Henry Ford Health System global tech initiative, innovations institute get nearly $2 million boost
April 3rd, 2017 by Tyler Clifford
See original article here via Crain’s Detroit
Henry Ford Health System will establish a tech development program with Israeli entrepreneurs and companies and advance its innovations unit with the help of nearly $2 million from Troy-based William Davidson Foundation, it announced Monday.
The Global Technology Development Program, led by Henry Ford Innovations Institute CEO Scott Dulchavsky, M.D., and Henry Ford Health System Vice President and Chief Innovation Officer Mark Coticchia, was created to discover and co-develop health care technologies in Israel and introduce them to the U.S. market, according a news release. The institute, which was established in 2011 to market the Detroit-based health system’s technologies and expertise, chose to work with Israeli companies because the country is the highest global spender in per capita research and development, and it offers the most startups outside of California’s Silicon Valley, the release said.
A delegation of clinicians, engineers, researchers and cardiologists worked with Israel-based Start-Up Nation Central to expand Henry Ford’s network with global tech firms and entrepreneurs. The innovations team has since received more than two dozen inquiries, which the hospital hopes will lead to new products in the U.S. market, HFHS spokeswoman Brenda Craig said.
“Without a full understanding of the market landscape, as well as regulatory and quality requirements, even a brilliant idea may not succeed,” Dulchavsky said in the release. “Henry Ford provides the clinical partnership and expertise these companies need to develop, analyze and ultimately introduce a successful product that provides health care value.”
The Davidson Foundation awarded the health system $675,000 in a challenge grant earmarked for the new global development program. The hospital plans to raise matching funds throughout the year, Craig said.
Over the next two years, the Innovations Institute will receive $1.3 million to improve its research and education, technology management, corporate innovation and international programs.
The health system declined to disclose the budget for the Innovations Institute, which is supported by internal funding, external grants and royalties from various licensing agreements in Saudi Arabia, India and Israel.