The market for neurotechnology products is poised to become one of the most dramatic growth areas of the 21st Century.* The growing need for medical neurotechnology is being fueled by the aging of our society and by a growing interest in the use of medical technology not only to extend life, but perhaps more importantly, to improve the quality of life.
The Adaptive Neural Systems Laboratory plans to capitalize on this growing market through collaborations and partnerships. ANS has established research collaborations with clinicians and scientists at institutions, companies and clinics locally in Miami, throughout the United States, and worldwide. Our academic partners include the Center for Adaptive Neural Systems at Arizona State University and D.C.R. University of Science and Technology, Sonepat, Haryana, India. Clinical partners include the Departments of Radiology, Neurology, and Geriatrics in the FIU Hebert Wertheim College of Medicine, Departments of Physical Therapy and Occupational Therapy in the FIU College of Nursing and Health Sciences, The Hand Institute, OrthoPro Associates, Inc., and Artificial Limb Specialists. Industrial partners are Motion Control, Inc., Contract Manufacturing Solutions, Inc., and Cochlear, Ltd. In addition, Dr. Jung started Advensys, LLC in early 2004 to develop adaptive neural systems for restoring and advancing human mobility.
The ANS model has several features that make it well suited for venture capital investment. Biomedical devices require roughly 7 percent of the investment that drugs do - only $20 to $60 million to develop and bring the device to market versus $850 million for a new drug. FDA approval time is much shorter, averaging only one year. The ANS approach is not only to generate ideas for novel therapy, but also to develop and evaluate those ideas through extensive animal and human trials. The end result is a technology that is more mature with reduced risk and time-to-market and an increase in value of the intellectual property. A second important feature of the laboratory's research agenda is that it includes the development of techniques, such as functional assessment tools, which can be brought to market without regulatory approval. These efforts could have a rapid impact on the delivery and cost of healthcare in the field of rehabilitation.
*Neurotech Reports: The Market for Neurotechnology: 2012-2016