SPL/Photo Researchers, Inc.
If hospitals have their way, the medical device industry in New York City is poised to make a big splash. Eager to ramp up their technology transfer efforts, hospitals have begun to see this business as an easy way to fund research. Professional entrepreneurs are also starting to bet that bringing devices to market can lead to big profits.
Nationwide, the medical device industry – which manufactures everything from contact lenses to wheelchairs, including pacemakers, X-ray machines, and surgical instruments – has shown impressive recent growth. Its market size reached $75 billion in 2002, up 31% from $57.7 billion in 1997, according to the latest figures available from the US Census Bureau, although separate statistics detailing the growth of the New York City-based device industry are not available.
Compared with most drug therapies, the research costs of devices are low, and the regulatory process involves much less ...
