Medtech entrepreneur Derek Young's i360 Medical has been brought in to help identify breakthrough health technologies in the European Union that can help save or improve patient lives.
A collaboration agreement has been signed by i360 and EIT Health, which is backed financially by the EU, that will allow early stage innovators tap the expertise of the Irish company in assessing projects and helping to develop them.
EIT Health has a network of 140 universities, industry and other healthcare organisations across the EU.
These partners can apply to the EIT Health Innovation Projects programme with ideas to improve healthcare outcomes and active living. Successful applicants can receive funding of up to €2.7 million without having to give up any equity in their ventures.
*EIT Health said it has an €86.3 million budget to support projects in 2019.
The role of i360 Medical will be to provide objective and independent feedback on initial project proposals and, where potential exists, to coach and mentor the project teams to strengthen their proposal.
“Through our established international network, we know that there is considerable opportunity for exciting global collaborations which will ultimately speed up the translation of healthcare innovation and development to the patient bedside,” Mr Young said. “This will enhance healthcare advancement and outcomes for patients, not just in Europe but around the world.”
Originally housed within the Royal College of Surgeons, i360 Medical is effectively a one-stop shop for outsourced R&D. It takes ideas from the very earliest stage, assesses their potential and, if promising, develops prototypes, puts them through trials and the full regulatory approval process before presenting them as a commercially marketable device often housed in a start-up company based in Ireland.
It has worked with a number of hospital groups in the US in recent years which brought it to the attention of the EIT Health.
* This article was edited on March 14th