Disruptive Innovation on Boundaries of Disciplines – TiEcon tracks & Discount Code

Are you still playing inside the boundaries of disciplines?  Play on the boundaries, instead.  There are huge opportunities for entrepreneurship and innovation on the boundaries of disciplines.  All industries are impacted and transformed by the increasing interconnectedness with technological advances in IoT, Big Data, Cloud Computing, Machine Learning and more.  This transformation is most apparent in  heavily regulated and somewhat slower to change industries like, “Oil and Gas” and “Healthcare”.  Any industry that worked in a silo before is likely to leap forward into the new age.   These areas are likely to experience most disruptive innovation and are  brimming with opportunities for entrepreneurs thinking outside the discipline boundaries.

Oil & Gas industry is on the verge of major transformation.  Entrepreneurs with industry specific innovations to enhance operational efficiency and minimize negative environmental impact, will score big.  Most recent environmental concerns have been around the impact of fracking or hydraulic fracturing, a process by which water and sand mixture is pumped deep below the earth’s surface, into earth’s dense shale rock formations.  Fracking produces many long narrow fractures in the rock formation and helps convert organic matter embedded within the rock to synthetic oil and gas.  It has vastly improved oil production.  It is estimated that what can be produced by a vertical well in 30 to 35 years, can be done in a horizontal well, in as short a span as 6 months.  However, recent studies indicate that fracking has led to an increase in seismic activity.  Thus far the activity was minimal but it has now been growing in both strength and number, with increase in fracking.  Many Oil and Gas companies have established innovation centers in Silicon Valley to assess and garner technological help to expedite learning about environmental impact and explore if technology might help intervene to minimize negative impact, in addition to enhancing operational efficiency. 

Healhcare has also emerged as the most attractive area, pulling in major investment dollars.  Internet of things, for instance, will help bring in focus, the prospect of connected health.  As increasingly incentives are tied to preventative medicine, providers will look for opportunities for seamless, integrated care.   Cloud and big data will enhance the possibility to learn from collective knowledge, access wisdom of the crowd, and enhance quality of health with lesser investment of resources.  Big pharmaceutical companies and biotech will look to utilizing technology in bringing therapies to market, with minimal wastage of resources and dollars.  Opportunities exist to transform the process of drug development http://bit.ly/1xzpdFx& http://bit.ly/14pkhRO , to digital health advances enabling early identification and treatment of diseases http://bit.ly/11MlM9e , to even better monitoring of medical adherence.  While reimbursement is increasingly emerging as a major challenge, insurance providers will look for disruptive, and long term, cost saving innovations.

TiEcon 2015, largest entrepreneurship conference, taking place at Santa Clara Convention Center on May 15 and 16, will feature these new tracks on healthcare http://bit.ly/1OOCV9Z and oil and gas http://bit.ly/1HqQkoc, in addition to featuring companies and speakers making waves in Data Economy, Internet of Things, and Cloud Security tracks.

Register for TiEcon and come and play on the boundaries of disciplines; jump from track to track, network with multi-track participants, angels, VCs, and learn and get inspired.  TiEcon will take place at Santa Clara Convention Center, Santa Clara, CA on May 15 and 16.  Register through this link  https://www.123signup.com/register?id=ygszb&ref=4182698 to get a $100 discount on the two-day conference at the non-member rate.  When prompted, enter the promo code VOL500 at checkout.

PS –  I am looking to fill a number of full time and contract engineering opportunities in mechanical, quality, software, electrical, firmware engineering in CA & TX.  Details are posted in JOBS category at www.darshanavnadkarni.wordpress.com .   Some of my full time opportunities are very exciting with a huge potential upside and truly disruptive technology.  Resumes can be sent to wd_darshana at hotmail dot com

Point-of-care Solution to Minimize Prescription Filling & Medication Dispensing Errors

Dr. Alan Jacobs, Founder and CEO of PerceptiMed talked about “preventing drug-related patient injury and death with advanced, cost-effective technology systems”, at www.bio2devicegroup.org event.

Medication dispensing error occurs when there is a discrepancy between a prescription and the medicine that the patient receives.  It can occur in pharmacies, hospitals, or nursing homes.  Such errors can occur at any stage during the long chain of events that transpire between the prescription that the pharmacy receives and the medication that the patient receives.  A prescription may be read incorrectly, transcribed incorrectly, dispensed erroneously or delivered to the wrong patient.

Pharmacies dispense enormous volumes of medications.  So, relatively low volumes of dispensing errors, in proportion to the medications dispensed, translate into huge numbers of erroneous medications that the patients receive, with serious consequences.  For instance, do you know that each year in the US, there occur almost 345 million medication dispensing errors?  These errors lead to 1.5 million patient injuries and staggering 7,000 deaths, each year.  Additionally, such mistakes are very costly.  These preventable medication errors cost $21 billion in wasteful healthcare spending, each year.

Pills (white rabbit) (Photo credit: erix!)

Medical dispensing system is a complex system.  Often prescriptions are filled by technicians or others representing low skilled workforce.  After the prescription is received at the pharmacy, and the patient profile is made, the pharmacist or the technician enters the prescription in the computer.  The technician then goes to the stock room, counts out the number of pills and fills in the medicine container, and appropriately labels it.  The pharmacist makes one last check, reviews the completed order, verifies drug name, strength, dosing directions, and then visually inspects the pills.  Finally, after verification that the prescription is filled for the correct patient, the medicine is dispensed.

Prescription filling errors can occur at any stage, in the process.  There are currently 10,000+ pills on the market.  About 2633 pills are white and round, 718 are yellow in color.  Despite the fact that following FDA ruling, every pill is marked with a special insignia, given the volume of similar looking pills, this is an error waiting to happen.  Typically, in a busy pharmacy, a pharmacist may fill out 200-300 prescriptions, a day.

PreceptiMed offers a breakthrough point-of-care product, IdentRX that provides real-time identification of individual pills and checks each pill against the patient’s prescription.  This solution is built upon state of the art pill identification algorithms and machine learning technology that enables the system to learn about each new pill that is introduced.  There is 100% identification of each individual pill as it is dispensed into the pill bottle.  The optical sensor reads 120 pills a minute.  Its error detection rate is 99.9% and it requires no calibration or modification of pill or any other special packaging.  This automatic, pour and go, first in class system correctly verifies all parameters, and checks for correct medication against patient information, dosage, and quantity.  It flags when there is an error the first time, unlike mechanical errors that go undetected for long periods and get further compounded.  Built in safe guard eliminates cross-contamination with sensitive products.

PerceptiMed has a broad IP and various other products for other uses in nursing homes and so on.  This point-of-care dispensing system does not require FDA approval.    Currently, almost 25% of the technician’s time is spent on making a mistake or correcting the mistake, as restocking of erroneous products is also a complicated process, further raising the possibility of errors.  PerceptiMed system makes it easy to restock erroneous products, saving enormous amount of time.  Additional products are in the pipeline.  For instance, Scrip Clip is a simple clip with a sensor that goes on top of the pill envelope and when the patient info is entered in the system, it lights up, allowing for easy pick up from all medications waiting to be picked up.  Also it makes it easy to restock the medications that are not picked up.  There are other fail safe products for use in nursing homes (for instance, eMAR), to ensure right medication, at correct dosage and time is given to the patient, and the date is entered immediately, to avoid overdosing.

This was a very interesting talk that included several videos that demonstrated the products.  The talk was followed by Q&A.
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Upcoming Healthcare events in Bay Area

http://www.bio2devicegroup.org features top notch speakers and many events are completely free.

Healthtechnology Forum conference http://www.healthtechnologyforum.com, focused on exploring pathways to sustainable health, is on May 20 in SF. Please register for the conference as my friend, with the discount code “HTF14-FriendOfOrganizer” and send me your first & last name at wd_darshana at hotmail dot com, to get $150 off the price of the ticket.

www.tiecon.org – If you are a professional  in #healthIT, #digital health,  #internetofthings, #cloud, #bigdata or related, I would say this is the conference, you don’t want to miss – It offers a fabulous opportunity to network with 3000+ professionals and listen to top notch speakers and panelists.  You can register for #TiEcon (May 16 & 17 at Santa ClaraConvention Center) at link http://tinyurl.com/kr2hkcw  as my guest & enter promo code tievalue to get $100 discount.

http://www.wsgr.com/news/medicaldevice/ – #WilsonSonsini, #WSGR annual medical device conference in San Francisco, June, 12.

JOBS: are posted at the link http://bit.ly/1o85CTM