The Innovation Institute’s president shares several insights on the mission of the firm and offers a number of examples of real-world development projects.
By Joe Randolph | It takes a specific type of know-how to determine which ideas and opportunities are worth investing in. This means professionals who have medical sense, financial finesse, and marketing expertise must determine if the market is ready for a new product, solution, or breakthrough. One might expect that everyone would be interested in a new medical product that improves patient care, but it’s not that simple.
For example, take a look at the Conforming Thermal Pack. We all agree that it’s a brilliant invention conceived by a NASA astronaut/physician. It’s a superior cold/hot therapy product that conforms to the injured joint, holds the right temperature and for the appropriate amount of time. It took someone like Dr. Scott Parazynski, a determined NASA astronaut/medical doctor who experienced the frustrations of healing his own injury, to see that a medical product doesn’t have to be just adequate. With iterative prototyping and rigorous evaluation, he developed a product that combines a proprietary shape and fill chemistry to improve thermal transfer and avoid unwanted condensation to deliver optimal therapeutic temperature for the appropriate amount of time. Because of the ingenuity and perseverance of Dr. Parazynski and other innovators, we are breaking through with new and exciting medical products.
The challenge now is to show others they don’t need to accept an inferior solution. We need to reach physicians and their patients to demonstrate to them that the next generation hot and cold therapy product is here and ready to be used now, and it’s affordable. More…