MEDICAL INNOVATION NEWS
Message from the Chairman
Whenever I step into the Fogarty Institute offices, I am inspired and energized by the progress of our startups, the strength of the partnerships we have forged, the value of our educational programs and the generosity of our donors.
I am also reminded of the important role we play in helping ensure that life-saving and life-improving devices reach the patients who need them the most.
A recent report from the Advanced Medical Technology Association found that the future of the American medical technology industry is at great risk. Our industry has been suffering from an ongoing and steady decline of entrepreneurship and venture capital funding for more than two decades.
While the news is sobering, it also reinforces the importance of working together to continue pursuing creative ways to advance patient care. The need to find solutions that better address medical needs has not ceased - it is up to organizations like the Institute to continue to galvanize our industry.
In this edition, we highlight some of the ways the Institute is doing its part to promote that spirit of collaboration. We invite you to read more about our partnership with El Camino Hospital, whose value was underscored through our inclusion on Becker's Hospital Review's list of "50 Hospitals with Innovation Programs;" recent advances by Marz, including positive patient feedback; and a profile of Mike Markkula, who along with his wife Linda is one of our ardent supporters.
We also feature a Q&A with Marian Powell, co-founder of Bamboo Partners and leadership coach of the Ferolyn Fellowship, which underscores the importance of collaboration and goal setting.
And last but not least, I want to remind you that applications for medtech startups are being accepted until November 18. Please help us share the news as we seek the next generation of companies that will help improve patient care.
As always, we welcome your feedback and thoughts.
Thomas Krummel, MD, Chairman
"The Fogarty Institute is so unique – there isn't another organization helping medtech startups get their products to market so quickly and successfully." – Mike Markkula, former Apple CEO
Fogarty Institute for Innovation Updates
Tomi Ryba, photographed with Dr. Fogarty, has been a staunch supporter of the Institute and medtech innovation since she began her term as CEO of El Camino Hospital in 2011.
El Camino Hospital and Fogarty Institute are recognized in top "50 Hospitals with Innovation Programs" by Becker's Hospital Review
The Fogarty Institute for Innovation and El Camino Hospital have long enjoyed a strong partnership. That's why we were delighted to be recognized in Becker's Hospital Review's prestigious "50 Hospitals with Innovation Programs" 2016 list.
"To us, device innovation means focusing on the discovery of a health challenge and inventing a solution that improves quality outcomes and lowers costs," said Tomi Ryba, president and CEO of El Camino Hospital.
"Having the Fogarty Institute right on our campus allows the opportunity for medtech startups to be involved in identifying and solving real problems, while having access to world-class nurses, technicians and physicians who work on healthcare issues on a daily basis and can provide an instantaneous response on what works and what doesn't. This creates an unparalleled synergy that will ultimately create a more effective solution."
Hospitals on the list were selected because of their demonstrated commitment to bettering healthcare by tackling the biggest challenges facing patient care and care delivery. According to Becker's Hospital Review's editor, "These health systems are among those that have committed to keeping up with — or getting ahead of — the pace of change in healthcare by forming dedicated centers and institutes for innovation."
The Becker's Hospital Review editorial team considered nominations and conducted editorial research to select the hospitals included on this list.
"We are very proud to have made Becker's Hospital Review's list. It validates our commitment to our location on the El Camino Hospital campus, which helps drive solutions that lead to better patient care," said Tom Krummel, MD, chairman of the Fogarty Institute for Innovation. "Since our inception in 2007, The Fogarty Institute has enjoyed a strong partnership with the hospital, where the physicians and the Institute's innovators are continuously collaborating to find and develop potential solutions to improve and save patients' lives."
Becker's Hospital Review has published a version of this list since 2015, and this is the first time it has featured 50 hospitals. The full list can be read here: http://bit.ly/2dgSM5Q
Dr. Josh Korman, founder of Marz Medical, with Brenda Mijares, one of the patients who benefitted from the startup's technology.
Marz Medical receives glowing feedback from end users; on track to get Blossom technology to market
For a breast cancer patient, anything that makes treatment and recovery a little easier is a dream come true.
That's why patients like Brenda Mijares, a breast cancer survivor who benefitted from BlossomTM, Marz Medical's technology that is intended to shorten recovery time for patients undergoing breast reconstruction, are singing praises of the startup's treatment advances.
Under the direction of founder Joshua Korman, MD, and CEO Kerry Pope, Marz Inc. has had impressive results and feedback, with 100 percent of its cases being successfully completed in seven to 10 days, versus several months for those using the traditional method.
"Dr Korman's technology is amazing," said Mijares. "I completed my reconstruction with expanders and permanent implants in only two weeks and it was all finished before I started chemotherapy. I am so thankful I was able to benefit from the development of this technology - it made my recovery so much easier."
Blossom revolutionizes breast oncology treatment by drastically shortening the time required for tissue expansion with an automated process.
Patients can now complete reconstruction before they begin chemotherapy and can manage the process based on their own comfort levels. The result? More convenience, often less pain and fewer doctor's visits, a welcome reprieve for women who spend all too much time in clinician's offices.
Marz is also updating the device's design to make it more visually appealing and user friendly.
"We have a winning combination of FDA clerance, patents and positive trials, and are now actively seeking funding to finish commercialization," said Korman. "I launched Marz because I saw a substantial need for a better solution to post-mastectomy reconstruction. The traditional method, in use for the past 50 years, is too painful and lengthy. It needed to be upgraded and automated, which we have achieved with Blossom. In addition, we also hope to use the technology for burn reconstruction," Korman added.
"We are confident that our potential investors will be impressed with our successful trials and the promise this technology offers," he said.
Q&A with Marian Powell, Partner and Co-Founder of Bamboo Partners; and Advisor and Leadership Coach of the Ferolyn Fellowship
Marian Powell (second to the left) with her sister Liz McDermott (far left) and first-year Ferolyn Fund fellows Kate Garrett, Julia Fox and Matt McLean
With over three decades of experience working with some of the world's best companies and top business leaders, Marian Powell is an expert at helping people work together on exciting ideas that drive results.
Prior to founding Bamboo Partners in 2010, Powell was a partner at Korn Consulting Group Inc. She also spent 17 years at GE where she served as Officer of GE Capital and SVP of Global Sales and Marketing for GE Equipment Services.
Following the tragic passing of medtech pioneer and sister Ferolyn Powell, she helped launch the Ferolyn Fellowship alongside her sister Liz McDermott, offering her time as a member of the Advisory Council and providing customized goal-setting coaching to its fellows.
We had the privilege of catching up with Powell to discuss her career, the value of leadership coaching and her role with the Ferolyn fellows.
Q. What led you to launch Bamboo Partners and how are you helping companies/individuals develop better processes and become more effective? A. During my 17 years at GE Capital, I was able to learn so much about running different businesses and developing streamlined processes that I can now apply those learnings to our clients' businesses.
Intuitively, executives know that you can accomplish so much more when employees are aligned and working towards the same goal. And many companies have done a good job of cascading goals vertically from the top to the line staff. Unfortunately, the desire or intention to collaborate across functions can get lost in a company where employees may be structurally divided or leaders just don't think about lateral process -- and ultimately it hurts the business.
That realization led to the start of Bamboo Partners with my business partner, Susan Heinlein. It was founded on the premise of helping people work together in transformational ways. Collaboration is something you see in startups, but as companies mature, it's easy for people to lose sight of how to sync up and pursue a common goal.
Companies bring us in when they start noticing they're no longer achieving results, often because of a lack of productivity or inability to implement a strategy. We come in and quickly find the root cause of the problem, which is often a misalignment in the areas of process and culture.
We tell our clients that in 100 days we will have a solution in place, and that's what we deliver. We facilitate the development of long-lasting, effective and sustainable solutions by involving the people closest to the work in the redesign. Seeing these breakthrough discoveries succeed is very rewarding.
Q. What do you find most rewarding about your work? A. It's very rewarding to quickly short circuit negative cycles. We have seen so many "shades of the same color" that we can quickly see what works well and what doesn't. We help companies overcome those chronic issues that they can't seem to resolve.
And I am very excited that now we can use these "lessons learned" with the Ferolyn fellows. By bypassing some common stumbling blocks, it accelerates the ability of these bright innovators to go out and change the world.
Q. How will the Ferolyn Fellowship help aspiring medtech entrepreneurs? A. Ferolyn was all about connections. And we are fulfilling that legacy with the fellowship by connecting promising entrepreneurs with the right people who can mentor them based on their individual needs. Here's how it works...each fellow is paired with a host mentor and together they work on a very tailored program. A big component of this is introducing the innovators to the people they want to get to know in their industry or product category.
I haven't seen any other programs like the Ferolyn Fellowship that can offer this level of tailored mentoring and collaboration. The fellows are at a perfect place in their careers to really benefit from this because they already have terrific experience: they are self-driven and thoughtful, and have developed a number of strong leadership traits.
Q. How are you helping the Ferolyn Fund fellows and why is goal-setting such a critical component of the program and in shaping one's career? A. Companies and individuals spend a lot of time goal setting, but it is often done very poorly. Simply said, the reason we set goals is first, to prioritize our work efforts, and second, to know how much we have accomplished. Setting goals at the beginning of a program like this one is very important so both the fellows and their mentors stay focused on making progress on a few very important things.
The goal-setting session we held with the Ferolyn fellows was very specific to help identify what they want to gain from the program. We discussed what they are trying to do, what they see as challenges and what they feel they are not yet doing well in their roles. We also talked about whom they might want to meet in their industry or with relevant experience.
To be effective, goals have to be SMART: specific, measureable, actionable, relevant and timely. Too often people fall into the trap of setting vague goals that are hard to measure. We wanted to ensure that each fellow focused on a small number of very specific things they wanted to accomplish. Setting the goals helped them crystallize their thoughts about what they wanted to achieve in the program.
The Ferolyn Fellowship is a winning combination of a passionate advisory board, top-notch mentors and some of the brightest entrepreneurs in the medtech space.
Mike Markkula and his wife Linda are long-time supporters of the Fogarty Institute
Mike Markkula has the golden touch when it comes to associating with successful early-stage companies – finding them, working for them and investing in them.
After a successful career in marketing at Fairchild Semiconductor and Intel Corporation, he retired early, yet his interest and investment in the tech world was just beginning.
What followed was an introduction to Steve Jobs and Steve Wozniak, which led to his involvement and early funding of Apple, where he eventually became the company's second CEO.
In addition to helping build Apple into the tech behemoth it is today, one of Markkula's proudest accomplishments is founding the Markkula Center for Applied Ethics at Santa Clara University, which was launched to help students and professionals develop the tools to tackle challenging situations in a conscientious way. It has grown to be the world's largest ethics entity in terms of staff, footprint and curriculum.
Markkula's penchant for early-stage companies and organizations that generate a concrete benefit led to his involvement with the Fogarty Institute. First introduced to Dr. Tom Fogarty at one the Institute's Wine with Heart fundraisers, Markkula was quickly impressed by the nonprofit's ability to support "real people, making real products that have a positive impact on patients."
"The Fogarty Institute is so unique – there isn't another organization helping medtech startups get their products to market so quickly and successfully," Markkula says. "The Institute has been a very worthwhile 'investment,' and Linda and I thoroughly enjoy visiting the startups to track their progress and learn more about the cutting-edge technologies they are developing."
Markkula's gifts and philanthropic involvements are always thoroughly vetted by his wife and daughter Kristi, to ensure that they are truly accomplishing their mission -- "where the rubber meets the road."
Today, Markkula enjoys working on his golf game, skiing, traveling, spending time with his family and two grandkids, and enjoying his (second) retirement. He also dabbles in a small number of investments in companies that fulfill a personal interest, rather than a business return.
In the News
Becker's Hospital Review: 50 Hospitals with innovation programs
Mountain View Voice: A hotbed for hospital innovation
The San Jose Mercury News: Medical tech investor Allan Will betting on wireless pacemaker (Allan Will is a Fogarty Institute board member)
Managed Care Magazine: Software Weds Big Data, the CT Angiogram To Avoid Invasive Procedure (HeartFlow is a Fogarty Institute alumni)
BusinessWire (news release): PQ Bypass Announces Peter Wehrly as President and CEO (PQ Bypass is a Fogarty Institute alumni)
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