Softbank Vision Fund is a $100 billion technology-focused fund with an eagle eye on the tech that is poised to disrupt large markets, including healthcare. From hyperscaling to detailed advice on pitching, VP Sakshi Chhabra Mittal goes deep on what they’re looking for from startups, especially those that have closed their Series A and are looking for a B.
Filmed at the Frontiers Health Conference in Berlin, Germany, November 2018.
Today on Health in 2 Point 00, we have another takeover edition! On Episode 92, Jess talks to Louise Schaper, CEO of the Health Informatics Society of Australia (HISA) at HIC 2019. Louise’s key takeaway from the conference is that health tech in Australia is focused on humanity and improving outcomes for all people. Jess also asks Louise about the Australian Digital Health Agency’s MyHealthRecord, an online summary of individuals’ health information. It’s got a great participation rate with 90% of Australians opted in, but it’s not being utilized as much as it could be. Finally, Louise debunks some of the chatter around HealthEngine’s data scandal in which they were caught sharing health data with law firms. The thing is, the press has sold it as if they have full access to your medical data and has sold that, but that’s not the case.
While the healthcare IoT demand forecasts are more than generous, anticipating the market to hit $158.07B by 2022, there is still a certain delay in IoT adoption across the industry. Connected medical devices, especially those that are directly involved in patient care, are adopted cautiously due to potential security vulnerabilities and risks to patient safety.
One of the reasons behind the hesitant adoption of healthcare IoT in
cardiology is preexisting concerns about the security of implantable medical
devices, such as pacemakers.
The recent pacemaker crisis revealed the vulnerabilities in pacemaker
software across several major vendors. If exploited, software vulnerabilities would
allow hackers to take over the device and control it fully. The crisis led to device
recalls, certain features disabled, and even remote updates cut off completely to
avoid unacceptable health risks.
This series of events led to a cautious attitude toward the emerging cardiology IoT. Since we can’t be sure that all exploits and vulnerabilities are eliminated in less advanced systems, are we really ready to take a step forward to more elaborate healthcare software solutions at this point?
The fact of the matter
is, cardiology is already taking these steps. The new generation of pacemakers has
embedded sensors to monitor a patient’s blood temperature, sinus node rate,
breathing, and other vitals. This data is used to flexibly alter the heart
rate, slowing or speeding it depending on a patient’s current activity level. They
also inherited remote control from their predecessors. Practically, next-gen
pacemakers are IoT devices.
industry can either stigmatize the security concerns or choose to adopt a new perspective,
seeing the pacemaker crisis as an opportunity to create a solid platform for
unbiased adoption of upcoming connected cardiac devices.
With the application deadline for Bayer’s G4A Partnerships program coming up on Friday, I thought I’d throw out a little inspiration to would-be applicants by featuring an interview I did with one of last year’s program participants at the grand-finale Launch Event.
Not only was this a great party, but a microcosm of the G4A program experience itself: a way to meet Bayer execs en-masse, an opportunity to sell directly to key decision-makers across Bayer’s various global business units, and a chance to feed off the energy of like-minded innovators eager to see ‘big health care’ change for the better.
While the G4A program itself has changed a bit this year to be more streamlined and to allow for bespoke deal-making that may or may not involve giving up equity (my favorite new feature), startups questioning whether or not they have what it takes should take a look at some alums.
There’s a playlist with nearly two dozen interviews waiting for you here if you’re REALLY up for some procrastinating, or you can click through and just check out my chat with Joe Curcio, CEO of KinAptic. A healthtech startup taking wearables to the bleeding edge, Joe shows us a mock-up of the KinAptic ‘smart shirt’ which features their real innovation: printed ink electronics that look and feel like screenprinting ink, but work bi-directionally to both collect data from the body AND apply signals back to it. Is it AI-enabled? Did you have to ask? Listen in for a mindblowing chat about how this tech can change diagnostic analysis and treatment and completely redefine our current limitations when it comes to healthcare wearables.Once you’re inspired, don’t forget to head over to www.g4a.health and fill out your own application for this year’s partnership program.
Jessica DaMassa is the host of the WTF Health show & stars in Health in 2 Point 00 with Matthew Holt
Start-ups are an increasingly important “node” within the
healthcare ecosystem. They are challenging status quo concepts that have
long been ingrained in the healthcare system, like questioning the value of
traditional EMR systems, or shifting the power of information to patients, or
breaking down cost and quality transparency barriers. They may be the future of
the industry, but startups have a long way to go to truly transform the
system. The reasons are many, from an incredibly convoluted and bureaucratic
review process and rigid risk-controlling regulations and policies, to the
large-scale organizational inertia most of our healthcare systems have.
And while all of these hurdles can and will be overcome if we work
together, there are still several lessons each “node” in the ecosystem can learn to more effectively work with each other.
This article is directed at the emerging digital solutions trying
resiliently to help transform this stubborn industry. It provides some critical
lessons in dealing with healthcare systems and is accompanied by reactions from
a digital solutions expert with serial digital health entrepreneurship
experience. We hope to provide perspective from two people living and
breathing, and surviving, from both sides of the
equation every day.
and Reactions from the Industry
Healthcare Startups Must Understand how Provider
Systems Operate: Most
health systems are increasingly becoming rightfully skeptical about new
solutions because they feel the solutions don’t understand the environment of
their system. To help overcome the challenges of introducing your innovation into a complex business and
clinical environment, startups must understand how health systems operate to
include how they make decisions, contract and evaluate solutions.
Recognize that Decisions are Consensus-driven and Permissions-based: Unlike
other industries, where “shadow IT” is rampant and there can be one or two “key
decision makers,” in health systems you’re not likely to get very far without
figuring out how to build consensus among an array of influencers and then
figuring out how to get permissions from a group of key decision makers. You
should seek a “Sherpa” that understands enough about your solution to champion
the idea of change – which is really what you’re seeking when you’re
selling a new solution (the solution is just the means to accomplish the change,
it’s the change that’s hard). The first thing to focus on is to identify the
group of decision makers and how you convince them that the status quo should
be abandoned in favor of any change –
then, once you know how to convince them of some
change you’ll work with the group to get the right permissions to work on the
change management process – which will then influence a purchase of your
Apparently, podcasts are new, all the rage and minting billionaires every day! So, of course, THCB had to have its own podcast, and here it is: HardCore Health
Now I’ve been doing “podcasts” (otherwise known as audio or video interviews) on THCB since before people actually had iPods (remember those, kids?). But apparently these days any punter can do an interview, call it a podcast and shove it up on Spotify. Hardcore Health is going to be a little bit different…
Hardcore Health will feature multiple guests, topics, and interludes brought to you by many co-hosts starting off with Jessica DaMassa and me. We’ll embed some (familiar) tidbits into the show including: Health in 2 Point 00, THCB Spotlights, and the WTF Health Show as well as some newer segments, including banter sessions between guests & rant sessions from health care experts. This first episode features Brian Kalis, Accenture’s “post” Digital Health expert & Niko Skievaski from Redox, and a little more.
I hope you enjoy our first episode below!
Matthew Holt is the founder and publisher of The Health Care Blog and still writes regularly for the site.
Considered a major hallmark of the Health 2.0 Annual Conference, these two opportunities for tech presentations are a chance for entrepreneurs and startups to gain visibility for their products with potential investors, partners and peers. The conference—scheduled from September 16–18 in Santa Clara, California—is now accepting applications from companies who want to demo their health tech innovations or pitch for a chance to be named Startup Champion at the HIMSS event.
year at the 2018 Health 2.0 Annual Conference, more than 100 innovative
companies, including Aaptiv, Healthify, and Heart Flow, showcased products
designed to help transform healthcare. In 2019, the Health 2.0 team is changing
things up and reworking their breakout session schedule to allow more focus
around the main stage programming. What does this mean for our demos? With more
streamlined programming, we’re upping the ante for our tech demo applicants and
selecting the most intriguing, adaptable, applicable products to be featured at
the 13th year of the conference. Chosen companies will either demo
their tech in standalone presentations or as part of larger panel sessions.
startups and entrepreneurs, the rapid-fire pitch competition is an opportunity to get valuable
exposure for their products, make connections with some of health tech’s
biggest and most active investors, and ultimately win the title of Most
Fundable Startup. Last year, 60 companies competed in the competition. Mira
and Avhana Health won in the contest’s consumer and provider tracks, respectively.
Health 2.0 VentureConnect Pitch competition brings together vetted seed
companies through raising Series A companies to pitch their innovative product
live on stage during rapid-fire presentations. The prize? Being named the most
promising startup by the venture capitalists and corporate investors judging
the competition. Six competition finalists—three consumer-facing startups and
three provider-facing ones—will compete to win in their category.
How to apply:
Go to the application page
Create a login
Click “Health 2.0 Pitch Competition 2019”
Irena Luo is a Producer at the Health 2.0 Annual Conference, A HIMSS Event
Accenture’s Brian Kalis, catches us up to speed on some of the survey work and analysis the consulting giant has been working on. In particular, Accenture is seeing a generational divide amongst Baby Boomers & the Millennials/Generation Z’s, the latter of which want to consume health care in both traditional & non-traditional ways – a hybrid of technology and older models of care.
For more watch Matthew’s interview with Brian above.
Deven McGraw is one of America’s best known health privacy lawyers, including a stint at HHS running the Office of Civil Rights. But now she’s a cool startup kid living in Silicon Valley and is the Chief Regulatory Officer at Ciitizen. Ciitizen is focusing on helping people collecting, organizing, and securely sharing their personal health data to improve their care, and was founded by Anil Sethi who previously founded Glimpse and sold it to Apple (where it is now the core of Apple’s Health records product).
For more details, watch Matthew’s interview with Deven below.
Arcadia.io is a population health company that helps providers and insurers in their transition to a value-based care model. Arcadia is working with several of the Blues, Cigna, Beth Israel, and more. While it started as a consulting firm, in recent years Arcadia has raised over $40m from Merck, GE, and other corporate venture funds.
Listen to Matthew Holt’s interview with Sean Carroll, CEO of Arcadia.io below.