Lubrizol, Cleveland Clinic Form Joint Collaboration To Advance Medical Innovation

The Lubrizol Corporation and Cleveland Clinic announce that as part of a new joint collaboration, Lubrizol LifeSciences and Cleveland Clinic Innovations are aiming to identify – and ultimately speed the development of – new, groundbreaking products for the medical device and pharmaceutical industries.

The combination of Lubrizol’s manufacturing capabilities and Cleveland Clinic’s clinical expertise sets the groundwork to discover and develop new, meaningful medical innovations that meet the needs of patients and providers. The joint collaboration will connect the chemists and engineers who create the materials with the clinicians who identify unmet clinical needs and seek solutions.

This collaboration will speed up product development and provide both parties with the opportunity to connect complementary perspectives. In addition, Lubrizol will have more opportunities to interact with medical professionals to understand how their products impact the lives of patients, ultimately creating better overall outcomes. Cleveland Clinic will have increased access to polymer scientists, material testing and new component designs.

“As we continually look for new ways to innovate for our OEM customers, collaborations with a leading clinical provider, such as Cleveland Clinic, will help us take the next step in delivering solutions that better address the needs of the healthcare industry,” states Deb Langer, vice president and general manager, Lubrizol LifeSciences. “This provides us with a fresh hands-on perspective that will help us focus on the medical problems that really matter to patients and providers.”

Lubrizol LifeSciences will provide Cleveland Clinic an in-depth understanding of functional polymer solutions, including components, novel device systems and drug-delivery combination products for the healthcare industry. Lubrizol’s recent acquisition of Vesta, a leading contract manufacturer for the global medical device industry, enhances the collaboration with expertise in precision thermoplastic extrusion and comprehensive capabilities in silicone fabrication. This combination of material chemists, manufacturing engineers and clinical professionals provides an opportunity that can foster rapid new product development.

Cleveland Clinic Innovations – in addition to providing access to world class physicians and researchers at Cleveland Clinic and the partners in The Global Healthcare Innovations Alliance – will provide its expertise in evaluating, validating and commercializing medical technologies.

Inventors fuel Cleveland Clinic Innovations intellectual pipeline with ideas in the areas of medical devices, therapeutics/diagnostics, healthcare information technology and business delivery solutions. Through an established process, Cleveland Clinic Innovations rapidly evaluates technologies with a focus on ensuring clinical validity and market potential.

“Cleveland Clinic Innovations is committed to the identification, development and commercialization of healthcare technologies with forward-thinking collaborations that can extend and improve human life.” said Gary Fingerhut, Executive Director Cleveland Clinic Innovations. “This is a mutually beneficial relationship that will enable both organizations to connect on complimentary initiatives that will ultimately benefit patients globally.”

About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers’ products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care and personal care products and pharmaceuticals, and specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives.

With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 8,000 employees worldwide. Revenues for 2013 were $6.4B. For more information, visit Lubrizol.com.

About Cleveland Clinic Innovations
Cleveland Clinic Innovations is responsible for company creation, business development and commercialization of all medical technology throughout Cleveland Clinic and its Global Healthcare Innovations Alliance partners. Since it was founded in 2000, Cleveland Clinic Innovations has executed over 500 licenses and created 71 spin-off companies that have raised more than $910M in equity investment and commercialization grants. These efforts have resulted in the creation of over 1,100 jobs. For more information, visit www.clevelandclinic.org/innovations.