News | September 29, 2015

The Innovation Institute Names Boston Scientific As Founding Medical Device Sponsor Of Innovation Lab In Newport Beach, CA

Recently, The Innovation Institute announced that Boston Scientific has signed an agreement to become the founding medical device sponsor of its Innovation Lab in Newport Beach, Calif.

The Innovation Lab, a world-class, for-profit incubator, sources ideas from staff among member-owner hospitals across the U.S. from concept stage, to prototypes and end products. The Lab works with like-minded industry partners to transform health care through innovation. Member-owners include St. Joseph Health, Bon Secours Health System, Children’s Hospital of Orange County and Franciscan Missionaries of Our Lady Health System.

Boston Scientific joins other industry partners Deloitte and Dell, Inc. and alliance partner Cleveland Clinic Innovations, in their support of The Innovation Institute.

Boston Scientific, a medical device developer and manufacturer, is focused on addressing unmet patient needs and reducing the cost of health care. The company’s products and technologies are used to diagnose or treat a wide range of medical conditions, including heart, digestive, pulmonary, vascular, urological, pelvic health and chronic pain conditions.

“The Innovation Institute’s network of frontline healthcare professionals offers us a vast array of perspectives on areas for innovation within medical product development,” said Boston Scientific Senior Vice President, Corporate Accounts & Global Healthcare Solutions, Mark Toland. “We see great opportunities to collaborate with the Innovation Lab’s members to further develop technologies that improve outcomes and patient satisfaction while driving down the cost of delivering care.”

The Innovation Institute President & CEO Joe Randolph said, “We couldn’t be more pleased to be teaming with Boston Scientific, a global medical technology leader.” The Institute’s Innovation Lab Executive Vice President Larry Stofko added, “The company’s commitment to advancing science for life aligns perfectly with our mission to cultivate innovative solutions in collaboration with others to transform healthcare.”

The Lab has invited organizations to serve as exclusive founding sponsors in specific sectors, including health information technology, IT platform telecommunications, medical device, therapeutic, diagnostic/lab equipment, biomedical (MRI/CT) and consulting.

About The Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery.The Innovation Institute is owned by non-profit health systems. This collaborative taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), The Institute strives to “do more, with less, for more people.” For more information, visit

Source: The Innovation Institute