Medical device innovators in the pediatric orthopedic and spine sector now have until April 9, 2019 at midnight EST to apply for the “Make Your Medical Device Pitch for Kids!” competition. Winning innovators receive awards up to $50,000 and gain access to the newly created National Capital Consortium for Pediatric Device Innovation (NCC-PDI) “Pediatric Device Innovator Accelerator Program” led by MedTech Innovator.
The competition is hosted by NCC-PDI, which is now in its sixth year of operation, and is led by the Sheikh Zayed Institute for Pediatric Surgical Innoation at Children’s National Health System and the A. James Clark School of Engineering at the University of Maryland. The consortium recently added new accelerators BioHealth Innovation and MedTech Innovator and design firm partner, Smithwise.
The Challenge
One of five FDA Pediatric Device Consortia grant programs that support the development and commercialization of pediatric medical devices, NCC-PDI is strategically focusing this competition on pediatric orthopedics and spine devices following an FDA critical need analysis that determined it is one of the emerging underserved sectors lacking innovation.
The reality is that pediatric orthopedic surgeons are out of tools when they go to their toolbox. They can modify adult devices and fit them to use for children, but children are not small adults, and this approach results in ongoing challenges because children’s bones continue to grow and develop and have greater elasticity than the bones of adults.
Many medical device manufacturers avoid investing in research and development in this sector because the market size is too small –approximately 3,000-4,000 for some specific orthopedic and spine cases. True to its mission, NCC-PDI collaborators chose this sector as a theme for the competition because it recognizes that children undergoing orthopedic surgeries deserve implants and devices that fit their growing bodies and provide the best possible quality of life at every stage.
Competition Perks
Finalists for the 2019 NCC-PDI competition are announced on the day of the competition, April 30. Each finalist presents a five-minute pitch during the competition, followed by a five-minute question-and-answer session. Up to six winners will be selected by a multi-disciplinary panel of judges, some of whom could become mentors and investors.
All competition finalists will be offered pitch coaching by Entrepreneurs-In-Residence from BioHealth Innovation.
This competition launches the first-of-its-kind NCC-PDI “Pediatric Device Innovator Accelerator Program.” Through this accelerator program, the winning innovators receive mentorship and become connected to NCC-PDI’s network of experts consisting of medtech executives, investors, specialty pediatricians and FDA regulatory and business consultants.
The goal of NCC-PDI is to advance the development of pediatric medical devices by helping companies bring their devices to market. Since the need in pediatric orthopedic and spine is so critical, this competition represents a unique opportunity for medical device companies to translate their concept or prototype into a commercializable product in an accelerated fashion.
Winning Legacy
This will be NCC-PDI’s eighth competition in six years so winning companies will join the legacy of other medical device start-up companies that have benefited from the consortium’s efforts to spur pediatric device innovation. To date, NCC-PDI has assisted over 88 medical device companies from across the world and helped five companies receive FDA or CE Mark regulatory clearance. In fact, NCC-PDI’s portfolio includes previous winners from the pediatric orthopedic and spine sector, competing in a general competition without a subspecialty focus. These companies include Green Sun Medical and LIM Innovations.
Beyond the monetary grant for device commercialization, the potential economic opportunity for innovators who participate in the competition is far greater. Combined, previous NCC-PDI pitch competition winners have raised over $83 million subsequent to their participation, in part because of the networking opportunities NCC-PDI provides them.
The signature “Make Your Medical Device Pitch for Kids!” competitions have become synonymous with pediatric innovation and investors continue to take note. The success metrics are undeniable as they provide support for the viability of pediatric medical device innovators and start-up companies.
Click here to apply for the upcoming pitch competition. The application deadline is midnight ET on April 9, 2019.
If interested in attending the live pitch competition on April 30, 2019 at the University of Maryland, College Park, visit the event page here to register.