Two healthcare entities — Children’s Hospital of Philadelphia and Spark Therapeutics in Philadelphia — are creating cultures of innovation in the industry, according to Forbes.
Here are four ways CHOP and Spark are instilling cultures of innovation in healthcare.
1. CHOP has recently pursued advances in lymphatic imaging, inflammatory bowel disease and cancer immunotherapy. Last year it created the vice president for entrepreneurship and innovation position to establish centralized innovation support, according to the report.
2. Spark, a venture of CHOP’s Center for Cellular and Molecular Therapeutics, raised over $268 million in funding for its gene therapies. External funds help grow innovations by providing access to developers and other professionals, Forbes reports.
3. CHOP’s scientific advisory committee chooses innovative staff ideas to pursue, with the goal of supporting eight to 10 projects annually. CHOP uses internal and external funds to test and sustain the endeavors.
4. Patrick FitzGerald, CHOP’s vice president for entrepreneurship and innovation, said the hospital “is known for having breakthroughs every day via our main hospital, extensive care network and research institute. By spinning out these companies, we are exploring yet another avenue by which we can bring these breakthroughs to children worldwide,” he told Forbes.
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