Leading motion and control technologies provider,
) 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.
). All three hold a Zacks Rank #2 (Buy).
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