Frequently Asked Questions:
1) What is the Medical Invention Analysis?
A SoundHealth Medical Invention Analysis is a global exploration for innovative medical and healthcare devices and products.
Inventors may present ideas, our panel of medical device, business and healthcare experts, will evaluate the inventions and may offer helpful advice and encouragement.
SoundHealth selects the most promising medical product ideas and, upon agreement, SoundHealth will present to appropriate funding organizations, entities and sources, as well as to potential licensing or acquisition firms.
Our meetings are private and confidential, and only the Inventor, the Inventor’s guest(s), and SoundHealth’s expert panelists, operating under confidentiality agreements, will see the Inventor’s idea.
2) How can SoundHealth offer this unique service to Medical Professionals and Inventors at no charge?
Industry, healthcare and funding sources, passionate about medical innovation and the enhancement of life, embrace SoundHealth and its unique business model.
A core value is: our belief that the medical profession represents a remarkable source of untapped capability for medical breakthroughs. And, we are committed to unleashing this pent-up potential for commercializing innovative thinking, from within the profession.
Global thought leaders on innovation and healthcare carefully guide the crafting of our invention selection criteria and process.
The process is an open, fair and direct approach for Medical Professionals with the risk appropriately synchronized to the reward. We select those medical inventions with the highest probability for commercial success and take on the responsibility of developing the idea into an actionable product.
We then license or otherwise commercialize the most promising product opportunities with appropriate industry companies seeking to maintain their edge as innovation leaders in medical devices.
Medical Inventors, SoundHealth, Funding sources, Industry companies all share in the rewards
3) Who can participate in a SoundHealth Medical Invention Analysis?
Our search is an open call to all medical professionals, surgeons, physicians, researchers, nurses, surgical technicians, and emergency medical technologists, independent medical product Inventors and amateur Inventors focused on developing medical inventions. Our reach is worldwide.
We believe there’s no one better suited to invent medical devices than the highly educated professionals that occupy the space, and who are dedicated to enhancing life through medicine and innovation.
4) Does my medical invention have to be patented or my medical product name trademarked?
No, having a patent or trademark is NOT a requirement. However, if you have either, please let us know.
Sessions are confidential and your ideas are protected under the confidentiality terms in the registration materials, and the founding policy of SoundHealth to respect the intellectual property rights of all Inventors.
5) What are we looking for in a medical device invention?
SoundHealth is seeking medical devices, solutions and healthcare products for both professional healthcare and consumer markets.
Some of the most powerful innovations in medicine have been simple solutions, which are obvious to bright medical professionals and patient Inventors, but complete surprises to the medical device companies, operating in the space.
With the convergence of multiple advanced technologies, we are confident that innovation in medical devices will be a growth engine for decades to come.
SoundHealth is seeking product ideas that can be readily prototyped and prepared for market introduction to the medical supply companies, advance technology channel leaders and hospital supply distributors.
Ideally, products would offer simpler, less invasive procedures; reduction and elimination of common preventable medical errors, better clinical outcomes; reduced risk; measurably better sterility; faster recovery in days; less time in operating rooms or in hospitals; ability to conduct procedures in lower-cost settings or involve less time of specialists; faster procedures, less waiting; fewer patient visits, home healthcare monitoring, self-treatment options, more complete recovery; and/or preventative benefits.
6) Who will be reviewing my medical product invention?
Your idea will be reviewed by a panel of medical device, business professionals and healthcare experts.
In the expert panel selection, we draw from world-class know-how in the medical fields, targeting a mix of expertise from the following disciplines: surgery, operating room practices, nursing, medical device design, health care delivery, marketing, medical supply and others.
7) What criteria will be used to evaluate my medical device invention?
Your medical invention will be carefully evaluated by an unbiased advisory panel of medical products experts. We will evaluate your invention on the strength of it’s:
* Potential to reduce common errors
* Clinical impact
* Degree of invasiveness
* Recovery time (in days)
* Labor savings
* Time in operating room
* Reduction of risk
* Safety and sterility
* Regulatory issues
* Disruptive or sustaining technology
* Disease Categories Targeted
* Patient Convenience
* Treatment setting and costs
* Specialized know-how required
* Time to market
* Medical market size
* Fit with trends in healthcare
* Product uniqueness/originality – patent readiness
* Stage of development and development process, costs, timeline
* Competitive environment in healthcare segment
* Barriers to entry
* Available channels to market
8) What about privacy and confidentiality of my medical invention?
We take great care to protect the privacy of all Inventors’ ideas.
However due to the very nature of our business we do not and can not sign NDA’s
Employees and expert medical panel members are bound by strict nondisclosure agreements. In addition, we take the appropriate action to protect medical inventions when showing them to companies who might be interested in manufacturing or marketing the new product through medical supply channels.
However, Inventors should understand that SoundHealth is involved in the business of researching and developing many ideas for new products, and SoundHealth may have previously received, or may receive third party ideas or inventions that are similar or identical to the Inventor’s idea.
This is readily documented and tracked through our invention registration process, to prevent confusion over who developed what invention.
Inventors should understand that having a Medical Invention Analysis will not, in any way, limit or preclude SoundHealth’s right to use any such similar third party product idea or invention.