Indiana has a rich presence of medical device, pharmaceutical, and other life science companies. There is also a surprising number of startups and entrepreneurs in this space. On April 25, 2013, Catherine Tanner, one of Indiana’s life science entrepreneurs, will share her story with INpact, a medical device networking group. Be sure to RSVP.
INpact is trying something new in February–an evening event at a cool space known as the Speak Easy. A local vascular surgeon, Dr. George Akingba will be speaking to the group, sharing some of his work and thoughts on healthcare.
Plenty of opportunities to network. Oh, and pizza and beer with your admission.
Do you have a great med tech idea and need someone to fund it? Perhaps BioCrossroads can help you with your venture.
BioCrossroads Inc. has raised an $8.25 million seed fund in its second attempt to help fledgling life sciences companies grow to the point where they can attract venture capital or a corporate funder. The Indiana Seed Fund II LLC was kicked off in late 2010 when Eli Lilly and Co. agreed to invest. Also chipping in are Indianapolis-based health insurer WellPoint Inc., Indiana University’s Research Technology Corp., Purdue University, the University of Notre Dame, the Richard M. Fairbanks Foundation and BioCrossroads’ own for-profit arm.
“It takes a long, long time in many cases to get these companies where they need to go,” says BioCrossroads President and Chief Executive Officer David Johnson. “This fund is designed to coax researchers who have always wanted to do this, to think big, to take a big risk and know there are going to be other people there to meet them halfway and invest in the company they’re trying to get started.”
“The market can be a very cruel place, and there are a lot of good ideas that wind up dying for lack of funding,” says Joe Hornett, leader of the Purdue Research Foundation (PRF), which funds the school’s research efforts, ”I hope some of those good ideas that, otherwise, might wind up on the laboratory floor now make their way into the marketplace, and indeed, into the lives of consumers—particularly in the life sciences market, where health is improved and lives are saved. It’s absolutely critical.”
So, no more excuses. If you have a great idea, there are people who are willing to help you make it a reality.
Bloomington, Indiana, has one of the most significant clusters of medical-device and life-science companies in the nation. Bloomington is home to industry giants such as Cook Medical, the world’s largest privately held medical device maker, which specializes in minimally invasive surgical devices that allow doctors to operate on patients who are too high-risk for major surgery.
Also in Bloomington is the startup Morris Innovative, which has designed an FDA-approved medical device that uses a futuristic new bio-tissue (created by Cook Biotech) to help patients heal faster.
Other examples of innovation abound: Indiana University pediatric surgeon Mark Rodefeld has invented a tiny pump that keeps a newborn’s blood oxygenated while surgeons repair the heart of a child born with a single ventricle. Aeon Imaging has developed a laser-scanning digital camera that uses near infrared light to see past cataracts and detect underlying eye diseases.
I live only 20 minutes from Bloomington, and have lived here for most of my life, and I am ashamed to admit, I had no idea.
The Life Sciences and Healthcare Venture Summit, presented by youngStartup Ventures, is the premier industry gathering connecting venture capitalists, corporate VCs, angel investors, technology transfer professionals, senior executives of early stage and emerging growth companies, university researchers, incubators and premier service providers.
Whether you are an investor seeking access to new early stage deals, or a CEO or Founder of a new venture looking for funding, visibility and growth, the Life Sciences and Healthcare Venture Summit is one event you won’t want to miss.
2012 Propel Business Plan Competition (from iBio)
The fourth annual PROPEL Business Plan Competition at iBIO IndEx will highlight the many formation-stage and
early-stage life sciences companies of Illinois and the surrounding Midwest. Applicants for this highly selective
entrepreneurial competition will compete for a $10,000 cash award.
- 3/12/2012 – Application Deadline
- 4/5/2012 – Announcement & Notification of Finalists
- 4/26/2012 – Finals at iBio IndEx
Any individual or group with a fundable business concept is eligible to compete under the following requirements:
A. The business is a legitimate start-up with no venture capital financing
- Individuals or team members that have received any form of venture capital financing for their Taylor University Business Plan or a likeness thereof may not participate in the competition
- Note that teams with seed financing from non-venture capital sources totaling less than $75,000 may compete
- Any team that receives seed financing from non-venture capital sources totaling more than $75,000 at any time during the competition will be disqualified
- The amount and source of secured capital arrangements should be clearly identified in the executive summary
B. A top three place finisher from the previous year is not eligible to compete.
C.Business operations of the business concept is preferably intended for implementation along the I-69 corridor generally defined as between northern Indianapolis and southern Ft. Wayne but at a minimum must be committed to the State of Indiana.
D.The proposed business concept should not be in violation of any intellectual property rights
E. Each entrant and/or team member must sign the Agreement of Understanding.
- 3/5/2012 Overview / Executive Summary Due
- 3/12/2012 Semi-finalists Announced
- 4/10/2012 Business Plan Due
- 4/25/2012 Finalists Announced
- 5/10/2012 Presentations & Awards
The effects of stress on health have been a main focus area for public health research, but progress has been limited due to a lack of wearable sensors that can be worn effectively in the field, until now. Researchers at Ohio State University recently analyzed wireless, wearable sensors that are a part of a system developed by AutoSense. The system’s sensors effectively collect and processes cardiovascular, respiratory, and thermoregularity measurements that can inform about the general stress state of test subjects in their natural environment.
Will this change the way stress is analyzed in the future? Perhaps. However, I’d like to see it in a nice girl-cut t-shirt. I always say “A woman should never sacrifice fashion for comfort”, or in this case, stress management.
I recently read “Indiana’s Medical Device Workforce Will Need Skills Upgrade” article in the Indianapolis Business Journal and was a little surprised by a couple things.
For example, did you know:
- 53% of the 20,000 jobs in Indiana’s medical-device sector require no more than a high school education
- Average annual pay in the industry is about $60,000—56% higher than the state’s average
- Of about 8,800 life sciences jobs that Indiana added between 2002 and 2009, 5,600 of them were in medical devices
The medical device sector is a crucial part of Indiana’s life science industry. Keeping it strong and viable are critical. Of all the information contained within the article, I was most surprised that BioCrossroads had previously underestimated the magnitude of this med device presence in Indiana. BioCrossroads now knows the medical device industry is “. . . larger than the group realized” accounting for over 40% of all life sciences jobs in Indiana.
I suspect that part of the reason the overall number of jobs in the medical device sector has been such a mystery is that so many of the companies in this space are not large. After the “big boys” (Cook, Roche, Zimmer, DePuy, Biomet, Boston Scientific), there are all kinds of “mom-and-pop” medical device companies scattered throughout the state.
The neonatal intensive care unit at St. Jude’s Children’s Hospital, along with several other NICU’s across the country, has implemented a system called Nicview which allows parents to check in on their child from anywhere at practically any time, including via their smartphone. The set up is simple – a webcam which delivers a secure live feed that is accessible from a computer, tablet, or smartphone. However, it’s not cheap. Installation of each camera is $1,000 and has cost some facilities $30,000 to implement.
Not only is this a great way for parents to be able to see their child while still getting some time away to take care of the other necessary aspects of life, but it could also provide a way for extended family members and friends to connect with the infant.
Hyun Gyu Park and Byoung Yeon Won at the Korea Advanced Institute for Science and Technology in Daejeon, South Korea believe that a biosample – sputum, saliva, blood, or even urine – could be applied to the screen of a smartphone for analysis. They point out that the screen is capable of detecting extraordinarily small differences in capacitance and it’s that capability which can be leveraged to diagnose everything from influenza to salmonella. The value of the analysis though, hinges on the ability to correlate differences in the capacitance of the sample with something clinically relevant. While current touchscreens are still not able to identify individual pathogens, the touchscreen’s ability to differentiate between concentrations is a crucial first step.
I’m not sure if I like this idea or not. Even though I still use the conventional cellular phone, I can see the benefits of using smartphones to communicate and access information quickly. I just can’t picture myself smearing my bodily excretions on the screen of my phone. It just seems a bit unsanitary.
Chocolate lovers unite!
Cocoa and dark chocolate are rich in flavonoids and may lower blood pressure according to a study performed by the National Heart, Lung, and Blood Institute (NHLBI). 5,000 people aged 25-93 years participated in the Family Heart Study. Compared to subjects who did not report any chocolate intake, odds ratios for coronary heart disease (CHD) were 0.43 for subjects consuming chocolate 5+ times/week.
I knew my addiction to dark chocolate M&M’s would pay off. Just don’t let my kids know about this or the jig is up, they’ll be demanding chocolate every chance they get.
- 11:30 – 12:00 – Networking & Lunch
- 12:00 – 12:30 – Feature presentation
- 12:30 – 1:00 – Q&A, Open discussion
Reminder for medical device entrepreneurs: INpact offers an advisory panel to review your technology and provide guidance for your next step. This is a FREE service. Contact firstname.lastname@example.org for more details.
You can now order INpact wear! Click on the link below.
We look forward to seeing you!
Assist medical device companies to bring new product and technologies to market in timely and efficient manner. Focus on early stage, entrepreneurial, start-up or small medical device companies primarily in Indiana. Members of the network are service providers with a primary focus on product development. Utilize years of medical device expertise to provide the roadmap
for successful product/business development.
For more information visit: www.INpact.org.
There has been quite a bit of hoopla lately about the FDA and the lengthy processes it requires for medical device approval. Now the Senate and house are getting involved. According to the Senate lawmakers, “The Medical Device Regulatory Improvement Act” would help streamline the U.S. Food and Drug Administration’s (FDA) regulation of medical devices to continue to spur innovation and help get new, life-saving products to the market quicker without compromising consumer safety.
The senators claim the legislation would help streamline the FDA’s device regulation by clarifying the agency’s current least burdensome requirements, ensuring that when making regulatory decisions on medical devices, “FDA focuses only on the relevant information during the decision-making process, considers appropriate alternatives to reduce the time, effort, and cost of reaching regulatory decisions, and uses all reasonable mechanisms to reduce review times when making these decisions.”
A proposal was also introduced in the House of Representatives. Similar legislation called “Saving American Jobs and Saving American Patients” also aims to reform the FDA device review process.
We will have to wait and see what happens next in this ongoing situation…
I saw this article titled “The Study of the Extreme Urge to Urinate Wins Ig Nobel Medicine Prize and Other Scientific Silliness” and, I’ll admit it, I had to take a look.
The 2011 Ig Nobel Medicine prize went to a group of investigators from around the world who examined the effects of the urge to urinate. In one study, entitled ”The effect of acute increase in urge to void on cognitive function in healthy adults,” volunteers consumed 250 mL of water every 15 minutes until they could no longer resist the urge to micturate, all while being subjected to standardized cognitive tests. Unsurprisingly, “having an extreme urge to void exerted a large negative effect on attentional and working memory functions (d?>?0.8)” (Reference below). In fact, the magnitude of the detrimental effect on working memory was greater than that of being sleep-deprived for 24-hours or having a blood alcohol concentration of 0.05%.
All I can say is, this gives new meaning to the phrase “Don’t drink and drive.”
As if studying the extreme urge to urinate wasn’t enough, I came across another uniquely titled article called “Smell-O-Vision Product Concept Brings the Smell of the Clinic Home.”
Olf-action, a French manufacturer of olfactory generators for the film industry, has added an interesting product design to their portfolio of “olf-actuators.” The device is called the SMELL-IT and is essentially a surround sound system for your nose.
The SMELL-IT concept contains a number of disposable scent capsules, which it can be programmed to release much like an automated scratch and sniff. The product design is quite slick, looking like a cross between a desktop speaker array and a jet-engine. According to the company’s website, Olf-Action currently supplies 40 different scents for their existing devices ranging from “hospital atomsphere” to “smell of cakes”.
Will either one of these discoveries revolutionize the health-care world? Probably not, but I find it fascinating that even if your interest is something as bizarre as urination urges or surround smell, there is a place for you in the medical industry.