In the light of your experience what are the trends and challenges you’ve witnessed happening with respect to the MedTech Startups space?
Jesse : Fortunately the investment climate for medtech has improved steadily over the past several years. Last year U.S. healthcare fundraising hit a record at over $9.6 billion, and this year is on pace to do it again. Device startups have for a long time struggled to get the attention of early stage investors when compared to biopharma companies and their huge multiples and exit values. The difficulty raising capital at early stages, combined with the continued political uncertainty in the healthcare industry, means medical device startups will likely struggle to get attention.
Could you talk about your approach to identifying the right partnership providers from the lot?
Jesse : We exist to improve patient safety. Our IV delivery system is designed to leverage information in the hospital, reduce the cost and the burden on caregivers and to improve patient outcomes. It’s important that we partner with a hospital or healthcare system with a strong culture of adopting new technology to improve healthcare delivery and streamline clinical workflow. Also, in order to fully realize the benefits of our infusion system, we need to integrate with our partners’ existing Electronic Medical Records (EMRs), so we’re targeting larger health systems and hospitals with more mature IT and biomed capabilities and modern EMRs, such as Cerner or EPIC.
Could you elaborate on some interesting and impactful project/ initiatives that you’re currently overseeing?
Jesse : We recently secured FDA clearance for our first product so we are solely focused on preparing for our commercial launch. But our product and our mission are impactful by their nature. Our FDA clearance is the first and only regulatory approval for a large-volume infusion system under the FDA’s more stringent guidelines, adopted in 2014 to address the pump malfunctions and associated injuries and deaths. We sincerely believe that our solution will solve many of these safety-related problems during infusion therapy. This is a far-reaching problem considering that 90 percent of patients will receive an infusion during their hospital stay and 70 percent of those people will experience at least one error. Our goal is to reduce medication errors and save lives. This is the most important mission there is in our industry.