2020 Inaugural International Medical Device Innovation and Entrepreneurship Competition Officially Launched

Shanghai, June 15, 2020 /PRNewswire/ -- The 1st International Medical Device Innovation and Entrepreneurship Competition in 2020On June 12Grandly Launched in Shanghai. The competition was initiated by the Branch of Translational Medicine of the Chinese Association of Medical Equipment, hosted by Medtronic, and received guidance from the Science and Technology Committee of the Shanghai Municipal Committee of the Jiusan Society and the Science and Technology Commission of Minhang District, Shanghai Municipality, as well as strategic support from Lingang Pujiang International Science and Technology City. Distinguished guests who jointly witnessed the launch included Li Weidong, Executive Vice President and Secretary-General of the Branch of Translational Medicine of the Chinese Association of Medical Equipment; Professor Zheng Minhua, Director of the Department of General Surgery at Ruijin Hospital, Shanghai Jiao Tong University School of Medicine; Huang Yongping, Director of the Science and Technology Committee of the Shanghai Municipal Committee of the Jiusan Society; Li Li, Director of the Science and Technology Commission of Minhang District, Shanghai Municipality; Gu Yushao, Global Senior Vice President and President of Greater China at Medtronic; and Zhang Yong, General Manager of Lingang Pujiang International Science and Technology City.

This competition, themed “Innovation and Sharing, Illuminating the Future,” focuses on the field of minimally invasive surgery. It targets clinicians, entrepreneurial companies and teams, universities, and research institutions both domestically and internationally, aiming to identify cutting-edge and pioneering innovative applications in minimally invasive surgery, particularly in general surgery and thoracic surgery. By establishing an integrated innovation platform that combines “technology, capital, talent, and application” across industry, academia, research, and clinical practice, the competition seeks to facilitate deep and efficient alignment between minimally invasive surgical solutions and industrial needs, thereby promoting the comprehensive and balanced development of the minimally invasive surgery ecosystem.

2020 marked a critical milestone in the implementation of the “Healthy China 2030” strategy. As healthcare reforms continue to deepen, the numerous challenges facing China’s medical sector and the substantial unmet patient needs urgently require ongoing improvement through innovative therapies and solutions. As a vital component of the industry’s strategic upgrading, local innovation in medical devices has become key to promoting high-quality development and meeting the significant demands of patients. In recent years, medical practice has shown trends toward the surgicalization of internal medicine and the minimally invasive nature of surgery. Meanwhile, due to their advantages of minimal trauma, reduced pain, and faster recovery, minimally invasive therapies can effectively alleviate patient suffering, improve prognoses, and enhance medical safety and efficiency. Thus, this field represents an innovative area in healthcare with enormous potential demand and broad application prospects.

“Innovation is the driving force behind the accelerated development of the medical device industry, the improvement of China’s healthcare system, and the achievement of the strategic goals of the Healthy China Initiative.” Professor Cai Xiujun, President of the Translational Medicine Branch of the Chinese Medical Equipment Association and initiator of this competition, stated, “In the medical field, clinical practice is both the source of medical innovation and the ultimate endpoint for evaluating innovative outcomes. This Innovation Competition has established an end-to-end translational platform spanning clinical practice, research and development, and incubation, facilitating the journey of outstanding medical innovation projects from the clinic back to the clinic. This ensures that the healthcare industry ultimately benefits the public, the government, and enterprises alike. This is also the goal and mission of the Translational Medicine Branch.”

The importance of policy support for innovation and entrepreneurship in the medical device sector is self-evident. At the launch ceremony, Li Li, Director of the Minhang District Science and Technology Commission, stated, “Biopharmaceuticals is one of the three strategic emerging industries that Shanghai prioritizes and encourages for development, and it is also a leading industry prioritized by Minhang District. In eastern Minhang, we will establish a hub for the R&D, translation, and industrialization of high-end medical devices, centered around the Lingang International Life Health City. Moving forward, Minhang will further optimize the policy environment for industrial development by revising its new round of special policies for the biopharmaceutical industry. We hope that innovative pharmaceutical companies represented by Medtronic, as well as outstanding entrepreneurial projects emerging from this competition, will settle in Minhang and achieve success.””

As the organizer of the competition, Medtronic has always regarded innovation as the driving engine for its development. Over the past three decades since entering China, Medtronic has continuously enhanced its local innovation capabilities by integrating local manufacturing with local R&D. The company has established a comprehensive presence in China, covering R&D, manufacturing, sales, marketing, clinical training, innovation acceleration, and venture investment, thereby forming a complete industrial value chain and creating a closed-loop innovation ecosystem.

Gu Yushao, Senior Vice President of Medtronic globally and President of Greater China, stated, “The introduction of a series of favorable national policies has created greater opportunities for innovative development in the medical device industry. As an industry-leading innovative enterprise, Medtronic is committed to deeply integrating into the local innovation ecosystem and promoting the translation of innovations through open collaborative innovation across the industrial chain. In 2016, Medtronic established its China Venture Capital Fund to invest in small and medium-sized medical technology innovation enterprises; in 2019, Medtronic’s Medical Innovation Accelerator was officially launched, and currently, companies specializing in rehabilitation robotics and medical augmented reality have joined the program. Through these innovation platforms, we integrate our professional expertise and resources in the vertical healthcare sector to help local medical innovation enterprises accelerate the commercialization of new medical technologies, addressing Chinese needs with innovations created in China.”

The 2020 Inaugural International Medical Device Innovation and Entrepreneurship Competition marks another endeavor by Medtronic to practice open, collaborative innovation across the industrial chain. The competition will be conducted in three stages: preliminary rounds, semi-finals, and finals. A judging panel composed of clinical experts, technical experts, and investment professionals will adhere to the principles of “fairness, impartiality, and transparency.” Evaluating entries across multiple dimensions—including technological innovativeness, market potential, team strength, and product maturity—the panel will select eight innovative projects to advance to the final round, ultimately determining the top three winners.

Projects shortlisted for the finals will have the opportunity to join the Medtronic Innovation Accelerator, gaining support from Medtronic in areas such as innovation assets, R&D expertise, and market networks, as well as preferential policies on talent and funding from the Minhang District Government. Starting today, all eligible innovation teams may register via the competition’s official website:http://miaic.vcbeat.top/