Support for Healthcare Startups in Improving Patient Care

In an interview with Healthcare Tech Outlook, Neal Lemon, director of Cooper Innovation Center at Cooper University Health Care, explains how healthcare startups can be supported while exploring opportunities in emerging technologies like AI for improved patient care.

Could You Provide a Brief Introduction about Yourself?

I serve as the Director of the Innovation Center at Cooper University Health Care, a role I undertook when the center was established in February 2022. My primary responsibility lies in bridging our clinical expertise with internal and external opportunities for innovative health solutions.

My experience includes six years at the University of Pennsylvania’s innovation center, where I focused on technology transfer, licensing intellectual property, and pitching startup ideas to secure seed capital. Prior to that, I managed a drug development program in Ireland. An MBA and a PhD in neurophysiology, I possess a comprehensive understanding of intellectual property, technology transfer agreements, and the commercialization process.

How Would you Describe The Innovation Center’s Contributions to Medical Research?

At Cooper, we are responsible for managing the intellectual property generated by our researchers, including physicians and staff. We facilitate agreements with industry partners to develop and license their technologies, as well as support the development of internal technologies and formation of healthcare startups.

Our innovation efforts have led to a significant increase in invention disclosures, with over 20 disclosures in 2022. We prioritize safeguarding this information and seek pathways to realize novel ways of improving health, including developing medical devices and prototypes for health apps. We engage in sponsored research collaborations where our experts contribute to technology development, while we form agreements regarding intellectual property rights.

Cooper actively seeks clinical partnerships with promising startup companies that require clinical proof of concept, considering agreements where our contribution is treated as sweat equity to offset development costs and foster shared commitment to success. We are also exploring different types of agreements and partnerships with the venture community to support and monetarily back such initiatives.

How do you Guide Startups When They Come for R&D Guidance?

I encounter technology solutions that offer significant health benefits for our patients or improve the efficiency of our health system, increasing funding for patient care. These technologies typically originate from scientific, engineering, pharmaceutical, device, or IT backgrounds. Companies approach us due to our clinical expertise, which complements the business expertise I bring to the table.

We have made significant strides in supporting internal innovation, evident in the increased number of invention disclosures and funding for product and service development. We aim to contribute to the growth of startups with promising technologies that align with our health system.

A clinical partnership becomes crucial to drive innovation forward. Cooper can serve as a clinical trial site, working with companies or assist in further proof of concept development, especially in areas such as health information technology, device usage, and data science.

While large companies may have internal teams and resources for clinical trials, startups often require additional support, which Cooper provides. It works alongside them to address their market needs, reach value inflection points, secure funding, and commercialize their technologies. My background in intellectual property and technology development enables me to protect and develop internal innovations while seeking appropriate partnerships for commercialization.

In my outward-facing role, I actively evaluate technologies from startup companies, aiming to bring them into our health system and leverage our clinical expertise for development. I strive to establish risk[1]sharing agreements, sharing the costs and work involved in technology development while also sharing in the benefits of success. I explore innovative partnership agreements with companies and venture firms to facilitate these objectives.

What is Your Advice for Your Peers in the Industry?

The emergence of generative AI and advancements in biotech and medical devices present exciting opportunities. I have observed significant benefits in utilizing AI technology both in my current work and during my tenure at the University of Pennsylvania. Understanding the specific impact and applications of AI in different contexts is crucial for enhancing patient care. It is essential to dedicate time to explore these opportunities and tailor the use of AI accordingly.

As a CTO, CEO, or innovation officer within a health system, it is essential to maintain an open-minded approach towards new technologies. The current pace and scale of innovation warrant taking calculated risks and embracing an open mindset rather than solely focusing on familiar concepts. Sometimes the potential impact may seem astounding, even if the underlying workings aren’t fully comprehensible. It is crucial to explore these opportunities further, delve into their possibilities, and provide support.