• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
    • Cardiovascular
    • Orthopedics
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • Podcasts
    • DeviceTalks Weekly
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Job Board
    • Leadership in Medtech
    • Manufacturer Search
    • MedTech 100 Index
    • Videos
    • Whitepapers
  • DeviceTalks Tuesdays
    • DeviceTalks
  • Coronavirus: Live updates
Home » Austen BioInnovation Institute makes the case for value-driven engineering

Austen BioInnovation Institute makes the case for value-driven engineering

June 19, 2011 By MassDevice staff

The Austen BioInnovation Institute in Akron is leading a national push to make the U.S. more globally competitive in the medical device industry.

BioInnovation Institute president and CEO Dr. Frank L. Douglas joined with other industry leaders on Thursday to unveil proposals to reduce the complexity of getting new products approved, boost public and private funding and attract more young talent to the biomedical field.

Douglas presented the plan for what is being called "value-driven engineering" this week to officials in President Barack Obama’s administration.

MedCity News logo

The value-driven engineering concept means developing "low-cost, high-value medical devices" with an emphasis on quality that benefit patients, Douglas said during a conference call with national media on Thursday.

Remain competitive

"Our mission is clear: The U.S. must remain competitive in the global medical device industry for the good of our economy and overall health," Douglas said. He leads the cooperative effort among Akron’s three hospital systems, the area’s medical school and the University of Akron to boost medical-related economic development and job creation.

According to Douglas, U.S.-based companies account for about 40 percent of the estimated $350 billion global medical device industry.

But as health care costs continue to rise, experts say the U.S. needs to move aggressively or risk losing business to other countries such as India, China and Brazil that are developing lower-cost products.

Dr. Uday Kumar, founder and chief medical officer of iRhythm Technologies Inc. and fellowship director of global bioDesign programs at Stanford University, talked about one of his company’s products as an example of value-driven engineering.

The one-time-use patch allows patients to monitor their heart rhythms over a 14-day period for about the same cost as a blood test, Kumar said. It’s designed for use mostly by primary-care physicians, who don’t have the more advanced, costly cardiac equipment in their offices.

The product is an example of finding a lower-cost way to meet an unmet need, Kumar said.

If entrepreneurs take a similar approach, he said, "I think there are a lot of innovative opportunities that can come forth."

National summit

The release of the value-driven engineering plan follows a national summit held by the BioInnovation Institute earlier this year in Washington, D.C.

The summit organized by the BioInnovation Institute included representatives from Johns Hopkins University; the Harvard-Massachusetts Institute of Technology; Medtronic Inc.; the National Institute of Biomedical Imaging and Bioengineering of the National Institutes of Health; Orthopaedic Research Laboratories in Cleveland; Stanford University, and the University of Akron.

The next steps will be determined during a follow-up meeting among the steering committee members in the fall in Akron, Douglas said. In the meantime, Douglas and other participants are talking with leaders in college programs, the government and industry to share their proposals.

Ultimately, a new public-private partnership could be formed to lead the effort.

Filed Under: News Well Tagged With: Harvard Medical School, Mass. Institute of Technology

In case you missed it

  • Annual COVID-19 vaccines likely, according to Pfizer CEO
  • Medtronic has another serious HVAD recall
  • Vicarious Surgical to go public in $1.1B SPAC deal
  • Analysts are bullish on Align Technology
  • Trice Medical raises more than $10M
  • FDA clears Acutus Medical suite of universal transseptal crossing devices
  • Mayo Clinic helps launch two new companies for improved diagnostics
  • HHS shoots down ‘flawed’ plan to let some devices skip review
  • Solo-Dex launches peripheral nerve block catheter
  • BD lands FDA clearance for hemodialysis catheter
  • Siemens Healthineers completes Varian acquisition
  • Thermo Fisher to buy PPD for $17B
  • Vaccine panel postpones vote on J&J COVID-19 vaccine
  • Innocoll Biotherapeutics initiates Phase 3 trials for collagen drug-device
  • More than 50 medtech testing sites win FDA pilot accreditation
  • EU won’t renew J&J, AstraZeneca vaccine contracts, report says
  • Better Therapeutics initiates real-world study for digital therapeutic for diabetes

RSS From Medical Design & Outsourcing

  • Greenlight Guru to provide QMS to NIH diagnostics program
    NIH has chosen Greenlight Guru to provide quality management software for its COVID-19 rapid diagnostics program. The agency launched the Rapid Acceleration of Diagnostics (RADx) program in March 2020 to speed the development, commercialization and implementation COVID-19 testing technologies. As the only QMS provider currently available to all projects in the RADx program, Greenlight Guru… […]
  • MicroCare names CFO
    MicroCare (New Britain, Conn.) has announced the appointment of John Stardellis as the company’s new chief financial officer (CFO). Stardellis joins MicroCare with more than 20 years’ experience in a variety of finance, policy and operational leadership roles. Most recently, he served as CFO at i-Health, a division of DSM Nutritional Products. “John’s track record with… […]
  • Mayo Clinic helps launch two new companies for improved diagnostics
    Mayo Clinic announced that it is introducing a new technology platform to support two new companies it has launched. Rochester, Minn.–based Mayo Clinic’s Remote Diagnostics & Management Platform (RDMP) is designed to connect data with new AI algorithms and augment human decision-making within existing clinical workflows, according to a news release. Get the full story… […]
  • Intertek gains FDA nod for premarket device testing
    Intertek has won accreditation under an FDA pilot program for testing laboratories, the company said this week. The accreditation authorizes Intertek’s 12 “medical centers of excellence” to perform premarket testing of devices for the U.S. market. The Accreditation Scheme for Conformity Assessment pilot program is a voluntary program developed to provide increased confidence in testing… […]
  • HHS shoots down ‘flawed’ plan to let some devices skip review
    The Biden administration has nixed what it described as a “flawed” Trump-era decision to exempt certain medical devices — including infusion pump controllers and fetal monitors — from regulatory review. HHS published the original notice in the Federal Register on Jan. 15, shortly before President Joe Biden was set to take office, without speaking with… […]
  • More than 50 medtech testing sites win FDA pilot accreditation
    The FDA announced today that more than 50 laboratory sites were chosen to participate in its program for streamlined regulatory reviews. In total, 53 sites made the FDA’s initial list for participation in its Accreditation Scheme for Conformity Assessment (ASCA) program, which will set out to support more streamlined regulatory reviews of medical device market… […]
  • Medline Industries up for sale?
    Medline Industries is looking for a buyer in a deal that could be worth $30 billion, according to a report in the Wall Street Journal. The Journal cites “people familiar with the matter” saying that Northfield, Ill.-based Medline has hired Goldman Sachs to manage the process. The people added that the company might alternatively seek… […]
  • Micro to add plant in Costa Rica
    Contract manufacturer Micro today announced plans to open a new plant in Costa Rica. The 32,000 ft² facility will significantly increase Micro’s cleanroom assembly capacity, according to the Somerset, N.J.-based company. It will be located in the Zona Franca Metro business park and is expected to open in late 2021 with operations beginning in 2022.… […]
  • Survey shows solid medical device industry performance despite pandemic
    By Stewart Eisenhart, Emergo Group Medical device and IVD manufacturers report healthy performance over the course of 2020, but also faced significant operational and regulatory challenges related to the coronavirus pandemic. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the author’s only and do not… […]
  • Cardinal Health wins $58M federal PPE contract
    Cardinal Health (NYSE: CAH) today said it has won a $57.8 million contract from the U.S. Dept. of Health and Human Services to support the Strategic National Stockpile. The Dublin, Ohio-based company received the contract, which includes options that if exercised by the HHS could reach $91.6 million, to store and distribute 80,000 pallets of… […]
  • Qosina adds single-use bioprocessing devices
    Qosina this week launched its product line for the single-use bioprocess industry. The new product line includes tube-to-tube bard connectors, luer fittings, check valves, tubing pinch clamps, tubing, steam thru connectors and more. Get the full story on our sister site, Medical Tubing + Extrusion. The post Qosina adds single-use bioprocessing devices appeared first on […]

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by @MassDevice
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion

MASSDEVICE

Subscribe to MassDevice
Advertise with us
About
Contact us

Add us on Facebook Follow us on Twitter Connect with us on LinkedIn Follow us on YouTube

Copyright © 2021 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS