There is little argument that the medical device industry is one of the hottest growth sectors in the U.S. But a niche within that field, says entrepreneur Tim Moran, is being largely ignored. And that doesn't bode well for healthcare's littlest consumers.
"There aren't many players in the pediatric medical device space because there isn't huge cash-out potential," explains Moran, founder of Cleveland-based PediaWorks.
The issue, he notes, is simply a matter of market share. Whereas the adult medical device market caters to patients aged 18 to, well, death, the pediatric market stretches only from birth to 18. "And people in that younger age group are, thankfully, relatively healthy."
The lack of medical devices designed for young patients often leaves practitioners scrambling for suitable off-label replacements. In fact, there are relatively few devices that are FDA-approved for pediatrics. The associated problems can range from pain and discomfort, as in the case of an ill-fitting airway mask, to matters of life and death, illustrated by the absence of pediatric pacemakers.
Working with medical practitioners who design and test products they'd like to see, Moran says that PediaWorks is devising products such as cardiac catheters designed for infants and a brain retractor for use during neurosurgery. The latter of the two, adds Moran, also can crossover to the adult market without any modifications.
Moran, PediaWorks' sole employee, says that he founded the company as a nonprofit in order to accept charitable grants. The intent is to spin off for-profit companies that bring the devices to market.
Moran says that he recently left the field of IT outsourcing in search of a more stable industry. "It doesn't get more stable than the medical industry," he says.
Source: Tim Moran, PediaWorks
Writer: Douglas Trattner