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Geoff Vince, PhD, Executive Director of Cleveland Clinic Innovations, has made significant changes to the organization including a new structure and an increased focus on therapeutics and digital health. Cleveland Clinic Innovations strives to have a balanced portfolio of medical devices, therapeutics and diagnostics, and digital health companies.
When Geoff Vince took over as Executive Director of Cleveland Clinic Innovations in 2021, he had a clear vision to transform the health system's commercial arm. His ambitious plan involved a complete overhaul of the organization's structure and a renewed focus on therapeutics and digital health. In the two and a half years since he assumed the role, Vince's vision has begun to come to light. The organization's translation rate for invention disclosures to licenses has improved from 19% in 2021 to almost 34% in 2023, according to data from Cleveland Clinic.
Vince's journey with Cleveland Clinic began in the early 1990s when he joined the biomedical engineering department. In 2000, he developed an imaging algorithm to measure cholesterol in a patient's heart, which was later licensed to Volcano Corporation, a San Diego-based company. After working with Volcano for several years, Vince left Cleveland Clinic to join the company full-time. He returned to Cleveland Clinic when Volcano was acquired by Philips in a $1.2 billion deal, taking on the role of chair of the health system's biomedical engineering department. His experience with startups and new technologies made him a perfect fit for Cleveland Clinic Innovations, which boasts over 2,500 issued patents, 45 active startups, and 26 exits.
Vince's strategy for Cleveland Clinic Innovations involved a significant departure from traditional innovation practices. Instead of one person overseeing all aspects of a project, Vince implemented a "team of teams" approach. Each team specializes in a specific area, allowing for a more efficient and effective process. This new structure includes an engagement group focused on mining ideas and building relationships, as well as teams dedicated to license deals and invention disclosure forms.
Under Vince's leadership, Cleveland Clinic Innovations has expanded its focus beyond medical devices, which previously made up 80% of its portfolio. Now, the organization's portfolio is 48% medical devices, 31% therapeutics and diagnostics, and 21% digital health. This diversification allows for a balanced portfolio and the ability to meet the needs of patients in a variety of ways. Vince's innovative approach and strategic changes have breathed new life into the organization, positioning it for continued success and growth in the years to come.
Read the full article via Crain’s Cleveland Business.
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