Thomas J. Fogarty Prize to Recognize High-Impact Medtech Innovations

Nominations are open for the inaugural Thomas J. Fogarty Prize, a new recognition for an innovator or team who has developed and brought to market a life-changing medical technology. The award consists of an unrestricted $100,000 cash prize, a custom-cast bronze medal, and a formal celebratory dinner and award ceremony with medtech leaders in Silicon Valley.

Named in honor of cardiovascular surgeon and serial medical technology innovator Thomas J. Fogarty, M.D., the Fogarty Prize is made possible through a foundational grant from the Linda and Mike Mussallem Foundation, with Silicon Valley-based law firm Wilson Sonsini, also contributing to the prize endowment.

Dr. Fogarty dedicated his career to improving medicine. His balloon embolectomy catheter, invented when he was still in medical school, revolutionized vascular surgery and launched an era of minimally invasive device innovation that has improved and saved the lives of millions of people. He also invented a legion of other surgical tools and technologies and has been recognized by numerous organizations for his contributions to medical science, including the National Inventors Hall of Fame and the Presidential Medal of Technology and Innovation.

“Tom’s constant refrain, ‘there must be a better way,’ has inspired countless innovators to search for new solutions to important problems in patient care,” said Mike Mussallem, co-founder of the Linda and Mike Mussallem Foundation and former Edwards Lifesciences CEO and board chairman. “We are proud to take part in the inaugural Fogarty Prize, which honors the magnitude of Tom’s contributions to healthcare while recognizing the next generation of trailblazers who are developing transformational medical technologies today.”

Fogarty Prize Eligibility

The Fogarty Prize recognizes a singular, clinically impactful technology, which differentiates it from a lifetime achievement award. Recipients must be individuals (up to three per award); companies are not eligible. An independent selection committee whose members include Dorothy Abel; K. Angela Macfarlane; Mike Mussallem; Asha Nayak, M.D., Ph.D.; Carla Pugh, M.D., Ph.D.; Allan Will; and Bill Starling will review nominations and select the annual award recipient/s.

“The process of translating an idea into a commercially available medical device or therapy is hard,” said Andrew Cleeland, CEO of Fogarty Innovation, the nonprofit educational medtech incubator and accelerator that is administering the prize. “It’s a long, costly process that involves navigating a multi-stakeholder landscape far more intricate than most industries. This award illuminates and acknowledges the collaboration and grit required to drive a new therapy to patients and achieve broad acceptance and use. This ethos is best reflected in a Fogarty quote that is well-known across the startup ecosystem: ‘An idea by itself has no importance whatsoever. It’s the implementation of that idea and the acceptance by others that bring true benefit to our patients.’”

The nomination period closes on July 31, and the winner(s) will be announced in August. The award will be presented at a formal dinner in October 2025 in Silicon Valley the night before the annual Thomas J. Fogarty, M.D.: Focus on Innovation Lecture (Fogarty Lecture). The nomination form can be found on the Fogarty Innovation website.

Dr. Fogarty’s Impact on Medical Innovation

During his acclaimed career, Dr. Fogarty, 91, acquired 190 medical patents for his work, including the “industry standard” Fogarty balloon embolectomy catheter, The Hancock Tissue Heart Valve, and the AneuRx Endovascular Aortic Stent Graft. He is the founder or co-founder of more than 45 medical technology companies, and his inventions significantly influence the way surgery is performed today.

However, nearly all of Dr. Fogarty’s inventions involved a long journey through “hand-to-hand combat and a slog through things that ‘couldn’t be done.’” After inventing the balloon embolectomy catheter, which replaced a high-risk, open surgical procedure to remove blood clots that frequently resulted in amputation, Dr. Fogarty struggled first to publish and then to find a manufacturing partner. In 1969, Edwards Laboratories became that partner.

In 2007, Fogarty founded Fogarty Innovation on the campus of El Camino Health in Mountain View, Calif., with the goal of using his experience to help innovators and young companies navigate a web of stakeholders that include regulators, insurers, hospital systems, physicians, investors, acquirers, and patients. Since 2017, Fogarty Innovation has been helmed by Cleeland, who moved the organization into a 30,000 square-foot facility complete with lab, office, and conference space; hired a core senior staff of medtech veterans with a broad range of expertise to actively coach young companies; and expanded the nonprofit’s educational offerings and alliances program, to streamline the path forward for promising medical technologies.

Fogarty Innovation is a nonprofit educational medtech incubator dedicated to advancing human health worldwide. The company’s seasoned leadership team provides “full contact coaching” to help young companies navigate the path to commercialization, delivers practical educational programming to stakeholders across the ecosystem, and forges alliances that accelerate the invention, development, and deployment of new medical technologies into clinical care.

Unveiled last year, the Linda and Mike Mussallem Foundation aims to harness the power of innovation and integrative health solutions to address complex healthcare challenges and create meaningful, long-lasting change for overlooked populations in need.