Return on Investment
The economic potential of MRC’s research agenda is outstanding.
- With a compound annual growth rate of 21%, biologics is one of the fastest growing segments in the orthopedics industry, projected to reach sales of $8.2 billion by 2013.
- The convergence of personalized medicine with special-services logistics is one of West Tennessee’s strongest opportunities for economic growth.
- Tennessee’s burden of diabetes is $3 billion and growing. Addressing prevention toward a new, at-risk generation is the best way to reduce the cost of chronic disease in Tennessee.
- Today Memphis research contributes $677 million in annual research expenditures to Tennessee’s economy. Properly supported, Memphis research will easily grow past $1 billion in annual research expenditures by 2020.
In April 2012, MRC approved $275,000 for a novel commercialization program titled “C3: Commercialization, Culture and Capacity” with a goal of accelerating the commercialization of U of M, SJCRH and UTHSC inventions. The program originally began as a joint effort of the three research institutions, LaunchYourCity (now Start Co.), and the Memphis Bioworks Foundation (MBF).
The majority of medical devices get cleared for commercial deployment through the FDA’s 510(k) clearance process, which is the fastest and most economical route to market for a new medical device. ZeroTo510 is a unique program that enables entrepreneurs with ideas for innovative medical devices to take advantage of this fast path to market. ZeroTo510 is a unique, entrepreneurial accelerator program that focuses on leveraging key regional strengths of the Memphis area: medical device research and manufacturing. The goal of ZeroTo510 is to help medical device startups to navigate the startup process, refine their business models and achieve the Food and Drug Administration’s 510(k) premarket notification filing. This goal is accomplished by recruiting high potential entrepreneurs, putting them through an intensive, mentorship-driven program of instruction and hands-on activities geared at guiding the entrepreneur through the process. (Annual Report p. 16)
Restore Medical Solutions
Originally started in Atlanta, Restore Medical Solutions moved its operations to Memphis to participate in last year’s inaugural ZeroTo510 accelerator based at Memphis Bioworks Foundation. Following the 90-day boot camp, the company earned $2.5 million in early funding from Innova Memphis, which is a subsidiary of Bioworks, and MB Venture Partners. (Annual Report p. 17)