Posts Tagged #wilsonsonsini
Posted by Darshana V. Nadkarni, Ph.D. in Big Data -Cloud -IoT-Software -Mobile -Entrepreneurship, Biotech - Medical Device - Life Science - Healthcare on January 12, 2018
JPM 2018 and concurrent events just ended with what may be one of its biggest draws. As many as 10,000 people from life science industry and its related sectors are likely to have descended upon the city, during last four days. In addition to JPM event itself, everything health was under review and up for discussion at various conferences including at EBD Group & Demy Colten’s #BiotechShowcase #DigitalMedicine #BTS18 and #WuXiGlobalForum2018 . Networking and deal making continued late in the nights at various receptions held across the city. Receptions by legal firms like #WilsonSonsini #MoFoLLP #ReedSmithLLP attracted some of the biggest crowds.
Overall the tone for 2018, seemed highly optimistic. BiotechShowcase held a media roundup and echoes of optimism were heard from almost all panelists @barbara_ryan12 @TriangleInsight @CarolineYLChen @adamfeuerstein @statnews @SFBIZronleuty @BrittanyMeiling @endpts @juliet_preston @medcitynews @ldtimmerman .
There is a general agreement that the pace of #innovation in biotech greatly accelerated in 2017 and is likely to continue. According to Luke Timmeerman, “sheer velocity of news in healthtech innovation is fascinating”. Transformative therapies across huge and diverse range of diseases are increasingly focusing on cures and going beyond the short term treatment focus. The surge of innovation has been led by focus on oncology although concern was also raised in one of the panels that we still continue to get stymied and realize how friggin smart the disease of cancer is and if we will truly crack the code on cancer in the immediate upcoming years. All signs are however, that next year we may see critical data from some clinical trials in immuno-oncology space that can cause market spikes.
Here are some areas of concern raised in some of the panels. In 2017, a slight dip was observed in the areas of orphan and rare diseases. Also there seemed to be a general consensus that we need smart policies that incentivize new anti microbial drugs and other treatments for infectious diseases. Due to increasing resistance of antibiotics, there is an ongoing and real fear for some of the infectious diseases to turn into pandemics. These are areas that bold entrepreneurs may focus on. Also medical devices continues to remain somewhat underfunded. Discussions around accelerating healthcare costs and drug pricing issues creeped over into many panels. Entrepreneurs with disruptive pricing innovation in product development as well as healthcare can easily have a tremendous leverage. It can’t be overstressed that finding effective pricing solutions holds key to continued and sustainable growth in healthcare sector.
Discussion in one of the panels focused for a few minutes around large investments in life sciences and if that indicated a healthtech bubble that may be due for a crash. Indeed, some experts observed that pace of 2017 is unlikely to continue and there may well be a slight dip in 2018. But overall the consensus seemed to be, that a steep and deep pipeline of innovation in R&D is likely to prevent a crash, and the venture funding blizzard is likely to continue. Overall, the feeling among investors and healthcare experts was that among the industry, there is a strong focus on science and people are pursuing innovation with discipline that will ensure unprecedented mechanisms and novel medicines. All this activity is taking healthcare to a new level of cures and sustainability and stability from temporary treatment focus. Exciting indeed to be living in this era of amazing healthcare innovation.
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.
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.
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