From idea to income: When innovation can mean cash

Physicians with a penchant for tinkering can earn not only a patent for their inventions but also a substantial bit of money.

By Mike Norbut, AMNews staff. Sept. 1, 2003.

While learning the science of fluoroscopically guided pain-management procedures, Jeff Grossman, MD, thought it strange that he had to eyeball his spinal injections. Surely there was a device out there to help guide the injection.

As he did more research and found nothing resembling his idea, however, he realized the concept was a fresh one. That's when the wheels started turning.

First, Dr. Grossman talked to a family friend, who sketched out the device. Then he met with an attorney and had an engineer build a prototype. Soon he had not only a patent but also a model to sell to manufacturing companies.

Nearly two years and $15,000 in expenses later, Dr. Grossman has sold his idea to Medtronic Inc., a medical technology company in Minneapolis, which is expecting regulatory approval for the device in the coming months. Not only will Dr. Grossman, an Atlanta-based physical medicine and rehabilitation physician specializing in pain management, be able to use the device in his own office, but he'll earn royalties as Medtronic sells it to other practices and hospitals.

It's not as if Dr. Grossman is going to retire to Aruba after selling one invention, but the total deal, which he says has "the potential for six figures," certainly is a welcome conclusion to a process that started with an off-the-cuff idea.

"It took care of the majority of my student loans," Dr. Grossman said. "Just to recoup the initial fee was great. To get that back and make some more on top was thrilling."