Terry Douglas began his entrepreneurial career founding CTI Molecular Imaging with a group of like minded individuals who had the goal of bringing PET (positron emission tomography) to the forefront of medical science through a comprehensive service company. They began their company in 1988 with nothing but a medically unapproved process, so their first task was to get FDA approval for the process. Unfortunately, the FDA has been known to be a very slow regulatory authority, for perhaps good reason, and was very slow at approving radio isotopes for medical use. PET functions by injecting a radioactive fluorine 18 sugar into the body and monitoring where it is metabolized fastest to detect cancerous growths. They had various contacts in the government, one of which was Howard Baker, the senator from Tennessee. He convinced them that if the FDA wasn’t working fast enough, they needed to go the legislative route to get Medicare to approve the treatment. They managed to get a piece of legislation pushed through the government that approved PET scans as a medically approved treatment, opening the door for them to begin marketing and selling their products.
CTI, however, was not only focused on the PET scanner, they wanted to be a full service scan company, capable of providing every aspect of the treatment, from manufacturing the F-18 to, to assisting with PET scanner maintenance, to filling out the insurance paperwork for approval, so to accomplish this, they set out to build up every part of the company from the ground up. For the first decade, they saw tremendous growth, and entered talks with Siemens to acquire the company, however, Siemens offered what the founders though was too small a sum of money, so the founders decided to take the company public. With the company now public, and worth considerably more than what Siemens had initially offered, Siemens contacted them again and doubled their initial offer. With that offer, CTI was acquired by Siemens in 2004.
After CTI, Terry Douglas went on to found Provision Foundation, with one part of the company being a philanthropic organization and another being a medical supply company. With the private company side of Provision, he has sought to bring advanced cancer screening and treatment centers to East Tennessee through a large development out in West Knoxville. This is full of like minded entrepreneurs who are seeking a location to start up their companies, as well as some established names in healthcare. On the non-profit side, Provision Foundation is an active member of the community, focused on faith based initiatives to improve infrastructure and quality of life in the area and across the globe. Currently they are focused on disaster relief following the earthquake in Haiti, but their efforts span the globe. His efforts around the globe help people achieve a better life, and we all thank him for his efforts.