"Insight Product Development's leadership has been instrumental in helping us evolve our early concepts toward a viable platform solution positioned for success." - Output Medical co-founder, Jay Joshi, MD
CHICAGO, IL (PRWEB) February 27, 2015
Insight Accelerator Labs has partnered with Chicago start-up Output Medical to advance the development of an in-line urine flow meter platform concept toward commercialization. The new solution is being developed in direct response to current high cost healthcare methods that offer only 73% accuracy and error margins with potentially grave consequences. The company’s new platform will automate error-free output measurement and provide trending data analysis to signal ICU caregivers of anomalies, enabling early intervention to ultimately reduce kidney failure-related mortality rates.
“Significant opportunities exist for this technology concept to improve the quality of care, prevent the escalation of serious health complications and reduce mortality rates,” says Steve McPhilliamy, Executive Director of Insight Accelerator Labs. “We’re looking forward to working directly with Output Medical and helping the company realize this important concept’s full potential in the market”
The concept’s market opportunity is substantial. More than 1.7 million patients require close fluid management each year following abdominal surgery, organ transplants, trauma, sepsis and other major health events. Of these patients, twenty five percent decline each year in condition, with the potential risk of kidney failure. The 10 percent of these cases that can be prevented from declining through early output anomaly identification and intervention represent a potential $320 million total healthcare cost savings.
“For the past two years, the counsel we’ve been given by Insight Product Development’s leadership has been instrumental in helping us evolve our early concepts toward a viable platform solution positioned for success,” says practicing physician and Output Medical co-founder Jay Joshi, MD. “As the newest member of Insight Accelerator Labs, we’re excited to continue leveraging the company’s expertise to advance our concept through commercialization.”
As part of this partnership, Insight’s technology development and design consultancy teams will translate the company’s intellectual property to a proof of concept and align it to marketable platform solutions compatible with the larger medical environment’s cost constraints. To learn more about Output Medical and the company’s market opportunities, contact Steve McPhilliamy at smcphilliamy(at)insightpd(dot)com
773.907-9500 ext. 215
About Insight Product Development
Insight is a design innovation consultancy that uncovers innovation opportunities for clients, designs the technologies and experiences that support them, and drives their development through commercialization. Headquartered in Chicago, our award-winning innovations span dozens of industries, reach more than 30 countries, have earned hundreds of patents, and favorably impacted millions. Our work is informed by a decades-long product development heritage serving highly regulated industries with the most exacting standards. Insight culture allows our multi-discipline team to work as an agile unit to consistently deliver better business outcomes for clients. For more information visit http://www.insightpd.com
About Insight Accelerator Labs
Insight Accelerator Labs (IAL) is the first medical device accelerator in the Midwestern United States, and was launched by Insight Product Development in early 2013 with three distinct goals: to help drive innovation and business growth, fuel the momentum of Chicago’s health tech start-up ecosystem, and improve people’s lives by advancing meaningful technology toward commercialization. For up to 18 months, IAL member startups receive expert mentoring, product development services from one of the most experienced development teams in the world, grant and award application assistance and extensive infrastructure support to translate their technology into commercial success. For more information, visit http://www.insightpd.com/insight-labs