Importance of Natural Resources

How to Win in the Medical Device Ecosystem: Giants, Emerging Cos. Startups


[Inaudible] [Inaudible] On Sunday, the last Sunday in August, my wife and I decided to visit El Matador
beach in Malibu about 10 miles from where we live. And so we drove down Pacific coast
highway at a couple of hours, have a nice time at the beach and we were
driving back a beautiful sunny day in Malibu. And I came to a stop at Ramirez drive and
the light was red and we were waiting. And all of a sudden we hear
this enormous explosion. And neither my wife or I could
figure out what happened. And I said, did a big rock fall on our car? What,
what, what exactly happened? Well, it turned out that on that beautiful day, a woman behind us was driving her Subaru
Forester was probably texting because the first thing she told
me, I wasn’t on the phone, of course she was. But the net result was that
our car had tremendous damage, but more importantly, both of us actually got
the experience of whiplash. And so we went into the emergency room
and they used a medical device called an X-Ray machine, which all of you
have heard of. And for my wife, they put her through the CT scan to
see if there was any issue as she was, she was feeling he disorganized.
And a few days later, just in about two weeks ago, I went into this facility in Beverly Hills
where they devices an entire room and you have to remove any magnetic particles
or devices or rings or whatever. And you sit between these two gigantic
plates and I’m not a very white guy sitting with my shoulders next to the
place and it’s a device called a Magnetic Resonance Imaging machine. Looks
at your entire body. It can, in my case, they were looking
at the back of my neck, the cervical spine as they call
it, to see if anything was wrong. And the reason I run you through this
is of course to kind of illustrate the various kinds of medical devices that
people may encounter in their lives. As something as simple as a, you know, as a status quo or the thermometer
is a medical device as well. And you know, if you have anyone in your
family who’s had cardiac issues, everybody know what a stent is. I stent is a medical device. You know, if you have knee replacement surgery, they put in an implant that stays
with you for the rest of your life. That’s a medical device for
medical devices come in a
very wide range of sizes, shapes, and purposes. Some don’t touch you and others live
inside you for the rest of your life. And some are disposable and others
last longer than than any of us do. So it’s a wide range. My name is Gunjan Bagla and I run a
management consulting firm called Amritt. About 40% of our business comes
from medical device companies. And so while I’m not living in
the medical device world directly, I’ve had plenty of exposure
to some of the best large, small and early stage
companies in the sector. And what I’d like to do is understand
the nature of the audience here a little bit. So how many of you are in the medical
device or healthcare business? [Inaudible] And how many of you who are not in the
middle tech business I hear because you’re interested in entrepreneurship. So few people put up their hands and I
wanted to ask are you here because of the hands panelists? Okay. Okay. You have one. Is there any other reasons?
Seriously why someone is here? Well, there’s some something in it
for everyone in the audience. So if you are here and
you intended to be here, you’re not here for the
motorcycle convention. Okay.
I just want to make sure. Is there any, anybody, is there any
other motivation why someone is here? Okay, good. So we will
address those issues. We will talk about entrepreneurship. We have several entrepreneurs
here on the panel. We will talk about medical devices
and we will talk about their unique experiences. We have a very powerful set of panelists
here and there is a slight change from the schedule that you saw Jean Michelle
couldn’t make it here because of health reasons. And so my dear friend
and former client under ragas, Tana is taking his place. So I will very, we won’t talk about the bios of the each
panelist at any length because all of you have smartphones and you can, you
can look them up on LinkedIn yourselves. Let me just start from one end. Michael Malin is the president
and co founder of Stacey’s, ulocal USC startup. UI first visited them but two
and a half, three years ago, a true startup mode. They were living in working in
the same place in a house in a, in a West end bounds of West
LA. Are you still there? You have a real office now.
Amazing. Okay. Great. Okay. And then we have Anurag
Asthana who has worked at, at a number of medical
device companies or Hill-Rom, General Electric Covidien, which was then purchased
by Medtronic and his, when I first met him, he was in the Northeast and his dream
was always to move to California. And I am so glad that
that has happened now. And once you moved to California,
you can never move away. Next, next to on Iraq is a
Sanjay Shrivastava, whom I
have also known for many, many years. When we first met, he was at a company called EV3
in the neurovascular business, right? Yeah, yeah. And [inaudible] three was
then purchased by Covidien, which was at grind and then
Covidien was purchased by Medtronic. That’s the nature of the
med tech business. You know, you start small and someone buys you or
you have an IPO and then someone else buys you. And ultimately the Medtronic or Johnson
and Johnson or Boston scientific by you. Right. Okay. And then we have nearest to me here, we have a [inaudible] in which recently
took over as CEO of a company called alpha Thermo diagnostics. Okay. Yeah. The machine sitting over there, you
know, everybody’s used a thermometer. This is a know full body
thermometer. Okay. And maybe after, during the lunch break, if somebody
wants to volunteer themselves, then wish can demonstrate how that works. So for those of you who are
not in the med tech business, I think it would be useful to get a
little bit of an idea of what in the world is a medical device. And I know that, would you like to address that question
a little bit? What is a medical device? I mean medical device
if you go to hospital. Yeah. Hello? so medical devices,
I mean you encounter every day. I mean it can the thermometer
to an MRI machine. So there are instruments, there are capital equipment and there
are disposable consumable types of devices. But it is all
geared towards healthcare, how we can diagnose a certain disease
or how we can provide the therapy for treat or cure. So, I mean, I think everybody has encountered medical
devices in their lives in some form or the other. Okay. Thank you. Anybody want to
add briefly to that? Yeah. Wish. So, we use medical
devices every single day. I’ll give you one example. Everybody
brush their teeth this morning. You know that toothbrush
is a medical device. It has to go through the FDA regulation,
that tongue depressure, which we use, that’s a medical design and a
new ice floss, which we use. That’s a medical device. So they
range from very basic thing. You know, those bad friends, which patients keep next to their
bed from bad brands to toothpaste, to toothbrushes, anything which touches human body for
an diagnosis or treatment or may impact our body. Those things are
called medical devices. And that’s why they have to go to
the, and that’s the FDA definition. So they have to go to you on your
glasses, their medical device. So they have to go through, there are
some regulations, FDA regulations, a European and have their own
standards Canada, Australia. So that, that’s a great
segue to my next question. And I addressed that to
due to Michael being the, probably the youngest entrepreneur
here. So when, you know, when you are in school and
you want to start a company, you look at snap and you look at
Facebook and you know, you say, okay, let me start a software company. All I
need is a laptop I already own, right? And I can get going. But when you want to start a
medical device company, okay, you are an automatic partnership for
this vast complex and powerful government agency called the U S food
and drug administration. Okay. If you want to sell your product
to Europe, they have something called C. And many other countries have, have
their own regulatory bodies. So tell me, Michael, you’re a biomedical engineer,
electrical engineer by training. You could have chosen many
different fields as you know, coming right out of school.
Why deal with medical devices? Yes. So when I, when I look at the world that we live
in and healthcare it’s a pretty reactive world, right? So I have to kind
of paint a picture of what I mean. Say you’re in the hospital, a patient
seems fine. Next moment they’re declining, go into cardiac arrest code blue
is going out over the radio. People are rushing and trying to shock
them back to life. As we grow older, as there’s more people, that’s
just not a sustainable model. And so since I was a child, I’ve always imagined a world
that’s a lot more proactive, right? So if you take that same scenario, you actually anticipate
that that patient’s having
a code blue in advance of it happening, letting the nurses doctors know about
it so they can intervene before it ever happens. That’s essentially the premise
of my company to accelerate that. And it’s something that I just became Extremely obsessed by the concept
when I was a child. So you know, yes, I could go and build a social media
site or a, a photo sharing app, but that just didn’t really excite me,
so I wanted to tackle a real problem. Okay. Thank you. Thank you. Sanjay You had a very interesting career. I’ve been fascinated by people who can
transform from one function to another. You know, most, most people start out if
they start out in sales and marketing, they stay in sales and marketing.
People start out in engineering, they stay in engineering and one day
they decide to start a company and they feel a little bit lopsided because they
only know one function and then they are dealing with other mysterious functions
that they don’t fully understand. I remember a few years ago we had the
conversation when you told me that you were moving from R and
D over to marketing. So tell us a little bit about how that
has equipped you now today as you start your, your own company. How
has that experience shaped you? Sure. first I wanted to say to people who are
standing with just few seats up here, if you care to come and sit
up front [inaudible] yeah, of course. I, I get bored
of doing the same thing, so that’s why I’d invent
myself every five, six years. Just try to do something different. But essentially I like
do different things. I also find that I still do the same
thing no matter what the function is, no matter whether it’s a big company or
a small companies or what one John is referring to that I was I was a product
developer in a medical device industry many years ago. And then I became product marketer
and then now I’m a medical device entrepreneur. But, but at the same time I still work with
the same echo system of physicians, a network of physicians
called interventional. So Vish talked about what medical
devices that could be very simple. And my career has been in the body
plumbing business, what I call, so the cardiovascular systems that
circulate blood through the body. And, and there is essentially
like, like plumbing system at home. There is two kinds of diseases. One is that either the pipes get clogged
or pipes five burst or become leaky. So we have developed systems to, to fix those without opening the
procedure, without opening the body, by inserting a little needle
at the groin and going, traveling wherever the blood, using blood
vessels at the pathways to fix them. So, while I may have touched on different
aspects of this in my 18 plus years in medical devices, I have essentially continued to develop
technologies for one part of the body to another part of the body
fixing the plumbing systems. And sometimes I’ve developed
those. Sometimes I’d, they’ll our technologies for those,
sometimes I’ve marketed those, bought companies, sold companies or,
or, or now starting my own companies. But there’s, there’s a, there’s been a lot of fun and
that’s how I relate one thing to the Other. Okay. Thank you. Thank you. So a one consistent theme I’ve noticed
in the med tech business is the very humble approach that people who lead
med tech companies have, you know, this remarkable miracle
called the human body, right? But you notice I get described
it as a plumbing system, right? And it is a way to kind of explain
to everybody what’s happening, right? I was at a company in Minneapolis earlier
this this week and they said, well, we have a roto Rooter for
cardiac arteries. Okay. Which is exactly what they do. In fact, Boston scientific has a competing
product called the roto plater, almost like rotor Rooter. Right? You know, most med tech companies have tremendous
engineering and scientific talent, but they are often med tech companies
are the unsung heroes, right? You’re know who’s the surgeon who
performed the first heart transplant. We know, we know we make
heroes of the physicians, but sometimes we don’t make heroes of the, of the med tech guys and gals who are
actually enabling those surgeons to look like medical workers. And I just wanted to get a
little bit of your feedback. Each of you on a this, you know, very humble role that med
tech entrepreneurs seem
to take and be really the larger impact on the healthcare
ecosystem. Med tech, without med tech, you know, a lot of the healthcare
ecosystem wouldn’t exist the way it does. And here in the U S we consume
17% of our GDP on healthcare. A very small portion of that actually
goes to guys and girls like this. And I wonder if you could address both
of those questions starting with Michael Very briefly. Okay. So when I, when I think about
med tech and kind of why, why we’re doing it is, I mean, at the
end of the day when we look at the, the doctors or nurses and others
operating in the healthcare environment, it’s a tool that they need. So I mean, I, I guess the question
around unsung here as a ma, I’m not exactly sure how to, to address
that one away, frankly. I mean it’s, eh, you know, there’s different angles that we all
take and what we want to be to be working on. Working on medical devices is a really
fascinating and complex set of problems, right? And so at the end of the day we
each choose what we want to work on. For, for myself, I chose med devices.
Someone else may choose, you know, to, to paint a portrait. It doesn’t really
matter, but at the end of the day, it’s, it’s solving some problem for
that has a greater impact. And it’s really easy to
get excited by that, right? Especially when you ultimately
get it through to, to patients. And see the impact of it. And you hear
nurses and doctors tell you about it. I I don’t need that to be plastered
all over the news. Although actually, fortunately a lot of times
it does happen. But a doctor, a nurse coming to you and telling you
about something or sending you a message about how it’s quite literally saved
your life is really, really exciting. That’s why I did it. Sorry, I forgot your second question.
My second question, I forgot to ask. I guess that’s ultimately it, right?
So if there’s a ton of people doing, solving these various different problems,
then as a, as it continues to evolve, then I mean we live happier, healthier,
better lives. It’s a massive impact. So I look at I’m in people who
are interested in med tech. They do have a passion for
bringing healthcare. I mean, it’s extremely satisfying to go out, understand how we can improve the
life and the health of people. I mean, what a noble cause. And at the same time, there is a great opportunity
to make money because, I mean, none of the healthcare companies
are doing this for charity. So they bring out solutions and it helps
the economy and brings healthy life. So if people can live longer
and can be productive, it’s a great impact on the
society and the human race. I mean, at a holistic level.
So as an engineer I’m in, it’s the trade of fun. Going
out, talking to the doctors, meeting the patients, identifying
how they are getting treated, what diseases that are there,
how we can diagnose things, if we can come up with a treatment
or a cure. It’s fascinating. I mean, you can start from head to
toe. I mean from brain to, I mean skin. There is an opportunity. So things [inaudible] things
fail, how we can fix those things. It’s a extremely fulfilling career. I started my career
not in medical devices. I started making copiers and printers, made locomotives and
then got into healthcare. And since then I have been
in the healthcare, medical
devices, biotech devices, and I would say some of
them could be unsung heroes, but a lot of solutions,
a lot of ideas that come. I been bring the revolutionary changes
to the healthcare and we can see that, we can see that how the average expectancy
of I’m in life has been increasing all over the world. Not only in the
developed countries but in poor countries. Also, it has gone down. I haven’t gone up from 20 years to
60 plus in countries like India, et cetera. Yeah. So since many of the audience VRR perhaps
South the people of South Asian origin entrepreneurs or want to be
entrepreneurs who to naturally Get drawn to or at least based
on their backgrounds too, high cerebral things, things that exist in some virtual
world beyond perhaps my imagination. I just wanted to appeal to those guys
that we make simple mechanical gadgets. These are like tangible physical things, which almost seems to not
exist in the Thai world. And you can actually make
lots of money doing that. They’re very high margin products and
you don’t have to be that smart either. So not everything requires highly cerebral
people stands laughing here because he certainly exemplify those
super smart people, but I don’t, so you know, you just, just
think at a human level, the physical need, some unmet
need work towards execution. Other people are going to have difficulty
to execution to and if you keep marching towards the end
goal, you are uncertain. You are going to win and make
some friends along the way, have fun and you’re going to
succeed at whatever you do. Okay. So I’m going to change
gears with a question for you. You recently took over as CEO
of an existing company, right? How, how does that feel compared
to say starting a company? What, how, what’s the fee like? I don’t know
if you started a company before or not, but what’s the feel of coming into an
existing company that has ambitious goals and then rallying the troops? I guess it feels the same.
It’s a smaller startup company. I have done my own business
back in India when I did my MBA. Then I had a partnership business or we
were exporting handicaps and coordinate your last number. I was back
in India and my partner said, you should not have left because that
guy is reached the guy in my town. So anyway, I joined this medical
device companies, they startup. But fortunately, no, we have
and these devices right here, it’s FDA approved DYC Mark approved
device health Canada approved device. We already sold in 16 countries.
And so whole body diagnosis device, but the challenges are the same,
same regulations, same design, all those things, same marketing. It’ll be different when you
start from design and concept. But here in this case, what
I’m doing is I have a product, I have a product. So that’s that on days that I have the
product and I can use it and I can feel the difference. If you allow me,
I’ll give you one example. The story. I think you guys will remember that, that how I feel being part of
such an organization where we can, you know, do the whole body
diagnosis. So in whole body diagnosis, basically we tell what are
the challenges in the body, not the disease, but what
is causing the disease. So we were sitting here in San Diego
and in some manufacturer’s office and we are talking about this device and
some of them know the parts being manufactured. We thought that, you know, straight up showing the device will
just give you a demo. We said, okay, excellent. So we were in conference
room and the manufacturer, I know a doctor went to nearby
a room and he diagnosed him. He came back and there was another person
from the same automation was sitting there. So that person said, okay, so did this device find
out that you have a sinus. You separate this
device. Actually January, say for certain that this guy has a
sinus and this sinus is due to his teeth infection. You treat your teeth, the
sinus will be gone. Now think about it. This guy will go to a doctor in
regular case and he will get his sinus treatment, maybe surgery. All
those sinus medication will happen. He will never realize that there’s a
problem with this deep three phase, deep sinus will be gone. So this is the
add on days off using medical device. It takes out the subjective
part. So any medical device test, that’s what it does is it
standardized the process, whether it’s the treatment
process or diagnosis process, it is turned dyes that and take out
the subjective part of the individual medical care. You are opioids. But that’s a terrific
story. Thank you. Okay, so we are going to go to audience
questions very soon here. So get your questions ready. This
is a really meant for your benefit. And So I have one question about the
audiences getting ready. Okay. And it kind of takes off on the
example that you just described. Okay. Historically, physicians have been known
to be normally next to God, right? And a lot of that depends on
their ability to diagnose and say, okay, here is the problem. Okay. Now in the meantime we
have this technology called
artificial intelligence that has been developing. And I just
wonder over time, you know, fields such as radiology or psychiatry
where you can feed a million cases or a billion cases into a machine, are some physician specialties going to
be endangered by the addition of AI into medical technologies? So I was at a radiology radiologists
meeting maybe within the last two months where they talk this very issue that it
now that you can get machines to read the films, which is what radiologist do,
they read x-ray film, they need a MRI, they need CT and provide the diagnosis.
If you can train computers to do it, then would they be out of, out of work?
And there was a discussion in that, but generally there was a consensus that
somebody has to train computers on how to do this, to do the job and they’ll
just have to like any other job, they’ll just do higher
and higher level job. So there is no fear that I sense in
these interventional or other conditions, specialties that I deal with that
that computers will make. [inaudible] I’m just here To jump in there. So the what was
I think around July of this year, the American medical association
came out with whole talk around AI And rather than using the
words artificial intelligence, they actually use a different
word, which I really appreciated, which was augmented intelligence. And when I saw our company does a lot of
work in artificial intelligence we have AI on patients every day. And when I, when I’m going and talking with
the medical community about this, the kind of overwhelming kind of
response that I get from everyone and I personally really, really believe this, is that there are things that AI will be
able to or already can do that’s better than a human, right? Because just the sheer amount of data
that I can process the amount of, you know, medical guidelines that
I can reference against. I mean, that is just something that machine
is always going to be better at. But there’s things that machines are
never going to be better out as well, right? I mean we are
human beings and doctors, when you’re in the hospital room or
when you’re at home and you’re going, you’re actually talking to a person, human to human there’s a kind of human
encounter there that at least for the foreseeable future I think is going
to be extremely hard to replicate. And so all parts of you
know, healthcare can go to, to have a machine and be able to, to
just cross the sheer amounts of data. There are other things around
understanding subtle little cues in, in body language or the way the
inflections in someone’s voice or their, just the ways their eyes
look. And that actually, that human part is is
a part of diagnosing. I’m a patient and also part of caring
for them. Right. That’s really important. Thank you. All right, so I’m [inaudible], I’ve used for questions
and what I want to do, I know there’s some really seasoned people
here and I want to go to the younger people first if you’ll bear
with me. And before we do that, I also want to put in a plug, we’ve not talked about funding at all
and that’s not an accident because the multi-talented chips and yeshivas is
going to transform from a panelist to a moderator in our, in our very next panel. And we’re going to have a great set of
investors that we’ll talk about who will talk about funding. And
then following that, we will delve deep into the story of
one of the most successful Southern California medical device entrepreneurs. We are so privileged to
have Stan Rowe and you know, participate here with us
right after lunch. Okay, so you eat but you come back
to this room. Okay. Stan Rowe. Going to tell the story of how wonderful
lifesaving device was invented by his company. And you know, Stan and I are about the same age
and he is still behaving like a young entrepreneur and there’s probably
has another 20 companies in his, in his career. And so we’ll talk about
that exciting behind him after lunch. Okay? So any young person,
anybody below 30 have a question, you’ll get the first dance. Nobody wants to admit they’re below
three and when you have a question, don’t be shy. If, okay, I’ll give you 20
minutes. 30 seconds. Uokay. Anybody from outside the MedTech business
who has a question for the panelists y et? Okay. All right. Former president
of TiE (The Indus Entrepreneur) go ahead. So regarding the FDA approval, I’ve heard that is the biggest hurdle
for any kind of medical device. And I, I, I’ve heard about different levels of FDA
approval. So what is, what is involved? Is that the biggest challenge for
getting any kind of medical device to, to the market? So yeah, let me answer.
FDA is not a hurdle if, so basically making sure that the device
will do the job it is intended to do and doesn’t create another
risk to the health. So you’re trying to fix something and you
are making something back in the body. So that is where the
FDA regulations come in. There are different types
of ways of getting approval. If there are devices that already
exist, so there is a predicate device, then it is much easier to get an approval
for a device that is based on the predicate. If there is not a predicate, sometimes you have to do clinical trials. So you have to score in limited number
of people that how your solution is going to work. So that has to go through
a certain procedure that
getting those regulations in place, you perform those tests, those preclinical [inaudible]
and then you can go on. So this is seen as a hindrance by some
but not by medical device industry. And there are a lot of people
who will provide advice, guidance on how to [inaudible] we’re done. And we want more and more entrepreneurs
to be coming into medical devices and not see this as, as a hindrance. And if
you see, if you look at auto industry, you look at consumer
electronics or telecom. Lot of entrepreneurs come in because
they don’t see any hindrance. But medical devices, it is a
monopoly of quite a few companies. And how do we break that when more and
more people outside medical devices will not be afraid that medical devices
is something to be scared of. And I just want to echo that
as well, that the FDA is FDA, his job is to keep American people safe
and they absolutely do it for a good purpose and good reason. And there is some procedures
like in any regulated industry, we have to do certain amount of
testing and if you know what, what that involves and you do that
and and get your product approved. So it’s a Thank you guys. I just want to add a
little bit of perspective from my side. You know, you look at any other industry,
somebody comes out with a new product, they want to say this has
never been done before. We are sold remarkably better than
everybody in the med tech business. We have to have this [inaudible] right?
So usually be product, but it just, so we can be a predicate device. Okay. You have to do this as every
government agency that you go [inaudible] getting approval for
Libya or medical device the time. And it’s always this balance between we
had a breakthrough technology that just looks exactly like the one that
you approved two years ago, so this is an unusual aspect. I don’t
think I see that in any other industry. The other aspect of the FDA
is you have to consider, and this may not be popular for those
of you who have worked for very large companies, but the FDA is the great friend for
Medtronic and Boston scientific and others because it does set up a barrier for this
little guy or gal who has an invention because you’ve got to
cost money to get product, so if you’re not from
the med tech business, you better have somebody smart on
your team who has done this many, many times before because there are traps
and obstacles that you might fall into dealing with the FDA. We are very responsive and have become
more responsive in recent years, man. Yeah. Okay. Another
question from the audience. Okay, so I’m going to come,
what would we use that I think Michael might be
the best way to answer this. Maybe you can talk a little bit
about software as a medical device. I understand that that’s a, that is an area where the FDA is
thinking more and it sounds like your, your devices somewhat
software, some a hardware. Yeah, absolutely. So I’m, software is a medical devices is becoming
a bigger and bigger sector and the FDA is actually doing quite a bit to
try to really get up to speed. So they’ve brought in a lot of people
from industry with a lot of software experience. We have a hardware device
with different sensors, but yeah, the predominant part of our
system is software. You know, their software guidelines that you follow. More and more of the testing labs
are familiar with software as well. There’s a whole list of
software and specifically
artificial intelligence system that the FDA has now
cleared. So yes, they’re, they’re absolutely getting up
to speed there and you know, as the cloud becomes more and more
of a place that hospital systems are comfortable putting data and processing
I think it’s just going to continue to increase. Thank you. Anybody trying
to back roads here? Hi, I’m in the design build business.
I deal, I designed hospitals. I was with Loma Linda hospital for 10
years and [inaudible] do you see our capital budget? CIP, capital funding
has been decreased in last two years. When it comes to the wow this semester. You address that. I mean I can, I can say just really quickly that we
have a pretty flexible model but typically we actually come out of op ex budgets
to kind of avoid the cap ex budgeting cycle, which can be very long sales
cycles. So I’d say in a lot of ways A lot of vendors have been switching
more and more to OPEX for sales velocity. And there’s some accounting advantages
depending on what you’re doing as well. So the other big impact, frankly
been the affordable care act, which is not really big
affordable by any definition. However, it is pumped in tremendous
amounts of money into, into the industry. You know, you don’t see people
saying that when loudly, but certainly you talk to people
in the industry and you know that their top lines and bottom lines have
done pretty well in that ACA. Okay. Quick question. So if
you have an idea baby, you start first. How do you
protect your idea and pattern? So if you can guide us please. Do you want to take a stab at that? Yeah, I mean in medical devices, if you have an idea, it’s very, very important that you file for patent
and IP disclosure is a must because a lot of people would be looking at the
same kind of an idea and and if you don’t patent it, somebody else will get it and
then you are not going to make money. So it’s very critical that if you
have an idea of filing IP disclosure, that is the first step if you are
trying to become an a medical device entrepreneur. Yeah, that’s really important I
think in the med tech business, many different industries yet. And I think it’s fair to say
that in the med tech business, the most powerful department in the
company, it’s not marketing, not sales, not engineering. There’s really the legal department and
the IP portion of the legal department [inaudible] you know, nothing happens
until they approve that it can be done. At least that’s been my experience. There are some bad parents
there, but I do ice, you produce me and I just
think for a long time, is there any very through web resources
we can solve that this patent is expired and it is a open up on anybody
can start to have something. So is there any good resources that
we can find out those details? Oh, the answer to that question is yes. All,
all patent databases available online. Just do a Google search and
you will find it very rapidly. Now integrating that into a
whole nother piece that you need. A separate session. Yeah. When you’re at, I just wanted to add to that that in
the next session we have one of our the president of tech coast angels
who happens to be an a pair, very accomplished patent counsel. We have a CEO of a medical device
company who happens to be a former patent litigator. So I, I’d love to get you some answers
and that session that’s a very, very rich touching and
good, good point to ask. I love this audience. You have so many
questions coming up. That’s wonderful. My name is Shipra here, ma’am. I wanted to actually make a
comment before I ask my question. Yes, MedTech entrepreneurs, maybe the unsung heroes whereas
sometimes doctors get the glory, but you do have the satisfaction of
mine that your invention or your product will affect hundreds if not
thousands. Whereas, you know, a Dr. May be saving a couple
of times a day. It was, if that is but my question maybe is how
can med tech help reduce the cost of today’s healthcare? I think capitalism is a free
economy and that’s the beauty of it. When there is a need and demand
for per cost saving, then people, entrepreneurs come up and try to
find ways to do to reduce the cost of healthcare. And we’re beginning to feel that the
American healthcare system today is much more, much more cost efficient and
cost sensitive. And as a result, there are technologies that people are
developing which can do the same job more efficiently. You save some time or, or even newer devices that
are available cheaper. Yeah. So let me, let me address that
question myself here. I, you know, [inaudible] core business is doing, is
helping us companies to deal with India. And today India is a tremendous hotbed
of medical device innovation of all kinds. I’d say about half of that innovation
is really driven by Android devices. So if you have one of the world’s most
powerful computers in the Palm of your hand, so you attach that computer to a sensor
of any kind and all of a sudden you have a miraculous medical device that can
probably do something that costs 30 cents, which used to cost $300
before. Okay. And it’s, it’s connected to the cloud,
it gets data on online, it works with the EMR, all
of those things, you know, so it’s about half of the
innovations are coming around. The better use of
smartphones out of India. The other half are really
all over the place. So and some of them are
us companies. In fact, I wrote an article about two California
companies that have taken their primary market to be India. One is a company called POC technologies
and they have developed a way to screen for breast cancer the past,
I think six or $7. Okay. So it replaces the, you know, the mammogram and other tests and it’s
already being rolled out in widget out and Mirage, the numbers they
talk about in India are out, are astounding that they want to screen
50 million women in the next two years. So at that kind of scale, you can,
you can medical devices, you can do, you can implement technologies that were
inconceivable and some things that we really can’t do in the U S okay.
Now, this particular platform, brand breast cancer screening
is just the first thing. They, they can replace the, the medium with 10 other things
and have 10 other diagnostics, all of which will cost under $10. Okay. And the other company that I wrote
about is right here Michael’s company. Do you want to say a little bit more
about exactly what you do and what you’re doing in India? Yeah, absolutely. So we have a
smart patient monitoring system. So essentially we go into areas of the
hospital where the nurses are walking around manually gathering vital
signs, typically every four hours. So this is most areas outside the ICU. We have different modern sensors that
plug in and monitor six vital signs. We put all of that information right
to the nurses and doctors phones, tablets and use a layer of
artificial intelligence. And so we’ve partnered with most of
the major health systems ever in India. We’re available across the
country there. We, we, you know, we’re just getting up and going. But so
far we’ve provided about 14,000 hours. Our 14,000 days worth of pair with, with kind of many clinical demonstrations
in India and around efficiency both for India as well as the U S cause
we’re working in both markets. A lot of it comes down to yeah, more cost effectively being
able to deliver care as
well as getting information to the right person at the
right time. And you know, with the cloud and stuff
and, and with smart phones, there’s opportunities to do that and all
of that results in patient throughput being increased. Right. So patients being able to move
through the hospital faster, that has massive efficiency opportunity. Thank. Thanks Michael. So I’m getting the one minute warning
here so I won’t take any more questions and they had organized manner, but everyone will be around at
lunch so you can talk to them. The, if you know, the articles
that I just talked about, when you’re really anybody’s
interested in that, give me your business
card and we’ll, you know, we’ll send you a copy of that article. There’s another article that I know rod
and I have written for medical device online, which will be available next week. Talking about what’s it talking about? It’s about how we can bring affordable
healthcare and how multinationals can grow in emerging markets. So that really address your particular
question so that you asked earlier. Okay. It should be out I think by Wednesday
or Thursday next week. All right. I think, I think we are at the end of our
end of our formal discussion here. I want to the audience please to join
me in thanking the panelists here. [Inaudible] I think the second session continued.
That’s all I was going to say. The second session continues and then
there is lunch break and then there’s a chat Yeah. Yeah. We will
reshuffle the deck here. You’re very much, and any unanswered questions are
things that couldn’t be asked. I think it’s related enough, the second session that hopefully
we’ll get those covered there. Yeah.


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