Parker Collaborates with Cleveland Clinic to Develop Advanced Medical
CLEVELAND, July 10, 2014
CLEVELAND, July 10, 2014 /PRNewswire/ --Parker Hannifin Corporation (NYSE:
PH), the global leader in motion and control technologies, announced it is
developing more than 100 potential medical advancements with Cleveland Clinic,
the noted nonprofit academic medical center that integrates clinical care with
research and education.
The collaboration combines Parker's engineering and new product development
expertise, applied through a strategic approach called Winovation, with
Cleveland Clinic's clinical and research abilities and unique understanding of
the need for innovative medical solutions to address challenges in modern
health care. Several of the medical solutions have been submitted for
regulatory approval in Europe and the U.S., and are anticipated to be ready
for commercial launch as early as 2015.
"We are addressing physicians' greatest medical challenges in collaboration
with the leading minds in health care," said Pete Buca, innovation and
technology vice president for Parker's fluid connectors group. "With Parker's
engineering expertise and valuable insight from Cleveland Clinic doctors and
researchers, the potential for innovation to advance patient outcomes is
Two of the medical devices that have been submitted for regulatory approval
are an optically clear endoscopic sheath designed to minimize the risk of
infection during surgery, and a novel, side-entry torquer device used to
direct guidewires through the body.
Cleveland Clinic Innovations, the commercialization arm of Cleveland Clinic,
engages its employees, as well as the hospitals and universities that make up
its Innovation Alliance, to discover the most critical enhancements to
existing medical devices and to create new devices. The partnership seeks to
translate the fusion of engineered industrial systems and medical devices into
concepts that improve patient safety, decrease procedure time and reduce cost.
"Cleveland Clinic Innovations recognizes that breakthrough advancements that
positively impact patient care often result from collaboration with partners
with complementary capabilities and resources," said Dr. Thomas Graham,
Cleveland Clinic's Chief Innovation Officer. "There is compelling logic and
practical benefit in associating with Parker Hannifin because of its
world-class expertise in engineering and motion control, which apply to
current and future challenges in healthcare."
Parker introduced its Winovation platform in 2005 to help solve some of the
world's greatest engineering challenges with inventive solutions. Creating
synergies across all of its groups of engineers and engaging in strategic
partnerships are core to its mission. The alliance with Cleveland Clinic
provides a compelling opportunity to engineer cutting-edge medical solutions.
These product breakthroughs represent the cornerstone of Parker's growth
strategy, and will help doctors treat illness, improve patient care and
enhance quality of life.
About Parker Hannifin
With annual sales of $13 billion in fiscal year 2013, Parker Hannifin is the
world's leading diversified manufacturer of motion and control technologies
and systems, providing precision-engineered solutions for a wide variety of
mobile, industrial and aerospace markets. The company employs approximately
58,000 people in 49 countries around the world. For more information, visit
the company's website at www.parker.com.
About Cleveland Clinic Innovations
Cleveland Clinic Innovations (CCI) is the commercialization arm of Cleveland
Clinic. CCI turns the breakthrough inventions of Cleveland Clinic employees
into patient-benefiting medical products. The creation of new business
opportunities allows CCI to deliver Cleveland Clinic's unique capabilities
into the commercial market, while aiding in the economic growth of Northeast
Ohio and beyond. Since 2000, 66 companies have been enabled by Cleveland
Clinic technology and expertise; nearly three-quarters of these companies have
received more than $750 million in equity investment to date. CCI has
transacted nearly 450 licenses and has more than 2,200 patent applications –
with 525 issued patents. Visit CCI athttp://innovations.clevelandclinic.org/.
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, events or developments
are forward-looking statements. It is possible that the future performance,
events and developments of the company may differ materially from current
expectations and may not occur at all. Among the factors that may affect
future performance, events and developments are: the ability to complete, and
the success of, any applicable clinical trials; and the ability to obtain
regulatory approvals. The company makes these statements as of the date of
this disclosure, and undertakes no obligation to update them unless otherwise
required by law.
SOURCE Parker Hannifin Corporation
Contact: Media - Aidan Gormley, Director, Global Communications and Branding
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