Paul Nichols, the keynote speaker for the San Antonio Emerging Medical Technologies luncheon, March 3, sat down with Matt Scherer, our event's publicist, for an interview about his presentation.
Innotech: As someone who lives in San Diego, you are probably aware that your home town and San Antonio have some similarities with a large military base, major health centers and great weather. Many in San Antonio believe that San Diego is ahead of us in terms of emerging medical technology development. What does our city need to do to be on the same level as San Diego?
Nichols: San Diego is home to many prominent medical research institutions that serve as a wellspring for both intellectual property and human capital. The medical school at the University of California at San Diego was rated in the top ten in the country after graduating its first class. The university’s biology department was a leading pioneer in biotechnology research in the 1970s. The Salk Institute, the Scripps Research Institute and the Burnham Institute, all world renowned life science research centers, are located within walking distance of the USCD campus.
UCSD Connect was founded in 1985 to provide a forum to share expertise among the institutional research, university, venture investment and entrepreneur communities. Connect is considered the most successful organization of its type and has served as a model for over 40 similar organizations worldwide. If San Antonio does not have an organization with a similar mission the leaders in med tech community might benefit from looking at the success of the Connect model.
Innotech: You have helped lead the process for new emerging medical technology. Surely, there's a need for more development in this area, and so I am wondering where you think the next opportunities might arise?
Nichols: Technologies that meaningfully reduce the cost of healthcare (while maintaining or improving clinical outcomes) are the “sweet spot” of the future. I believe many opportunities exist in the medical device field to improve procedure and treatment efficiencies.
Innotech: What are the biggest challenges facing those who want to pursue business development opportunities within emerging medical technology?
Nichols: Access to capital has become very difficult since September 2008. Fundable opportunities must be both meaningfully impact outcomes and reduce healthcare costs. Entrepreneurs must find creative, capital efficient pathways to value creation. And then there’s the FDA….
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