Posts Tagged Precision Medicine
Changing World of Medtech Investors (includes Software, Big Data, Mobile, Biotech & more) – 2015 WSGR Conference
While there has been a decline in traditional medtech investments, non-traditional investors are investing in new and emerging areas, in medtech. Software and IoT investors are interested in containing hospital costs and increasing operational efficiency in healthcare institutions. Biotech investors are interested in alternative therapies, and internet investors are looking at ways to change the way devices are sold and big data investors are looking at opportunities to contain disease outbreaks and better manage large disease populations. International investors are tapping US expertise to build medtech businesses at home.
A panel at WSGR 2015 Medical Device Conference, moderated by Uday Kumar, Founder and CEO at Element Science Inc., addressed the changing world of medtech investors. Joining Kumar on the panel were Tom Rodgers, SVP & Managing Director at McKesson Ventures; Andrew Atwell, Principal at Global Innovation Center, Strategic Investments Group; Asha Nayak, Global Medical Director at Intel Corporation; and Conrad Wang, Senior Director of Corporate Development at Medtronic. Below are some highlights from very interesting panel discussion on changing face of medtech investment.
According to Wang, Medtronic vision is to be a collaborative solution provider in healthcare, with a specific focus on new therapies and geographic diversity of emerging markets. His advice to entrepreneurs, “focus on how your solutions can create value”. Instead of being enamored by a technological enhancement, entrepreneurs should keep in mind the impact that the new breakthrough may have on the stakeholders in the healthcare delivery chain. Due to a combination of factors, chronic conditions are increasing globally. Medtronic looks for opportunities that would enable healthcare providers from engaging in episodic care of chronic diseases to providing continuous care.
Atwell said there are numerous opportunities in the Big Data space, particularly in consumer generated data. “Our main driver of revenue are mobile devices”, said Atwell. There are also many challenges. For instance, it is challenging to get accurate data and see meaningful trends. It is also a challenge to understand early on how large the market might be and how quickly adoption may happen. Atwell said his group invests in early and seed stage to A and B rounds and typically invest from $250K to $3M, in any given opportunity. “We focus on building collaboration among experts from data analytics, health IT, and workflow efficiency”, said Atwell. He further observed, “additionally, we also look at behavior change space since there is so much access to individuals through their mobile devices”. Even if they may not help exert deep influence and impact in changing behaviors, mobile devices can exert significant influence over much larger population and can be an effective behavior change tool, said Atwell.
According to Nayak, Intel approach is to provide a piece of healthcare solution that fits in enhancement of health and quality of life, while keeping in mind TCO or total cost of ownership, in healthcare. Her advice to entrepreneurs, “you should know if you are able to provide a piece that will fit in total solution, even if that may be a few years later”. From consumer devices, typically wearables, an entrepreneur should be able to harness value in a trustworthy manner. There are some key questions that an entrepreneurs must ask. 1) Is the data trustworthy, not just in accuracy, but can it be consistently used by the right person? 2) With wearables, one needs to add unequivocal value and discern it from gobs of data. 3) An entrepreneur must consider how it will fit into the current workflow without adding more time to the system. Entrepreneurs often don’t get this piece, said Nayak. 4) Security of data is critical. Anytime data needs to be securitized, any time data moves, Intel makes money on it, said Nayak. 5) How is the cost and care impacted through wearables. Nayak said, Intel is interested in building ecosystems and platforms around the notion of building long term improvement in healthcare, at lesser cost. Intel invests in all stages from seed to commercialization. “My group is interested in partnership, and all of our investment is strategic”, said Nayak. Many areas of interest include, telemedicine, patient management of telemedicine, management of chronic and acute care and also precision medicine, genomics, and analytics that can extract data, said Nayak.
According to Rodgers now the focus is on whether or not an entrepreneur can you navigate the carpteted area of hospitals and provide actual solution that makes a difference. His advice to startups is to position devices as service. Device can also be a powerful tool to capture data to ultimately keep people healthy, said Rodgers. However, average provider does not have the time or the training to deal with the deluge of data. In order for the data to become actionable, we may need a whole layer sitting in between the patient and the provider, monitoring the datasets, observed Rodgers. He also advised that entrepreneurs may focus on emerging growth areas and shift to models that enable direct consume care. We focus on strategic areas, not tactical, said Rodgers.
Posted by Darshana V. Nadkarni, Ph.D. in Big Data -Cloud -IoT-Software -Mobile -Entrepreneurship, Biotech - Medical Device - Life Science - Healthcare on April 24, 2015
Healthcare industry is poised to go through impressive transformation, in the coming decade. What some experts have dubbed a 3D transformation, changes in life sciences are happening through massive changes in Diagnostics, Digital Devices, and Data.
Consider this. TiEcon, the largest entrepreneurship conference, focused for several years on computing, storage, hardware, software, firmware, semi conductors, gaming and mobile technologies. HealthTech was not the focus at TiEcon. But HeathTech has recently emerged as one of the hottest areas to invest. Besides offering a special healthcare focused track, on day 2, May 16th, healthtech is integrally woven in most of the other tracks, at TiEcon 2015. Technology has impacted all areas of our lives such that no entrepreneur could look at any industry as a silo. To register go to 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:
In fact, most of the disruptive innovation is happening on the boundaries of disciplines. This is most pertinent in life science, hospitals and healthcare, healthtech, biotech, pharma, drug development, medtech, digital health, mobile health, wearables space. Every new intersection point between health and an emerging technology, brings its own terminology. Collectively, the aim is to positively transform the quality of lives of healthy and sick people. So how is life science focus woven across several tracks at TiEcon?
John Kapoor, a serial entrepreneur, who is number 577 on Forbes Billionaire List, is going to give a grand keynote address on day 2, Saturday. Kapoor, whose net worth is estimated at $3.5B, has founded and guided two pharmaceutical companies, Insys Therapeutics and Akorn Pharmaceuticals and led them to exceptional success. Pharmaceutical industry is slowly but surely changing to innovate faster, cheaper, more cost efficient process of drug development. Here is link to my recent blog on novel approaches to drug development http://bit.ly/1xzpdFx .
Here is another interesting keynote to watch out for. After helping coin the term, “Data Scientist”, while still in the academia, D. J. Patil did some initial work on deciphering the complexity of the weather patterns and impact of bioweapons proliferation in Central Asia. Here is link to my blog on Patil in 2013 http://bit.ly/YYyOxd . After stints in eBay, PayPal and LinkedIn, Patil was appointed by President Obama, as Chief Data Scientist at the White House. Among other responsibilities, Patil will work on the Administration’s Precision Medicine Initiative, focusing on utilizing advances in data to enable clinicians select most effective treatments. Here IBM’s Watson, an artificial intelligence system with access to millions and millions of pages of structured and unstructured data, to help in efficient diagnosis and suggest possible avenues for treatment, deserves special mention. Here is my link to Dave Farucci’s keynote at TiEcon, several years ago http://bit.ly/JOZmwH .
Besides the keynotes and healthcare representation on panels in other tracks, Day 2 focused Healthcare track panels will address such varied topics as role of “Medical Devices in a Changing Landscape” and “Trials and Tribulations of Adopting Technology in Hospitals”. Eminent speakers include, MD and CEO at Good Samaritan Hospital, Paul Beaupre; Anupam Pathak, Founder & CEO of Lift Labs, acquired by Google X, Brett Knappe, Senior Director of Strategy at Medtronic; Satnam Alag, VP, Software, Illumina; and Darius Naigamwalla, President at Campbell Alliance. Representation from technology rich companies such as IBM, GE, Google X, and Tibco, in discussions on healthcare, along with medtech and big pharma companies like Medtronic, J&J, 23&me, Illumina and Genentech AND representation from healthcare providers like Good Sam, will make for very rich dialogue. Register for TiEcon at 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: