CLEVELAND—Parker Hannifin Corp. has become a key partner in the Cleveland Clinic's effort to develop new medical devices.
The two massive organizations quietly have been working to develop dozens of new products over the past several years, and now two of those devices are on the brink of hitting the market.
About a dozen more devices are close behind, according to Sam Kiderman, director of new ventures for Cleveland Clinic Innovations, the business development arm of the hospital system.
“Many, many more technologies are in the pipeline,” he said.
Now Cleveland Clinic Innovations is talking to other local corporations about forming similar partnerships, according to Kiderman.
He wouldn't identify them. However, he noted that it would make sense for the Clinic — which has commercialized a long list of medical technologies since the turn of the century — to work with a company that specializes in chemistry and material science. That knowledge could complement Parker Hannifin's expertise, which relates to industrial technology and manufacturing.
“We're going to have more collaborators,” Kiderman said, noting that some products might be developed by “Cleveland Clinic, Parker Hannifin and somebody else.”
For its part, Parker Hannifin has been aiming to develop more medical products ever since the Mayfield Heights-based company introduced its “Winovation” program in 2005. One of the goals of that initiative was to attract product ideas from people who don't work in research and development. And from people who don't even work at Parker Hannifin.
So getting into the life sciences business meant getting to know some doctors — the people in the best position to spot problems that existing medical devices have failed to solve.