The incubator, which Khemlani first reported on March 9, is located in Newark. It is being funded by $25 million from the health system and is designed as a space where a “Shark Tank”-like expert panel will hear pitches that aim to solve health care issues.
To date, 10 companies have already pitched ideas that include devices to lower risk in common surgeries, wearable monitors for tracking patient vitals, and other technologies or ways to provide more efficient services.
“This isn’t theoretical, it’s happening,” Garrett added.
Other academic medical centers in the country, as well as New Jersey’s Inspira Health Network, are involved in similar innovation centers and incubators.
But Hackensack Meridian and NJII believe their venture is unique because it looks beyond the clinical realm, according to a recent statement.
“The health care market is overdue for a new disruptive technology that makes a marked improvement in the way health care technology products and services are provided to consumers,’’ said Joel Bloom, president of NJIT, NJII’s parent.
“It is our belief that this new state-of-the-art ideation center will help spark our next wave of innovation” Bloom said.
Donald Sebastian, president of NJII, added, “Our partnership with Hackensack Meridian Health capitalizes on our organizations’ combined resources that we hope will have a dramatic impact on the future of health care in New Jersey and across the nation.’’
The goal is to also help lower costs of care in the state.
For Khemlani’s full story, click here.
To follow Anjalee Khemlani on Twitter @AnjKhem.