The agreement includes a licensing arrangement with Alcon to leverage PARC intellectual property for potential new products that are anticipated to enter the market over the next two to four years.
“Vision problems have been steadily increasing due to diseases such as diabetes and other health issues,” said Tolga Kurtoglu, head of Global Research, Xerox. “Using technology we’ve developed at PARC, we’re working with Alcon to develop new eye care solutions that will help millions of people who struggle with various eye conditions.”
Ocular health has a total addressable market of $6 billion, according to industry research.
“Alcon has been working with PARC for more than three years to develop innovative technology that can be used with our vision care products,” said Andy Pawson, president, Global Vision Care Franchise, Alcon. “We’re excited to continue this work and for the opportunity to utilize PARC’s research and development expertise to find new ways to bring an improved experience to patients and consumers around the world.”
PARC’s open innovation approach uses multiple funding sources to advance innovation, which clients leverage to accelerate time to market and ensure a greater probability of success.
Xerox Holdings Corporation (NYSE: XRX) makes every day work better. We are a workplace technology company building and integrating software and hardware for enterprises large and small. As customers seek to manage information across digital and physical platforms, Xerox delivers a seamless, secure and sustainable experience. Whether inventing the copier, Ethernet, the laser printer or more, Xerox has long defined the modern work experience. Learn how that innovation continues at xerox.com.
Palo Alto Research Center Incorporated (PARC), a Xerox company, is in the Business of Breakthroughs®. Practicing open innovation, it provides custom R&D services, technology, expertise, best practices and intellectual property to Fortune 500 and Global 1000 companies, startups, and government agencies and partners. The company creates new business options, accelerates time to market, augments internal capabilities and reduces risk for clients. Since its inception, PARC has pioneered many technology platforms – from the Ethernet and laser printing to the GUI and ubiquitous computing – and has enabled the creation of many industries. Incorporated as an independent, wholly owned subsidiary of Xerox in 2002, PARC today continues the research that enables breakthroughs for its clients’ businesses.
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning more than seven decades, they offer the broadest portfolio of products to enhance sight and improve people’s lives. Their Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Their more than 20,000 associates are enhancing the quality of life through innovative products, partnerships with eye care professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.