Leading motion and control technologies provider, Parker-Hannifin Corporation (PH) recently announced that it has teamed up with Cleveland Clinic to provide enhanced healthcare by developing technologically complex medical devices. The two entities are together developing over 100 promising medical devices.
This collaboration has been built on Parker-Hannifin's expertise in engineering and motion control coupled with Cleveland Clinic's strength in clinical research and its exceptional awareness regarding the requirements of the healthcare industry.
The collaboration has already completed a number of devices that are pending regulatory approvals in regions like Europe and the U.S. The commercial launch of these medical solutions is expected to take place in 2015.
Recently, they have developed two innovative medical devices - an endoscopic sheath and a side-entry torquer device, which are awaiting regulatory approvals at present. The endoscopic sheath is an optically clear device developed to reduce infections during surgeries, while the side-entry torquer device will direct guidewires through the patient’s body.
This nonprofit academic medical center is making persistent efforts to improvise the existing medical devices with the aid of its Innovation Alliance i.e., its employees and other organizations like hospitals and universities collaborate to advance these critical innovations. The clinic via its commercial wing, Cleveland Clinic Innovations, is working to combine engineering and medicine to develop such novel devices. These devices are designed to optimize costs while significantly improving the safety of patients and reducing the time required for the procedures. These revolutionary technologies are expected to change the face of medicine in the future.
Parker-Hannifin will be utilizing its Winovation platform for this project that was introduced in 2005 to provide innovative solutions for complex engineering problems. This collaboration is a strategic fit for Parker-Hannifin as it will enable it to expand its presence in the medical industry that will be critical to drive growth going forward.
Parker-Hannifin currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the sector include Altra Holdings Inc. (AIMC), Nordson Corp. (NDSN) and Twin Disc (TWIN). All three hold a Zacks Rank #2 (Buy).