IC308-2021: Orthopaedic Innovation: From Inspiration to the OR-Orthopaedic Innovation: From Inspiration to the OR (5/5)

Video Transcription

Video Summary

The video discusses the process of developing ideas and licensing patents in the medical field, particularly in orthopedic surgery. The speaker emphasizes the importance of surgeons in driving innovation due to their understanding of issues and needs in the operating room. They discuss different areas where innovation can take place, such as implants, biologics, and software. The speaker also highlights the importance of persistence, patience, and collaboration in the idea development process. They share personal experiences with developing and commercializing products, including the challenges and failures faced. The speaker discusses different options for commercialization, including starting a company, selling patents, and licensing patents, and notes the need for market understanding and a strong development team. Challenges in licensing are mentioned, such as finding a corporate partner and communicating the benefits of an idea. They provide insights into negotiating licensing agreements, including royalty rates and time frames. The speaker encourages surgeons to embrace the opportunities and challenges of commercialization. No credits are mentioned in the transcript.

Asset Caption

Raymond Thal, MD

Keywords

orthopedic surgery

innovation

commercialization

licensing patents

development team