Akron partnership banks on building biomedical corridor, jobs
Douglas Trattner |
Thursday, February 25, 2010
"I came to Akron because I was quite impressed with the vision of what the BioInnovation Institute could become," says Dr. Frank Douglas. "There is a tremendous desire here to do something that improves the health of the economy in this region � and that's why this will succeed."
Announced in late 2008, the Austen BioInnovation Institute aims to become a global leader in biomaterials science by building upon Akron's core strengths in research, education and healthcare. The unique public-private partnership endeavors to bring thousands of jobs to the area by channeling the expertise of the city's leading medical and educational institutions.
Fueled by some $80 million of start-up funding provided by public and private sources that include the John S. and James L. Knight Foundation, the State of Ohio, Summit County and FirstEnergy, the institute is focused on creating the next generation of biomedical innovations and the companies, jobs and dollars that come with them. The five key players are Summa Health System, The University of Akron, Akron Children's Hospital, Akron General Health System, and Northeastern Ohio Universities Colleges of Medicine and Pharmacy (NEOUCOM).
The recent hiring of Douglas as president and CEO is an example of the progress the Institute has made since inception. While the early months were devoted to designing and organizing the institute's structure, the second year saw the addition of best-in-class leaders who will carry out its mission and vision. Douglas comes to the institute via Massachusetts Institute of Technology's Center of Biomedical Innovation, of which he was executive director. Recently joining the board of directors is Dr. Aaron Lazare, former chancellor and dean of the University of Massachusetts Medical School.
Douglas says Akron is ideally suited to the task of cultivating projects that ultimately will lead to new products, companies and jobs.
"University of Akron's College of Polymer Science and Engineering is among the top five in the world, and there is a critical mass of scientists here with a long history of expertise," explains Douglas. Add to that three hospitals renowned for excellence in the areas of orthopedics and wound healing and you have a formula for success. "When you bring those disciplines together, synergies occur," he adds.
The University of Akron already has delivered to the marketplace novel technologies that routinely improve and save patient lives. A biocompatible polymer coating for coronary stents, invented by Dr. Joseph Kennedy, can store and release pharmaceutical agents that prevent clots. More than five million patients already have benefitted from the technology. This blending of natural sciences such as chemistry, biology and physics with today's advanced materials and nanotechnology is producing the next generation of biomedical innovations. Douglas calls the process "problems looking for solutions and solutions looking for problems."
The chief task of the BioInnovation Institute is to transform those breakthroughs into job creation and economic development.
"When you create innovative solutions that fill patients' needs, you produce products with commercial benefits," he says. "Our focus is on spinning out small startup companies that will succeed and grow. Also, as the institute develops a reputation for expertise, it will act as a magnet that encourages other companies to come into the area."
Economic development has already begun. University of Akron President Luis Proenza estimates that every $1 million in research grants translates into 30 new jobs.
"That is just in terms of the advanced research and applications," explains Proenza. "Once that research yields a piece of technology, you have the opportunity for creating a company or stimulating the growth of an existing company, and that brings with it the potential for additional jobs."
To help reach its goals, the BioInnovation Institute has launched five major initiatives that will push ideas from the lab through proof-of-concept demonstration to standard of medical care. These five "Centers of Excellence" include Center for Biomaterials and Medicine, Medical Device Development Center, Center for Clinical Trials, Center for Health Care Training, and Community Outreach to the Medically Underserved. As ideas transition from one center to another they will be further developed, evaluated, refined and, ultimately, applied.
Research grants totaling $680,000 were recently awarded to eight promising and innovative projects. Among them are contact lenses that monitor blood sugar levels, a non-invasive method of monitoring nerve strain, and oxidant-embedded polymers used to heal chronic wounds.
"By funding such outstanding research projects," notes Dr. Douglas, "we hope to accelerate the development of successful commercial and patient-centered ventures."