Cayman Tech City, the technology-focused special economic zone within Cayman Enterprise City, in partnership with Digital Cayman and Kirk ISS, hosted a live virtual panel of MedTech experts on Thursday, 10 September to discuss Cayman’s potential to become a MedTech jurisdiction of choice and lead the industry with agility and responsible innovation. The main points of discussion for the virtual panel included what MedTech companies are currently established in Cayman, how we can foster an innovative MedTech ecosystem, what MedTech projects are currently being developed and how they are rising to the COVID challenge. Members of the public working within the Cayman Islands’ digital tech and medical sectors were invited to participate in the virtual discussion.
Panelists for the virtual event were Dr Frank Koentgen from Rhetu International SEZC, Dr Gregory Frost of Exuma Biotech SEZC, Joanne Deys from Ozgene group, Dr Marc Peterman from 3Spine SEZC and Dr Yaron Rado at Doctors Hospital in Grand Cayman. The panel was moderated by Dr Allan Evans, CEO of Fat Shark SEZC. Dr Peterman is the CEO of 3Spine SEZC which has the world’s first total joint replacement for the low back. Dr Koentgen is the CEO of Ozgene group, which generates genetically modified mice for medical research and developed Geneoz VMS, the revolutionary Vivarium Management Solution.
Dr Frost is the Chairman and CEO of Exuma Biotech SEZC which is a clinical-stage biotech company developing adoptive cellular therapies and delivering solutions for the global oncology market. Dr Rado is the Chairman of the Board at Doctors Hospital, the medical tourism facility for the Cayman Islands. Because of the clinical trial structure that is available here in Cayman, the hospital is working closely with partners including 3Spine SEZC to bring patients mainly from the United States and all over the world to the Cayman Islands to be the platform for first-world medicine.
Dr Peterman described why the Cayman Islands was the perfect location to conduct their clinical trials. Cayman is regulated through the Health Practice Commission and has laws that are very similar to the general structure of what the FDA approves. Cayman also allows licensing of foreign physicians so MedTech companies can bring their teams down to the islands that are familiar with the project, which greatly lowers risks for a project. He also mentioned that Cayman is a place people want to come to as it’s in close proximity to the United States and has wonderful facilities available like Doctors Hospital that also lessen risks for the studies. The combination of these factors, with the fact that the Cayman Islands is a great jurisdiction to do business, can build Cayman as the domicile of choice for MedTech companies.
Through Cayman Tech City’s sponsorship, Digital Cayman memberships are complimentary while events have been moved online. Cayman Tech City provides Digital Cayman members with opportunities to participate in its Enterprise Cayman outreach initiatives, such as internships, mentorships, and school outreach programmes. These established high-impact initiatives are actively connecting industry experts with Cayman’s up-and-coming digital professionals and entrepreneurs – an important component in the strategic development of talent within the Cayman Islands and in the future diversification and development of Cayman’s digital economy.