The Ophthalmology Innovation Summit

OIS presentations preview the future of retina.

By Jerry Helzner, Senior Contributing Editor

To get an idea of the significant advances being made in ophthalmic innovation in the last decade, one only has to measure the stunning growth of the Ophthalmology Innovation Summit (OIS), an independent event with a prestigious list of participants and sponsors now held each year prior to the AAO and ASCRS annual meetings. Begun in 2009 by ophthalmologist and venture capitalist Emmett Cunningham Jr., MD, PhD, MPH, of Clarus Ventures and Craig Simak, Chief Strategy Officer at International Business Forum and Executive Producer of OIS (Figure 1), the event’s main purpose is to bring together in one all-day forum ophthalmic start-ups, investors, public companies, researchers, academics, and practicing physicians to facilitate networking, and business partnerships. In recent years, an increasing number of physicians have attended OIS events, indicating that many of the most useful innovations have their roots in the everyday practice of ophthalmology by individual practitioners.

FIGURE 1.
Craig Simak (left) and Emmett Cunningham, Cofounders of OIS

The timing for the advent of OIS could not have been better. As leading ophthalmic venture capitalist and OIS co-chair William J. Link, PhD, of Versant Ventures remembers, only two or three eyecare-related startups were funded by venture capital in the decade prior to the year 2000. Since then, ophthalmic innovation has literally exploded as billions of dollars of venture capital funding has poured into scores of fledgling companies, many of which have since achieved success in the marketplace. And a number of companies that initially attracted the attention of the ophthalmology community at an OIS event have recently offered shares to the public.

BABY BOOMERS SPUR OPHTHALMIC INVESTMENT

What has sparked this recent interest in ophthalmic innovation? Clearly, one major factor is the size of the market, driven by the aging of the U.S. baby boomer population, estimated at 78 million strong. The vanguard of the boomers are now approaching 70, with an increased risk for eye disorders of the elderly, such as cataract, glaucoma and macular degeneration. This represents a defining and overarching trend that will continue for decades to come.

“This is an amazing demographic that has caught the attention of innovative companies large and small that seek to develop the next generation of ophthalmic pharmaceuticals and devices,” wrote retinal specialist Pravin U. Dugel, MD, in an Innovation in Retina column of Retinal Physician magazine. “The opportunity now for companies to do well financially by doing good for society has never been greater.”

OIS BECOMES A “MUST” EVENT

It didn’t take long for the OIS to catch on. The first event in 2009 in San Francisco drew approximately 400 attendees to hear presentations from about 20 fledgling drug, device and diagnostics-related ophthalmic companies. Attendance increased dramatically in the second year (Figure 2) when 25 companies made presentations. For OIS/AAO 2014, to be held October 16 at the Palmer House Hilton in Chicago, attendance is anticipated to be nearly 900. They come to hear not only the individual company presentations, but also Dr. Cunningham’s review of the year in ophthalmic innovation, guest lectures and panel discussions with leading ophthalmic entrepreneurs on such issues as dealing with the FDA and navigating the current environment for obtaining financing. In addition, the winner of the 2014 OIS Innovator Award will be announced, joining such previous winners as David Guyer, MD, CEO of Ophthotech, Dr. Link of Versant Ventures, and Scott Whitcup, MD, chief scientific officer of Allergan.

FIGURE 2.
OIS attendance increase over 5 years.

Dr. Cunningham says OIS strives to be topical and timely. For example, the forum now includes presentations on both digital and mobile ophthalmic technology, rapidly growing areas with huge implications for advances and efficiencies in diagnostics.

WHY OIS HAS SUCCEEDED

Anyone searching for answers as to why OIS has quickly become what Dr. Cunningham calls “a flagship meeting of ophthalmology” should first look at the ophthalmology community itself, which is known for being close-knit, forward-looking, and mutually supportive.

Gilbert Kliman, MD, managing director of the venture capitalist firm InterWest Partners and an OIS co-chair, has specifically noted ophthalmology’s “uniquely vibrant business community with close integration to clinicians.” He says this type of relationship is crucial in creating an OIS event agenda that is of great interest to the entire ophthalmology community.

And as everyone involved with OIS attests, the ultimate goal of these events is to encourage sustainable innovation that leads to continuing improvement in patient care. ■