A new alliance between Cleveland Clinic Innovation Center and i360medical could help US and Irish medtech start-ups commercialise and grow. The alliance is Cleveland Clinic Innovation Center’s first foreign financial investment. Chris Coburn, Executive Director of the centre, praised Ireland’s commitment to innovation and the country’s strong medtech industry, in a recent interview with the Irish Times.
Both i360medical, a spin-off from the Royal College of Surgeons in Ireland, and Cleveland Clinic Innovations Center, a spin-off from Cleveland Clinic (Cleveland, Ohio, US), were created to help commercialise healthcare technology ideas. Dublin-based i360medical was created to act as a hub and “innovation enabler” and link the healthcare sector to the clinical, academic and business sectors. Cleveland Clinic Innovations Center is a venture business designed to commercialise ideas from the clinic’s staff. So far, there has been 35 Cleveland Clinic spin-offs.
The alliance will make i360medical the European wing of Cleveland Clinic Innovations and help Cleveland Clinic’s spinoffs launch products in Europe. It will also give Cleveland Clinic’s partners access to Irish start-ups. Similarly, it will help i360 expand into the United States and give the company access to US healthcare groups. Cleveland Clinic and i360 formed the alliance after Enterprise Ireland connected the two companies. i360medical will appoint a Cleveland Clinic representative onto its board of directors and its commercial and clinical advisory boards.Camilla Andersson