The Charleston Regional Development Alliance's website, reports personnel at Charleston Medical University of South Carolina (MUSC) are trying to expedite the commercialization of scientific ideas and innovations.
To do this, the university is working with its Foundation for Research Development and Institute for Applied Neuroscience (IAN).
Ted Bird, a veteran in the medical device industry with more than three decades of experience in sales, marketing and executive leadership, is now the chief operating officer at IAN and is leading the commercialization charge at MUSC.
“Along with the rest of the team at IAN, including our chief technology officer Mark Semler, we’re able to offer heavy industry experience,” Bird said. “It means that we are used to working in a way that is very business-oriented. We are used to working to deadlines, being accountable, and knowing when to agree that if a project is going nowhere, to kill it and move on.”
IAN hopes it can move from being funded by seed money to being self-sustaining as it licenses its technologies, makes payments and begins receiving royalty incomes.
In September, IAN licensed its patented spine surgery product to Amendia Inc.
“This first license is a validation of our unique innovation incubator-technology accelerator model, demonstrating our ability to transform ideas into valuable healthcare products and make a difference in patients’ lives," Bird said. "We have reviewed over 100 invention disclosures over the past two and a half years and have activated eight projects, six of which are ready for commercial licensing.”
IAN officials foresee a time when IAN will be able to not just participate in development and licensing of neuroscience technology products.
"MUSC already offers companies located locally in the Charleston area an incredible resource," Bird said. "So not only are they locating in an area where costs are competitive and it’s very easy to recruit, but they also have access to MUSC, where our unit at IAN, along with the MUSC technology transfer office – the Foundation for Research and Development -- offer fantastic potential for companies to establish themselves, carry out clinical trials and develop their products locally and, as a result, speed up the whole innovation and product development process.”