A synergistic program between engineering and business schools towards medical technology commercialization

Governments in developing countries have invested in institutions of higher learning in order to develop home-grown, high technology products. Among these, the National University of Malaysia (Universiti Kebangsaan Malaysia), recognized as a Research University, is actively involved in projects related to medical technology through its various faculties. The net result of these activities is impressing from the point of view of patents and publications, but unfortunately not yet in terms of commercialization. This paper starts by presenting the main obstacles towards the objective of bringing a laboratory prototype to the market in the context of Malaysia. Then, a framework is presented whereas a new academic program is introduced to cater for the need of educating engineers and MBA students to enable them to actively engage in the challenging process of product development with the aim of commercialization. In this proposed program, proposed to be jointly offered by the Graduate School of Business (GSB) and Faculty of Engineering & Built Environment, students are given the mandate of entrepreneurs, with each group having first to shortlist medical devices/technology needed by the community, then identify specific devices based on criteria's such as manufacturability and marketability. Each group of students will also have to prepare a business plan and present it to a real group of outside investors which will comment on the feasibility of the project. Prior to these activities, students have taken courses on medical technology innovation. It is thought that the above program can eventually produce successful start-ups, with the various obstacles specific to developing countries having been carefully investigated along the way. Given it's applicability to other developing economies, it may be replicated as a useful model in other parts of the world.