Transforming a concept on paper to a tangible and functioning medical device requires a lot of time and research. And even more money.
It could take an estimated profit margin of $500 million or more before a tech company will move to invest in a new medical device, the Star Tribune estimates. Finding funding to reach that point is difficult to say the least. That’s why Gwen Fischer, M.D., assistant professor in the department of pediatrics of the University of Minnesota Medical School, teamed up with medical device colleagues to form the Pediatric Device Innovation Consortium (PDIC).