Innovation Roundup
A newsletter about innovation, technology, health economics, regulation and empathy in medicine (9/4/23)
Hello,
Welcome to the latest edition of our newsletter. Here's what we have in store for you this week:
The transformative potential and challenges of Large Language Models (LLMs) in medicine
State-of-the-art review on harnessing digital health technologies for geriatric care
Indispensable fundraising advice for healthcare startups, and practical tips for landing your first health plan customers
Exploring the Digital Clinic- an innovative mental healthcare delivery model
FDA's latest framework for integrating digital health technologies into drug development
Science Roundup
Creation and Adoption of Large Language Models in Medicine
New users have been asking how the LLMs and the chatbots powered by them will reshape medicine. Perhaps the reverse question should be asked: How can the intended medical use shape the training of the LLMs and the chatbots or the other applications they power?
Digital health for the aging population
This is a state of the art review of current progress toward, and challenges and future opportunities of harnessing digital technologies for effective geriatric care.
Industry Roundup
Fundraising advice - sage advice !
4. The best investors can discern your intentions with remarkable accuracy, a valuable skill in their line of work. Avoid posturing or lying to yourself about your startup’s purpose and impact.
5. When you hear a “no”, move on.
6. When you hear a “yes”, know that the deal is not done until money is in your bank account
Four ways to land your first health plan customers
Buyers want at little risk as possible. Green flags include funding, strong advisory relationships, and calling your business a “company” instead of a “startup”.
You have to build credibility and trust brick by brick. Take time to demonstrate value.
Be capitalized enough to support long sales cycles and pilots for longer than you think.
CEOs always make the first sales. Do not hire sales people until you're feeling like you can teach someone else what works and what doesn't.
Lower the barriers for early customers, but make sure you aren’t making unsustainable agreements.
Focus on smaller, more nimble organizations where you can quickly build real relationships with internal champions and key decision-makers, before going after bigger players in the ecosystem.
Healthcare Economics and Policy Roundup
The authors outline the need, theory, and implementation of the Digital Clinic at a large academic medical center in the context of supporting referrals for depression and anxiety from primary care. We are implementing a very similar version of this in Cardiology.
Regulatory Roundup
As part of FDA’s Prescription Drug User Fee Act (PDUFA) VII goals published in PDUFA Reauthorization Performance Goals and Procedures Fiscal Years 2023 through 2027 (PDUFA Goal Letter), FDA included a goal for enhancing use of digital health technologies (DHTs) to support drug development and review. They have published a Frameworks for the use of digital health technologies in drug and biological development.
DHTs can be used to increase decentralization of trial-related activities, improve patient access to trials, increase trial diversity, and promote retention by facilitating remote trial-related measurements. In addition, DHTs can facilitate direct collection of information from participants who are unable to report their experiences (e.g., infants, cognitively impaired individuals). Further, they may allow for development of novel endpoints, which can provide a broader picture of how participants feel or function in their daily lives. Despite the potential advantages of DHTs, many challenges arise when incorporating DHTs and DHT-derived data into regulatory decision-making. This Framework outlines a multifaceted approach to collaboratively address these challenges with our stakeholders
Thank you again for reading my newsletter.
If you enjoy reading this newsletter, please share it with someone else who might enjoy reading it.
Talk soon,
Hamid