Newswise — Henry Ford Health System is pleased to announce it has received nearly $2 million in grant funding from the William Davidson Foundation to support and advance its innovations unit. Over the next two years, Henry Ford Innovations will receive $1.3 million to support its core programs and up to $675,000 to help build its new Global Technology Development Program.
Henry Ford Innovations is responsible for leveraging the health system’s intellectual property to improve the efficiency, quality, and cost of healthcare both locally and globally. Its programs include commercialization of new technology, corporate collaborations, education and training of healthcare innovators, and global licensing including the health system’s “know-how” for the development of new hospitals overseas. In addition to supporting these core programs, the William Davidson Foundation grant will help fund the new Global Technology Development Program, designed to identify and co-develop technologies developed in Israel and bring them to the U.S. market.
“To continue the revitalization of southeast Michigan and expand opportunity and prosperity for generations to come, we need to cultivate ideas and entrepreneurial talent here, while tapping into innovations from around the world,” said Darin McKeever, chief program and strategy officer for the William Davidson Foundation. “That’s why we’re pleased to continue our support for Henry Ford Innovations in this way. Our relationship with their team is a long and rewarding one, as is our interest in strengthening Israel. We’re especially delighted to support a pilot program that facilitates collaboration between Henry Ford Innovations and Israeli inventors and entrepreneurs so that they can bring their best products to market – and do it here.”
“We are so grateful for the continued generosity of the William Davidson Foundation, particularly for the opportunities within this new program,” said Mark Coticchia, Vice President and Chief Innovation Officer for Henry Ford Health System. “Since its inception, Henry Ford Innovations has been committed to the mission of improving the healthcare experience for both patients and providers. Areas like Israel are rich in technology development and innovation, and we are well-positioned to harness those ideas for the benefit of southeast Michigan.”
Scott Dulchavsky, M.D., Ph.D., CEO of the Henry Ford Innovation Institute and Chairman of Surgery and Surgeon in Chief at Henry Ford Hospital, said one of the biggest challenges for global healthcare innovators is the translation to the U.S. market. “Without a full understanding of the market landscape, as well as regulatory and quality requirements, even a brilliant idea may not succeed. Henry Ford provides the clinical partnership and expertise these companies need to develop, analyze, and ultimately introduce a successful product that provides healthcare value.”
Henry Ford has already built an extensive global network, including relationships with healthcare leaders, entrepreneurs and investors in Saudi Arabia, India, and, now Israel. “We’ve met with more than two dozen Israeli digital and mobile health startups in both Tel Aviv and Jerusalem,” said Dulchavsky. “This new funding will help us expedite our outreach, identify key partners, and start working to bring more technology solutions to healthcare.”
Israel continues to be a global leader in technology and innovation. In addition to being the highest per capita research and development spender globally, it is also home to more startups than anywhere outside Silicon Valley. There are also more Israeli companies listed on the NASDAQ than Japan, India, and Korea combined.
The portion of the foundation grant earmarked for the Global Technology Development Program is a challenge grant, encouraging Henry Ford to raise matching support for its work in Israel. Coticchia said it’s a mission he hopes others will join. “What we do at Henry Ford Innovations is truly unique. It’s been an honor to work with both our internal and external partners to improve the quality of life through new ideas and meaningful collaborations.”