FountainBlue’s August 8 Life Science Entrepreneurs’ Forum was on the topic of Software Meets Healthcare. Below are notes from the conversation.
Our panelists shared many different ways of implementing software meets healthcare solutions: from pharmacy prescription management to simulations and training, from development tools to mobile monitors and sensors. Regardless of the application, the focus is on serving the customer, by improving efficiency through software automation, by training and learning new behaviors in a safe environment, by reducing development time, by better monitoring behaviors and symptoms, or by providing more accurate, personalized and timely products and services.
Software meets healthcare offers huge opportunities, but there are also many barriers to entry. Solutions must serve a market and customer need, and meet policy, reimbursement and regulatory requirements which are ever-changing. Some of the advances in the technology world, including business analytics, cloud computing and mobile applications, are being leveraged in the software-meets-healthcare space, in the areas of sensors and monitoring, personal genomics, electronic medical records, and other areas. Indeed, we
are moving to a world of intelligent agents, which would assume a more active monitoring role than a typical nurse or doctor, in a much more cost-effective, automated and efficient way. This becomes so much more important as demand increases for a variety of reasons, including the aging of the population in general, the increasing health care costs, and the ever-increasing demand for real-time, inexpensive solutions from patients, hospitals, care-givers, providers and insurers alike.
Below are some examples of upcoming opportunities in the software-meets-healthcare space:
– Intelligent agents will help monitor, track, report on and inform
others regarding basic indicators from glucose to heart rate to ocular pressure. There is an opportunity for automating hardware and software agents and generating actionable reports to people who would pay for it, and making it easy to spread the word through social media.
– Training and education which would help people make positive
lifestyle changes and creating tightly-knit, easily-expandable communities can not only help raise the overall health and quality of life for all in the community, but also create revenues for those managing and creating those communities.
– Adopting software and database solutions into the healthcare spaces offers opportunities in electronic medical records, diagnostics, genomics, and many other areas which require rapid processing of huge amounts of data, and generating reports that inform, educate, and facilitate decision-making.
– There is a drive from the patient side and the provider side for
patients to assume more responsibility for their care, and training and education, automation and monitoring solutions which are easy to manage and easy to use for laypeople will be in high demand.
– Solutions which inform the patient and their select network will
empower and inform, and ultimately help patients live more independently for longer period of time, which is less expensive and more satisfying for all.
– Mobile devices and solutions will be in high demand, if they are
readily available and easy to use. But to ensure ready adoption, make it easy for customers to leverage social media to spread the word and IT departments to approve and support them.
Below is advice or entrepreneurs innovating in this space:
– Develop a solution which your target customer can easily navigate and utilize with minimal training. Take into account, for example, the dexterity, visual acuity, flexibility, etc. of your customers, particularly if they may be limited by physical ailments/diseases, aging, etc.
– Consider the security and data integrity standards for the industry overall.
– Protect patient-sensitive information as people are as sensitive and protective of that as they are of their personal financial information, where there are high standardized requirements for security.
– Serve an existing and passionate market, don’t just create a
technology looking for a problem.
– For many reasons, the adoption rate is much slower in the
software-meet-healthcare space. Invest time in building relationships with hospitals, insurers, providers, etc.
– Build your credibility by having a great solution for a ready, proven market, having an experienced team, developing a scalable solution, and delivering based on milestones.
– Consider who will ultimately pay for the solution, which may not be the end patient, and build a business case on why it is in the best interest of the payor to do so.
The bottom line is that there are huge opportunities for those who are persistent, work with all the key stakeholders and deliver solutions to an eager customer base willing to pay for it.
FountainBlue would like to thank and acknowledge our panelists for our August 8 Life Science Entrepreneurs’ Forum, on the topic of Software Meets Healthcare:
Facilitator Dipankar Ganguly, CEO, BioTelligent
Panelist Ted Driscoll, Technology Partner, Claremont Creek, Member, Life Science Angels and Founding Director, Sand Hill Angels
Panelist John Sotir, Senior Manager, Medical & Test Group, Altera
Presenting Entrepreneur Rohan Coelho, CEO, Rexanto
Presenting Entrepreneur Parvati Dev, PhD, FACMI, President, Innovation in Learning Inc., Distinguished Visiting Scholar, Media-X, Stanford University, Former Director, SUMMIT Lab, Stanford University School of Medicine
Presenting Entrepreneur Marco Smit, President, Health 2.0 Advisors
Please join us in thanking our sponsors at KPMG for sponsoring this event and this series. Thank you also to our speakers for taking the time to share their advice and thoughts.