Not unlike other critical industries, Medical Technology — or MedTech — relies on a constant stream of innovation, creativity and funding to survive and thrive. Idaho possesses these attributes, but faces a lack of connectivity within the industry.
This may not sound like a problem with the potential to affect the greater good, but the lack of connectivity in MedTech means the support system that could be helping these companies grow is limited in its ability to impact it. The lack of a robust ecosystem to support MedTech innovation slows advancement of innovations that make surgery and recovery easier and faster, devices that have enabled patients to recover in ways never imagined, and technology that enhances health care.
Why is connectivity important in the MedTech industry?
First, people have innovative, radical ideas that ultimately improve the industry and people’s lives. We should be jumping at the chance to encourage their thinking and inspire more of it. By bringing together talent in areas like computer science, engineering, biomolecular research and materials science we can become a hub for medical innovation. By connecting this expertise we can come together to solve local, regional and national health care issues right here in Idaho.
Second, we need it. Global health patterns are changing. Influences like overpopulation, sedentary lifestyles and economic disparity play a role in health factors, causing the need for the MedTech industry to evolve.
Finally, we have the support. Unbeknownst to many, angel funding and venture capital funding is still very much available for the MedTech industry. Investors are an important piece to the equation and drawing funding can be challenging and a long-fought battle.
We need to build upon the promising innovation already taking place in our communities and state by supporting the MedTech entrepreneurs with a vibrant, supportive ecosystem. That means first understanding the multitude of resources already in the state and bringing them together to form a robust network.
If you’d like to learn more, you should consider attending the daylong MedBuild Summit on Wednesdayat Boise State University. For tickets and additional information, visit www.thecoreida ho.com/medbuild-2016.html.
Earl Sullivan founded and serves on the Board of Directors for The CORE — a 501c(6) non-profit organization that is administered by a group of volunteer MedTech industry leaders. Sullivan has consulted to a variety of industries including pharmaceutical, medical device, health care information technology, social media, and food/beverage and is focused on building better companies, faster. Sullivan is also the founder and winemaker at Telaya.
The MedBuild Summit will be held 8 a.m. to 5:30 p.m.. Wednesday at Boise State University. Tickets at $20 to $85 and available at www.thecoreidaho.com/medbuild-2016.html.