CHD Research Forum on Device Development-Device Creation: Conception, Research, and Development

Video Transcription

Video Summary

In this video, the presenter discusses the importance of maintaining a good relationship between institutions and the legal concerns involved. It is emphasized that individuals who want to work with industry should familiarize themselves with their institution's conflict of interest policy and follow the legal requirements. The presenter shares their experience of working at two different institutions and highlights the significance of institutional culture in recognizing the benefits of relationships with industry. However, it is also acknowledged that there is variability between institutions and it may require patience and education to make them understand the benefits of such relationships. Another speaker shares their journey of developing a device based on the needs of their patient population. They explain the challenges faced in terms of material science, manufacturing, fundraising, and engagement with investors. It is highlighted that startups in the medical device industry often fail, but with the right team, honesty, and clear motives, there is a chance for success. The importance of working with industry and the potential for acquisition by larger corporations are also discussed.

Keywords

maintaining relationships

industry collaboration

conflict of interest policies

institutional culture

device development

funding challenges