The healthcare startup landscape has changed significantly in the past 10 years, driven by solid investments, advances in technology from immunotherapy to machine learning, changes in CMS reimbursement, and support from vendors, payers, pharmaceutical, medical technology and big tech companies.
The startup trip is a central part of MedCity news coverage and our Pitch Perfect pitch competition is a big draw for our annual INVEST conference. We are again searching for applicants for the Pitch Perfect competition as we prepare to return to face-to-face meetings with the INVEST conference at the Ritz Carlton Hotel in Chicago March 28-30. The conference will consist of four tracks including:
With digital transformation happening across the board, Big Pharma wants to go beyond the pill. Startups in this category are leveraging digital tools to support every aspect of the pharmaceutical industry, be it drug development, clinical trials, manufacturing, digital therapy, patient engagement, and more.
Especially after the pandemic, convenience is the keyword when it comes to the world of diagnostics. Startups in this category are either developing at-home tests (be it kits with out-of-the-box results or kits that can be used for home testing and easily mailed) or point-of-care tests with results available soon are.
Remote patient monitoring and smart devices
The world of medical devices is being digitized to help patients and doctors better manage their illnesses. Even implantable devices have connectivity via Bluetooth and WiFi. Startups in this category develop intelligent devices – whether portable or permanently implantable – with connectivity to apps and platforms for disease management.
Supervision coordination and VBC
Health systems and payers are increasingly interested in improving outcomes and patient satisfaction while reducing costs. Startups in this category are using digital tools to address care and coordination, as well as clinical decision support, with the goal of driving the ultimate transition to values-based care.
To apply for a pitch at INVEST Pitch Perfect 2022, Click here.
Many of the startups that make up our Pitch Perfect finalist alumni have been successful. Here is a look at some of these companies
PhysiIQ, (INVEST Pitch Perfect 2015) recently announced a multi-year collaboration with Janssen Pharmaceuticals, part of Johnson & Johnson, to license its AccelerationIQ portable biosensor platform. Janssen will scale the use of biosensors and support research and development initiatives and commercial strategies to gain knowledge about patients.
“Continuous real-world sensor data and digital biomarkers are the new frontier of clinical development and pharmaceutical commercialization,” said Chris Economos, chief commercial officer of physIQ in the announcement. “We have built a platform that can accommodate the unknowns of a rapidly evolving regulated digital medical landscape – every sensor, every data type and every algorithm. We are very excited to be working with Janssen as we turn real data into real insights to provide solutions for patients, providers and payers. “
Luma health (INVEST Pitch Perfect 2020) raised a whopping $ 130 million last month as part of a Series C funding round. Its patient engagement platform, which centralizes and automates the scheduling and communication with patients, is used by more than 550 healthcare systems, hospitals, federally qualified health centers (FQHCs) and clinic networks across the country. The Luma Health platform can also be integrated into more than 80 electronic patient files and healthcare IT providers. The six-year-old company has raised $ 160 million so far.
Biofourmis, (INVEST Pitch Perfect 2017), founded by CEO Kuldeep Singh Rajput, develops digital therapeutics. Last year, the company completed a Series C round for $ 100 million. Earlier this year, its digital heart failure therapy, which helps patients manage their condition, received the Breakthrough Device award from the US Food and Drug Administration. With the acquisition of Gaido Health from Takeda Digital Ventures, the company has also expanded from its focus on cardiology to oncology. Although founded in Singapore, Biofourmis moved its headquarters to Boston in 2019. His cooperation partners include pharmaceutical companies such as Novartis and AstraZeneca as well as accountable care organizations such as the Integra Community Care Network, which is part of Care New England. Last year, the company added a major pharma veteran to its C Suite – COO Jaydev Thakkar, who served as Amgen’s Director of Digital Health and Innovation.
Cricket health (INVEST Pitch Perfect 2017) has developed software that helps providers and payers to better treat chronic kidney disease and patients with end-stage kidney disease. For providers and payers, the platform uses a machine learning model and predictive glomerular filtration rate (GFR) to stratify a patient population across each stage of kidney disease with an accuracy of 96 percent for people with stage 3b and above. For patients, it provides access to educational resources, peer support, and a multidisciplinary care team that can be seen in person or over the phone and via virtual health. Earlier this year, Valtruis completed a $ 83.5 million Series B round that included existing investors Oak HC / FT and Cigna Ventures, as well as K2 HealthVentures and a strategic investment from Blue Shield of California. The company has helped payers reduce their costs and improve patient outcomes.
“Through our partnership with Cricket, we have been able to offer our kidney disease customers even more affordability, predictability and simplicity,” said Tom Richards, senior vice president and global lead, strategy and business development at Cigna, in the cricket press release on the funding of health series B. “Since In May 2020, we saw more than 50 percent fewer hospital stays and greater patient autonomy in a customer’s transition to dialysis, and we look forward to continuing our partnership to improve our customers’ experience and their health. “
NeuroFlow (INVEST Pitch Perfect 2019) has built a significant customer base for its behavioral health tools. Payers such as Capital Blue Cross Blue Shield, Prudential Group Insurance, Magellan Health and the US Air Force have integrated their software. EHR provider Epic has also added NeuroFlow to its app marketplace.
To apply for a pitch at INVEST Pitch Perfect 2022, Click here.
Photo: phive2015, Getty Images