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Term Definition
TEC (Technology Evaluation Committee)

A committee, established by a payer (such as Blue Cross Blue Shield) that evaluates a medical device or procedure to assess whether to pay for the device or procedure and how much.

Term sheet

A document that outlines the terms for a deal and serves as a letter of intent between the investor providing funds and the company receiving them. Terms may include percentage ownership in the company, intellectual property division and other financial and legal concerns.

Third-party payer

Insurance companies (both public and private) who pay on behalf of the patient.

Time to profitability

The amount of time it takes a company to break even, and then turn a consistent operating profit.

Top down model

A sales forecast model that forecasts projected yearly revenue by multiplying the number of customers by the price of the innovation.

Trade secret

Information, processes, techniques, or other knowledge that is not made public but provides the innovator with a competitive advantage.

Trade secret protection

Used in suits when another entity has wrongfully obtained trade information; not protected by government grant as patents are.


To move an idea, device or other discovery into practice so that it may affect human lives.

Treatment gap analysis

Reviewing methods of treatment for a particular disease in order to uncover areas where treatment is not used or where it is not effective in order to find areas for innovation.

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