PATIENT SAFETY
Engaging with industry as an academic
Driven by budget pressures, an ageing population and the emergence of a new technophilic generation, demand for innovation in healthcare has never been higher. However, Chloe Moss, analyst at Health Enterprise East, warns that, while opportunities undoubtedly exist for the scientist or clinician-turned entrepreneur, many sadly fail to bring their technologies to life.
Innovation requires new ideas, methods, technologies and thinking, many of which are abundant and organically produced as a biproduct of rigorous academic research. Yet making the leap from academia to industry is fraught with pitfalls, which are best tackled with the right team and supporters on board. The process of translating ideas from academia to industry underpins successful innovation, but it is vital that academic entrepreneurs understand how to best navigate this journey.
Developing a commercial mindset
Despite being one of the world’s leading hubs of basic science research, there exists a significant gap in the UK in carrying research from the bench to the bedside. In order to bridge this gap, engaging and working with industry is critical.
While innovators are focused on improving patient outcomes through technological developments and scientific advancements, the industry ultimately wants,
and needs to, make money. Understanding and leveraging this commercial mindset is critical to ensuring that an innovation can be delivered to patients on a large scale. This means not only developing innovations which can be translated to real- life technologies, but also appreciating the commercial value of that innovation, the size of the market, the cost-benefit of the solution, and the pull from both industry and clinicians themselves. Gaining a detailed understanding of these factors can often be aided by early input from industry.
It’s never too early
A common misconception from academics and clinicians is that their innovation is “too early” to engage with industry. This is a myth that can be devastating to product development. Receiving early input can guide and help shape development in a way that makes it more commercially viable, investable and ultimately more likely to succeed. Engaging too late, on the other hand, can mean having
to fit an innovation to the market retrospectively, which is never an easy job. The best innovations always come from an unmet need or a strong pull from the end- user, be that patients or clinicians. Understanding the benefits for the full range of stakeholders, including commissioners, patients and clinicians, can significantly increase the chances of successfully bringing a product idea to life.
Leveraging industry expertise
Academics can be reluctant to engage with industry for fear of having to sell their soul to money-grabbing corporates, and having to sign over any intellectual property rights to their invention, which is a common misconception. ‘Industry’ refers not only to large pharmaceutical companies and corporate conglomerates, but also to innovation hubs, not-for-profit agencies, independent consultants and even third-sector funds and societies that are keen to promote innovation. Being aware of this landscape – the key individuals, bodies, and funding schemes available to innovators – is crucial when negotiating (and funding) the chasm between academia and industry. As such, having a partner on board that can offer guidance to the right people, funds and pathways can prevent innovators from getting lost in a sea of bureaucracy. As full-time academics and clinicians,
partnering with industry is particularly beneficial when developing a clear business plan and commercial strategy. Early industrial insight enables innovators to shape their business strategy to reflect the market they are targeting, by creating realistic financial goals and forecasts, understanding the end-user and building, not just a product, but a team that is capable of delivering that innovation to patients. Being able to tap into external resources is not only vital for funding but also for building a network of contacts that will champion the
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