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U.S. Biomedical Leaders Present a New National Device Innovation Strategy Based on "Value-driven Engineering"
Date:6/16/2011

AKRON, Ohio, June 16, 2011 /PRNewswire/ -- Leaders within the U.S. biomedical device industry unveiled today a national strategy to apply "Value-driven Engineering" (VdE) to enhance the development of devices with great clinical utility, quality and cost efficiency and reduced complexity.  VdE will become a key component of the nation's drive to bolster its "bioinnovation economy," maintain global competitiveness, and assure access to device innovation that improves human health, the leaders said.

Recognizing the U.S. leadership within the $350 billion global medical device industry, the group's white paper, "Value-driven Engineering and U.S. Global Competitiveness" introduces a unique blueprint to marry American ingenuity and innovation with a renewed commitment to create medical devices that are simple in design and cost effective, yet support premium health care.  This "Platform to Advance Value-driven Engineering" (PAVE) guides the nation's funding mechanisms, regulatory incentives, public-private collaboration and educational leadership to incorporate VdE principles into the U.S. biomedical device industry.

"Value-driven Engineering is key to the U.S. biomedical device industry increasing its leadership position in the global health care community while continuing the innovation that improves the care of patients worldwide," said Dr. Frank L. Douglas, President and CEO of the Austen BioInnovation Institute in Akron (ABIA).  ABIA convened leaders from industry, academia and the public and private sectors during a summit in Washington, D.C. to examine VdE as a key impetus to fuel future medical device innovation in the United States.  "PAVE, as we have detailed, provides an avenue for disruptive innovators to apply VdE principles to their important work."

"The principles of VdE need to become part of our product development culture, particularly if we want to stay at the forefront of global medical device innovation,
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SOURCE Austen BioInnovation Institute in Akron
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