Medical Innovation Labs’ first initiative is an advanced 3D printing and rapid prototyping lab in Austin, Texas.
Austin, TX (PRWEB) October 14, 2014
Medical Innovation Labs, a new hub for healthcare innovation in Central Texas, today launched. The organization commercializes breakthrough medical technologies with new venture concepts that uniquely address acute clinical needs in hospitals nationwide. In so doing, the Labs seeks to radically improve patient care, making sure that the best medical innovations in the world are made available wherever they are needed most.
Led by CEO Michael Patton, MD, Medical Innovation Labs brings together multidisciplinary teams to identify and solve critical clinical problems and provides the necessary resources to bring ideas to market. Aided by its extensive advisory network, the company guides medical technologies through all phases of commercialization, including ideation, development, regulatory execution, manufacturing, and company launch.
Medical Innovation Labs’ first initiative is an advanced 3D printing and rapid prototyping lab in Austin, Texas. The lab will be used to quickly and affordably build medical device prototypes for testing, iterating, and, eventually, preparing products for manufacturing. Medical Innovation Labs will be open to all clinicians, researchers, and entrepreneurs in the medical field.
Professor Joseph J. Beaman, Jr., Earnest F. Gloyna Regents Chair in Engineering at The Cockrell School of Engineering at the University of Texas at Austin, and 3D printing pioneer, will serve as Chief Technical Officer for the prototyping lab.
“The goal of the lab is to provide the resources to accelerate proof of concept through rapid prototyping,” said Beaman. “These capabilities will reduce time-to-market for innovative devices and ensure near-term impact on patient care. We want to make sure that anyone with a great idea has an inspiring facility in which to convene, the experts to advise them, and most importantly, an innovation and commercialization process that delivers real-world results.”
In addition to offering prototyping services, Medical Innovation Labs will provide a collaborative space for brainstorming, experimenting and strategic planning. An integrated seed-stage venture fund will provide working capital throughout the process.
Medical Innovation Labs brings firsthand knowledge of the entire medical innovation life cycle, from the identification of acute clinical needs, to prototype development, studies, clinical trials and eventually to the design, marketing, and distribution of new technologies.
“There are a number of very talented clinicians, researchers and medical entrepreneurs in Central Texas and more moving here every day. We need to prepare an ecosystem that nurtures ideation and moves timely innovations into the hands of the doctors and patients who need them most,” said Michael Patton, MD, founder and CEO of Medical Innovation Labs. “With the emergence of a new medical school and an emphasis on medical innovation here in Austin, the pieces are being put in place to transform care throughout Texas and beyond.”
Medical Innovation Labs has deep ties with clinicians and hospitals throughout the country, not just in Austin. This network of specialists allows portfolio companies to thoroughly vet ideas and test interventions in clinical settings nationwide.
“Medical Innovation Labs is a perfect example of the specialized labs and communities we need to establish within Austin’s Innovation Zone,” said Texas State Sen. Kirk Watson. “This organization will not only bridge the gap between idea and marketplace to foster medical innovation, but also provide a window to technologies from around the world that will improve patient care.”
Medical Innovation Labs will host its first event featuring innovative clinicians and researchers who are working to transform ideas into products. The event will be held at the AT&T Executive Education and Conference Center the morning of October 23.
For event details and more information on Medical Innovation Labs, please visit: http://www.medicalinnovationlabs.com.
About Medical Innovation Labs
Medical Innovation Labs is a new hub for healthcare innovation in Central Texas. We commercialize breakthrough medical research with new venture concepts that uniquely address acute clinical needs in hospitals nationwide.
Together with medical researchers, clinicians, engineers, entrepreneurs, and administrators, we distribute innovative technologies that solve some of the most pressing issues in patient care. We guide individuals and teams through the entire medical innovation life cycle, from identification of acute clinical needs and proof of concept to design, marketing, and commercialization.
Medical Innovation Labs exists to make sure that the best medical innovations in the world are made available wherever they are needed most.
For more information, visit: http://www.medicalinnovationlabs.com.