Two local hospitals are using a federal grant to form the Boston Biomedical Innovation Center, the latest effort by nonprofit hospitals to play a role in transforming medical research into commercially viable products.
The seven-year, $12 million grant — one of three nationwide from the National Institutes of Health — will ensure that scientific advances at Brigham and Women's Hospital and Massachusetts General Hospital will "rapidly lead to new drugs, medical devices and diagnostic tools that can help improve — and even save — the lives of patients everywhere," said Dr. Anne Klibanski, chief academic officer at Partners HealthCare.
"The purpose is to help bridge the chasm in realizing the benefits of many discoveries," said Dr. Joseph Loscalzo, chairman of the department of medicine at Brigham and Women's and a Harvard Medical School professor.
As government funding grows more difficult to secure, hospitals are turning to industry to establish joint projects, said Michael Pistone of the Center for Technology Commercialization at Cincinnati Children's Hospital, which spends $1 million annually to advance research to the point of commercial viability.
Boston Children's Hospital has joined with a California diagnostics equipment maker to form a company to develop tests for pediatric diseases. And, Mass. General is teaming with AstraZeneca to find the best matches between patients and treatments.
"It's obvious you need to have partnerships in order to make medical progress," said Edward Abrahams, president of the Personalized Medicine Coalition, an education and advocacy group. "We need to break down the barriers."
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