Who actually evaluates each idea submitted to Edison Nation Medical?
The decision-making process for medical devices is highly complex and subject to many constraints (e.g., physician’s choice, vendor pricing, and regulatory requirements). Group decision-making is necessary, because it provides expertise and achieves goals that are beyond the range of one single individual. For this reason, the Edison Nation Medical Evaluation Team relies heavily on our strong partnership with Carolinas HealthCare System to tap into their 60,000+ associates for input.
In addition to making a financial investment to help launch Edison Nation Medical, Carolinas HealthCare System continues to serve as a crucial operation partner, providing important access to more than 300 medical specialists on a regular basis who assist with evaluating the medical efficacy of each idea (starting with Dr. Jean Wright, who serves a dual role as VP Innovation for Carolinas HealthCare System and Chief Medical Expert for Edison Nation Medical); access to the more than 60,000 employees on an as-needed basis to provide additional insights; and access to the Carolinas HealthCare System’s Materials Management and Purchasing associates who help in evaluating the market potential of any acute care product ideas submitted to us.
How does the Edison Nation Medical evaluation and commercialization process work?
Given the high degree of complexity involved in evaluating and commercializing acute care, durable medical/home care, and retail consumer healthcare innovations, we have developed a multi-step process for how each idea is handled:
Stage 1: Submission Received
Our Evaluation team confirms that the Inventor’s idea, along with any patent and product sketch information, if applicable, was securely and successfully received.
NOTE: We need to automate reminders to inventors if they don’t provide a product sketch or don’t provide patent number and priority date when they claim they have patent and/or prompt inventor to attach patent document/filing receipt as soon as they check the “patented” box.
Typical timing for communicating to Inventor: Within 48 hours
Stage 2: Pre-Screen
Confirm that the submission meets any minimum requirements necessary, including:
1. Idea is medical in nature
2. Idea relates to a device, technology or app
3. Idea is not related to process improvement, cultural change, new program or service line development
4. If submitted in response to a particular search, idea meets minimum criteria of that search
Typical Timing: Within 30 days
Stage 3: Initial Feasibility Review (includes Intellectual Property, Medical, Technical and Market assessment)
Stage 4: Intermediate Feasibility Review (includes Intellectual Property, Medical, Technical and Market assessment)
Stage 5: Advanced Feasibility Review (includes Intellectual Property, Medical, Technical and Market assessment)
Within Feasibility Stages 3 – 5, the bulk of the idea evaluation occurs. These highly-iterative stages involves more than 100 experts at times and, in our years of experience, addresses the four most important aspects determining an idea’s commercial potential:
- Intellectual Property Position, including:
- Uniqueness of the innovation idea
- Patentability of the idea
- Medical Efficacy, including
- Potential application(s) of the innovation & clinical feasibility
- Clinical efficacy
- Current standard of care the innovation would enhance or disrupt
- Technical Efficacy, including
- Ability to design effectively and manufacture within acceptable cost parameters
- Ease of use by the end-uses
- Commercialization Assessment, including
- Combined market size for all potential applications
- Cost reduction and/or improved patient satisfaction benefits
- Current or foreseeable competition
- Channel(s) of distribution
- Regulatory pathway
- Reimbursement requirements & opportunities
- Customer validation
- Potential purchase order
Timing: 1-9 months, depending on complexity of the idea
Stage 6: In-Depth Commercialization Assessment
We have strong partnerships with leading acute care provider systems, durable medical equipment companies, and consumer healthcare retailers. As such, we are able to gather feedback on each Stage 6 invention idea from the appropriate partner depending on which distribution channel is relevant. During this stage, we gain deeper insights into the true commercial potential for an idea by gathering this “voice of the customer” feedback and, when appropriate, even securing a first purchase orders.
Timing: 3-6 months
Stage 7: Finalists
Idea submissions that progress to Stage 7 are considered “Finalists” and are passed to our Business Development team, who begin proactive outreach to our community of Innovation Partners, including leading global medical manufacturers and other commercialization organizations that would license our Inventors’ ideas. Ideas submitted as part of a sponsored search are presented to our Search Sponsor for consideration at this stage.
Timing: Varies, but typically 6-12 months
Stage 8: Idea Commercialization
The Edison Nation family has strong experience in negotiating agreements for the licensing or sale of innovation ideas. We have deep knowledge of market terms and conditions and we have strong economic incentive to obtain the best terms possible in the market. In this stage, our business development team handles all aspects of negotiations related to the licensing or sale of an Inventor’s idea while keeping our Inventors informed of the progress and outcome.
Timing: 3-6 months
What criteria are used to determine whether an idea is good or not?
In our years of experience evaluating and commercializing healthcare innovations across acute care, home care and retail healthcare, we’ve identified 15 key criteria that must be examined carefully. One of the key advantages of working with Edison Nation Medical to commercialize your healthcare innovation idea is that we have world-class expertise (in-house and through our strategic partnership with Carolinas HealthCare System) in all of these areas:
i. Intellectual Property Position, including
Uniqueness of the innovation idea
Patentability of the idea
ii. Medical Efficacy, including
Potential application(s) of the innovation & clinical feasibility
Current standard of care the innovation would enhance or disrupt
iii. Technical Efficacy, including
Ability to design effectively and manufacture within acceptable cost parameters
Ease of use by the end-user
iv. Commercialization Assessment, including
Combined market size for all potential applications
Cost reduction and/or improved patient satisfaction benefits
Current or foreseeable competition
Channel(s) of distribution
Reimbursement requirements & opportunities
Potential purchase order
What makes Edison Nation Medical a “world-class expert” in evaluating and commercializing healthcare innovation ideas?
Our years of experience evaluating and commercializing healthcare innovations across acute care, home care and retail healthcare, has taught us the critical factors necessary for successfully bringing a healthcare idea to life. We have assembled a team — both in-house and through our strategic partnership with Carolinas HealthCare System — that provides us exceptional expertise in each of these areas:
i. Intellectual Property
Our CEO, Louis Foreman, is a leading expert in intellectual property, particularly as it pertains to individual inventors. In 2008, United States Secretary of Commerce, Carlos M. Gutierrez, appointed Louis to serve on the Patent Public Advisory Committee (PPAC) of the United States Patent and Trademark Office (USPTO). The Committee was created by Congress to advise the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office on matters relating to the policies, goals, performance, budget, and user fees of the patent operation. Louis’ term on PPAC ends December 2014.
In addition, Louis has been called upon multiple times to brief the House and Senate Judiciary Committees on legislation related to the US Patent system and its impact on independent inventors.
ii. Clinical Efficacy
In addition to making a financial investment to help launch Edison Nation Medical, Carolinas HealthCare System continues to serve as a crucial operation partner, providing important access to more than 300 medical specialists on a regular basis who assist with evaluating the medical efficacy of each idea (starting with Dr. Jean Wright, who serves a dual role as VP Innovation for Carolinas HealthCare System and Chief Medical Expert for Edison Nation Medical). We also have access to the more than 60,000 Carolinas HealthCare System employees on an as-needed basis to provide additional insights.
iii. Technical Efficacy
Within our 25,000 sq ft innovation headquarters in Charlotte, North Carolina, we have extensive product development capabilities, including a staff of 25 (?) industrial designers, rapid prototyping equipment and expertise, 3D printers, and expansive design space. Having these capabilities in-house allows us to evaluate the technical feasibility of any idea submitted to us as well as to turn back-of-the-envelope inventor sketches into CAD drawings or even 3D printed prototypes very quickly, easily and cost effectively.
iv. Commercialization Assessment
In addition to the years of experience our Business Development team has in assessing and commercializing healthcare innovations, we also have easy access to the Carolinas HealthCare System’s Materials Management and Purchasing associates, who help in evaluating the market potential of any acute care product ideas submitted to us.
Carolinas HealthCare System is one of the largest public health system in the US, managing 43 hospitals, 950+ points of care, and 11+ million patient interactions every year. The sheer size of the organization and volume of products used annually provides their Materials Management team exceptional data and insights regarding regulatory and reimbursement issues, system “pain points”, price and margin sensitivities, and potential order volumes.
Most importantly, though, is that through this relationship, we are able to gather true “voice of the customer” feedback regarding an innovation idea and, at times, even secure an initial purchase order from Carolinas HealthCare System that we can then take into our licensing negotiations with manufacturers. This is a critical advantage that most individual inventors and small start-ups cannot match!
How do I find out the current status of my idea?
Each person who submits an idea can follow its progress through our eight-stage screening process by watching his/her Edison Nation Medical dashboard. Log in to view your dashboard here.
How long will it take ENM to review my ideas?
Our internal evaluation process for ideas begins the moment an idea is submitted into our system and can take anywhere from one month to a year, depending on the complexity and of the idea and how far it gets into our evaluation process.
The Edison Nation Medical Evaluation Team works as efficiently as possible, but we are very careful not to eliminate any ideas prematurely. If a particular idea happens not to be a good fit for one specialty in healthcare, for example, it may well be a perfect fit for another specialty. And since it’s in our best interest and the best interest of our Inventors to identify every possible use for an invention idea, we err on the side of doing a very thorough evaluation rather than simply trying to move fast.
Once I submit my idea, how do I know if my idea was selected?
As soon as you submit your idea, it will appear on your dashboard. As your idea progresses through each step of our patent-pending review process, you will be notified on your dashboard.
How do I access my dashboard?
In order to protect the confidentiality of your idea, you must be logged in to Edison Nation Medical in order to view your dashboard. Log in to view your dashboard now.
What does a green check mark mean? Does that mean my idea passed that stage?
A green check mark on your dashboard means your idea has successfully progressed onto the next stage of the review process.
What does the red X mean on my dashboard?
The red X means your idea has not been selected to move forward in the review process. If your idea is not selected, the rights to your idea automatically revert to you. Simply click “Remove” next to your idea in the Your Ideas section of your Innovation Search database.
Alternatively, your idea might be a better fit for a different search we are currently running or might run in the future – especially if your idea made it to Stage 7. So you might consider leaving your idea in the database and submitting it to another search.
If my idea is not accepted, will ENM tell me the reason why?
As much as we would love to provide individual feedback to every inventor, we are unable to do so due to the volume of submissions we receive and the time involved in fully evaluating every idea. When an inventor’s idea does not move forward in our evaluation process, he or she is able to reference our Evaluation Stages to understand the issue that kept the idea from proceeding. The inventor can then determine whether or not to continue to invest additional time and resources in commercializing the idea by other means on his own.
Keep in mind that ideas we opt not to pursue often times simply don’t fit with our particular business model, but may still be worthy of pursuing through other means. There are multiple avenues for bringing a healthcare idea to life, Edison Nation Medical being just one of those.
If my idea is not selected, will I get my money back?
No. The submission fee covers a portion of administrative costs associated with evaluating your idea and is nonrefundable.
If my idea is not selected, will I get my idea back?
Edison Nation Medical does not retain intellectual property that we do not plan to commercialize and so, if we choose not to proceed with your idea at any point, all intellectual property will revert back to you. In addition, we will provide you with any patents, designs, or prototypes we may have secured or created in the process of evaluating your idea. There is nothing you will need to pay in order to have all of these returned to you.