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Cincinnati Children’s rises in ranking of nation’s most innovative companies by Fortune

Tuesday, March 26, 2024

Abby Hess, DNP, a nurse practitioner and clinical researcher at Cincinnati Children’s, was recently granted a patent for her invention of the EZ Induction video game. Kids control the game by breathing into an anesthesia mask, which shifts the focus from something scary to a fun way to fall asleep before surgery. The product is used in routine clinical practice at Cincinnati Children’s, and LittleSeed Calming Technologies has licensed the right to market EZ Induction to other hospitals.

Cincinnati Children’s has again been named one of America’s Most Innovative Companies by Fortune – remaining the top-rated pediatric health system while rising in the national ranking of organizations across all industries.

“We are honored to be recognized by Fortune as the most innovative children’s health system in the country,” said Steve Davis, MD, president and chief executive officer of Cincinnati Children’s. “Our success is a team effort, dedicated to improving child health at home and worldwide through exceptional clinical care and cutting-edge research. Our innovation team helps to translate this into patient care globally.”

About 19,000 people work at Cincinnati Children’s, and nearly one-third are engaged in research, including scientists, medical providers and support staff. Those innovators are developing breakthroughs in areas that range from treatments and therapeutics to medical devices and digital solutions. Cincinnati Children’s also has a long history of creating, developing and testing vaccines.

“While we celebrate our own achievements in enhancing child health, we are also committed to exploring others’ solutions beyond our walls,” said Todd Ponsky, MD, interim vice president of Innovation Ventures, the tech transfer and commercialization office at Cincinnati Children’s. “Our next innovation phase will focus on addressing unmet needs in child health and tackling large-scale problems through strategic partnerships.”

Of the 200 most innovative companies cited by Fortune for 2024, Cincinnati Children’s ranked No. 60 – up from No. 76 in last year’s inaugural listing.

The innovations at Cincinnati Children’s are generated by scientific researchers and those on the front lines such as physicians and nurse practitioners, whose creative ideas often turn into improved care for patients in our region as well as kids throughout the world. Each year, families from all 50 states and dozens of countries travel to Cincinnati Children’s to receive care for complex or rare disorders.

Highlights over the past 10 years at Cincinnati Children’s include:

• 2,033 U.S. and international patent applications
• 658 U.S. and international patents issued
• 253 licenses executed
• 13 active start-up companies based on intellectual property from Cincinnati Children’s
• 217 licensed products/tools

Such innovations have helped create jobs within the health system as well as at spinout companies, other startups and established firms that license Cincinnati Children’s technology.

Fortune and research firm Statista ranked Cincinnati Children’s and other companies based on product innovation, process innovation and innovation culture. That involved analyzing the quantity and value of a company’s intellectual property (including the global technological strength and influence of patents) – and surveying experts such as patent attorneys, recruiters and management consultants. Also considered were how a company develops and uses new and innovative technologies and production processes. In addition, employees were surveyed with regard to what extent a company fosters a spirit of entrepreneurship and creativity while allowing the implementation of new ideas.