Patient Centricity: The gateway to medical innovation
“We are only at the beginning of the digital revolution in healthcare – realising this vision means we must not only spark innovation, but build trust and confidence through validated scientific evidence.”
– Gianrico Farrugia, M.D, President and CEO at Mayo Clinic
What a year it’s been for Mayo Clinic’s groundbreaking venture, Mayo Clinic Proceedings: Digital Health! CEO Gianrico Farrugia recently paused to ponder the journal’s journey and its pivotal role in shaping the future of healthcare. Meanwhile, we’re diving into insights on Health System Investment Arms with Nir Goldenberg, a fellow from Mayo Clinic, who shared his experience at MedTech Malta 2023.
Towards patient-centric medical journalism
In marking the one-year milestone of Mayo Clinic Proceedings: Digital Health (henceforth shortened to Digital Health), Gianrico Farrugia highlighted a fundamental principle: patient-centricity remains paramount in healthcare innovation.
He addressed the pivotal role of digital health journals in prioritizingprioritising patient needs amidst the evolving landscape.
“The needs of patients have to come first […] As a sector built on a foundation of trust among physicians, other providers, and their patients, digital transformation within health care will fall short unless it is highly safe, effective, equitable, and trustworthy.”
This sentiment resonates harmoniously with a growing number of investors, reflecting in several notable funding successes announced by major companies in the early months of 2024 alone.
Notably, a recent survey by Carta Healthcare revealed that 75% of patients express scepticism about AI integration in healthcare. In this regard, journals like Digital Health are vital not only for igniting innovation but also for instilling the trust and confidence necessary for digital and platform innovation.
They achieve this “through rigorous, validated, and reproducible scientific evidence—the foundation of high-quality health care,” explained Farrugia.
Looking ahead, Farrugia envisions a future where digital health journals serve as catalysts for innovation and repositories of knowledge.
Digital Health and its counterparts are poised to spearhead the seamless integration of digital solutions into patient care. These journals not only capture scientific inquiry but also drive transformative change, reshaping the healthcare landscape for generations to come.
As the lines blur between digital and traditional healthcare, Digital Health paves the way toward a future where digital healthcare seamlessly integrates into mainstream practice.
Adding to the conversation
Last October, MedTech Malta welcomed Nir Goldenberg to the panel Health System Investment Arms: How They Work. He is a respected member of Mayo Clinic Ventures’ Business Development division since 2022, where he serves as a technology development manager.
The panel was a collaborative effort between Lifeblood | Capital + Talent, a distinguished talent acquisition firm focusing on MedTech startups, and MedTech World. The panel was expertly moderated by industry veteran and Managing Partner Giovanni Lauricella.
The comprehensive speaker lineup featured experts from various backgrounds and experiences:
David Sylvan, President at UH Ventures
Jon Friedland, Managing Director at Cleveland Clinic Ventures
Liridon Rrushaj, Director of Venture Investing at OSF Ventures
Anita Watkins, Managing Director at Rex Health Ventures
Nir Goldenberg, Technology Development Manager at Mayo Clinic Ventures
Health System Investment Arms
Patient centricity is one of biggest trends influencing investors in the MedTech sector.
In recent years, health systems have increasingly launched their own venture capital arms to back health tech startups. Notably, around 23 health systems, including major institutions like Cleveland Clinic and Mayo Clinic, have ventured into this space.
Investors increasingly view investments from health system VC arms as more advantageous in the long run compared to traditional VC firms. The tech pilots initiated with these health system partners often yield more effective results due to better alignment of incentives.
are more incentive-aligned.
They are by no means a new phenomenon, but the trend has continued to gain momentum.
“Why are we seeing more Health System Investment Arms pop up recently? What sparked this?” asked Giovanni Lauricella.
Anita Watkins listed three reasons for the launch of Rex Health Ventures:
cultivate a culture of innovation;
diversify investment flows;
provide patients and clinicians with access to cutting-edge technology
These values resonate not only with the core principles of Rex Health but also with other healthcare systems that choose to establish their own investment arms.
“As healthcare providers, our mission is crystal clear,” stated Nir Goldenberg, “to deliver unparalleled care to our patients, a commitment which spans across diverse technological landscapes.” The diversification of investment made possible by investment arms aligns with this mission, focusing on different technological domains to enhance care delivery and match their overall vision for patient care.
The increasing emphasis on enhancing patient care and empowering clinicians to enhance the quality of life for their patients is undeniably one of the most compelling motivations for health systems to initiate their investment endeavours.
Mark your MedTech Event Calendar for April 8th, 2024, and join us for the MedTech World Roadshow in Berlin. Stay tuned for exciting updates, including our groundbreaking partnership with renowned innovation partner 5-HT Chemistry & Health!
