 3,000 are commercially viable.”

Richard Maulsby, director of the Office of Public Affairs for

the U.S. Patent & Trademark Office (Business Week, 2005).

From sketch to industrial design

From industrial design to prototype

From prototype to market ready product

@JulieWheelan, @enmedical Copyright 2015

“Once I have a patent, I’m free to market my invention.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“My invention isn’t sophisticated enough to

merit a patent.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

Limits the distance the plunger can be pulled back

Which reduces accidental medication overdose

“I don’t want to partner with or license my idea to

someone else.

Why should someone else make money off my idea.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“It’s mine, all mine!”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“There’s nothing like my invention on the market.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“If I deal with a large company, they will steal my

invention.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

“I need to gather more input on my idea before I patent it.”

Separating Fact from Fable

@JulieWheelan, @enmedical Copyright 2015

@JulieWheelan, Copyright 2015

Patient-centric innovation happens when those at

the front lines of receiving and giving care have a

voice.

Thank you.

Let’s continue the dialog@juliewheelan

Julie.Wheelan@EdisonNation.com