Cleveland Clinic and MedStar Health Form Collaborative Innovation Alliance Initiative to Enhance Technology Development and Commercialization
CLEVELAND and COLUMBIA, Md., Jan., 11, 2011 /PRNewswire/ -- Cleveland Clinic and MedStar Health have agreed to create an Innovation Alliance to benefit patients through collaborative innovation projects, research, clinical investigation, and commercialization application.
The Innovation Alliance will be a joint effort of Cleveland Clinic Innovations (CCI), led by Chairman Thomas Graham, M.D. and Executive Director Chris Coburn, and the MedStar Institute for Innovation (MI2), led by Director Mark Smith, M.D., with collaboration on multiple fronts. The first tangible expression of this Innovation Alliance is for MedStar to utilize CCI's comprehensive technology and commercialization services infrastructure. The integration of capabilities between the two organizations will be focused on development and rapid deployment of new technologies.
"We are pleased to have the opportunity to work with MedStar Health in accelerating the development of technologies that directly benefit patients," said Delos "Toby" Cosgrove, M.D., President and CEO, Cleveland Clinic. "In light of the significant changes taking place in the U.S. health care system, this type of collaboration is important in enhancing the overall quality of care."
Over the last 10 years, Cleveland Clinic Innovations has earned a reputation as an industry leader in navigating the commercialization process, resulting in 35 spin-off companies and more than 250 licensed technologies. MedStar Health has a record of producing innovative solutions in informatics, simulation training and elder home care, and has made a broad commitment to expand innovation into all areas of clinical care.
"MedStar Health and Cleveland Clinic share a compelling vision of creating a better future for our patients," said Kenneth Samet, President and CEO, MedStar Health. "We are excited to collaborate with the Cleveland Clinic to enhance the quality and safety of health care while reducing costs and improving effectiveness."
As the first joint initiative of this new alliance, Cleveland Clinic Innovations will provide on-the-ground support to assist the MedStar Institute for Innovation in tapping into the creative talents of MedStar's associates and manage an "idea-to-market" process. The two centers will be focusing on technology development and commercialization with plans to explore additional collaboration opportunities between the two organizations.
About Cleveland Clinic
Cleveland Clinic, located in Cleveland, Ohio, is a not-for-profit multispecialty academic medical center that integrates clinical and hospital care with research and education. It was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names Cleveland Clinic as one of the nation's best hospitals in its annual "America's Best Hospitals" survey. About 2,100 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. In addition to its main campus, Cleveland Clinic operates nine regional hospitals and 15 Family Health Centers in Northeast Ohio, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and opening in 2012, Cleveland Clinic Abu Dhabi. In 2009, there were more than 4.6 million visits throughout the Cleveland Clinic health system and 170,000 hospital admissions. Patients came for treatment from every state and from more than 100 countries. Visit us at www.clevelandclinic.org.
About MedStar Health
MedStar Health combines the best aspects of academic medicine, research, innovation and treatments with a complete spectrum of clinical services to advance patient care. As the largest health care provider in the Maryland and Washington, D.C., regions, MedStar's nine hospitals, the MedStar Health Research Institute and 20 other health-related companies are recognized regionally and nationally for excellence in medical care. MedStar has one of the largest graduate medical education programs in the country training over 1,100 medical residents annually. MedStar also has a major academic affiliation with Georgetown University. MedStar Health is a $4 billion not-for-profit, regional health care system based in Columbia, MD, that is also one of the largest employers in the region. Its 26,000 associates and 5,300 affiliated physicians all support MedStar Health's patient-first philosophy that combines care, compassion and clinical excellence with an emphasis on customer service. Visit us at www.MedStarHealth.org
SOURCE Cleveland Clinic