5 Innovative Med Device Startups to Watch

It only takes one ground-breaking MedTech startup to change a product category forever. Back in 2006, serial entrepreneur Steve Kelly partnered with MIT researchers to take an anti-bleeding gel product to market. The biodegradable gel was a significantly better option for many hemostat applications, compared to alternatives like bandages, surgical clamps, tissue adhesives, vasoconstrictors, and cauterization. Today, topical hemostatic agents are considered the most efficient, effective, and safe option to stop bleeding in many patients and conditions.

Winning medical device startups have a few factors in common, according to McKinsey research. First, they all have an idea that can provide consistently superior experiences to all users, including patients, caregivers, and clinicians. They will also “reimagine processes to dramatically reduce costs and accelerate decision making.” The most successful MedTech companies manage to get closer to the patient by providing an innovation that’s better, cheaper, safer, more convenient, or somehow just a better option.

In order to get close to the patient, MedTech startups need to achieve velocity in the early stages to provide proof-of-concept, secure funding, and demonstrate clinical safety for regulatory approval. There’s no room for mistakes or delays in a hyper-competitive market space. A strong baseline of compliance is crucial from day one to ensure there are no barriers to obtaining FDA approval or a CE Mark.

That's one of the reasons we exist. Qualio is quality management software for the life sciences ecosystem. 

1. ABLE HUMAN MOTION
2. DAY ZERO DIAGNOSTICS
3. GARWOOD MEDICAL DEVICES
4. X-COR THERAPEUTICS
5. FLATIRON HEALTH

If you can think of any other innovative companies that we should feature on from lab to launch, Let us know by filling out this form:
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See interviews and episodes on https://www.qualio.com/from-lab-to-launch-podcast.

Music by keldez

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Music by keldez

Transcript

Grant 0:17

Thanks for tuning into another episode of, from lab to launch, we hope you've enjoyed the stories and the interviews we've highlighted so far in the podcast. If it's been useful to you, we'd love it. If you gave us a review on iTunes. Or subscribe to the podcast, wherever you get your podcasts. It truly is amazing to look at the phenomenal growth and innovation happening in life sciences. We've loved the interviews we've had so far, and while we can't interview every single inspiring person or innovative company, even though we'd really would love to, we wanted to highlight just five medical device startup companies that have caught our eye recently. Keeping an eye out for innovation and oftentimes disruption is important to motivate continued growth in a particular category like medical devices and make sure your company is well positioned for success from incoming disruptors. For example, it only takes one groundbreaking med tech startup to change a product category forever. Back in 2006 serial entrepreneur, Steve Kelly partnered with MIT researchers to take an anti bleeding gel product to market. The biodegradable gel was a significantly better option for many hemostat applications compared to alternatives like bandages and surgical clamps and tissue adhesives and vasil constrictors in cauterization. Today. Topical hemostatic agents are considered the most efficient, effective, and safe option to stop bleeding in many patients and conditions. Now think about all of the companies that were fundamentally changed or disrupted. Because of the innovation from Steve Kelly and his team. keeping an eye on new players in the industry and the growth paths that they're taking can help you position your own company for success. Winning medical device startups have a few factors in common according to McKinsey research. First, they all have an idea that can provide consistently superior experiences to all users, including patients, caregivers, and clinicians. There will also reimagine processes to dramatically reduce costs and accelerate. Decision-making the most successful med tech companies managed to get closer to the patient by providing an innovation that's better, cheaper, safer, more convenient, or somehow just an overall better option. Kind of like the option that Steve Kelly gave. In order to get close to the patient though, med tech startups need to achieve velocity in the early stages to provide proof of concept, secure funding and demonstrate clinical safety for regulatory approval. There's just no room for mistakes or delays in hyper competitive market spaces and strong baseline of compliance is crucial as well from day one to ensure there's no barriers to obtaining FDA approval or a CE Mark. And that's one of the reasons why Qualio exists. We are a quality management software for life sciences. But we're not going to get into all the Qualio or does in this podcast. We're just going to talk about five impressive medical device startups to watch this year. The first is ABLE human motion. It's a Barcelona based device startup and the world's first manufacturer of robotic exoskeletons with the goal of improving quality of life for individuals with disabilities. The lower body exoskeleton is the first home use product for individuals with lower limb paralysis. ABLE is uniquely lightweight and easy to use, which provides an affordable option for individuals in wheelchairs. Who've never had the chance of walking or who have lost that ability. Abel began as a concept in response to an unmet need in 2015 and has moved quickly to its current status of clinical evaluation, the startup post to complete clinical evaluation activities in 2020 and begin pre-sales in 2021. The award-winning started, began by studying the human gait extensively to create a product that allows wheelchair users to stand up to walk and to sit down without any assistance. The battery powered eight kilogram exoskeleton has parameters for smart device configurations as well, which can allow for remote monitoring and physical therapists and physicians. Definitely. This is a company that's helping save lives. Number two. Day zero diagnostics. It's a Boston-based startup using machine learning to create rapid whole genome sequencing diagnostics to provide greater insight into the profile and treatment options of life-threatening bacterial infections. This med tech startup is dedicated to creating faster, more effective clinical support systems to diagnose entreat fast acting infections, such as sepsis, which can lead to patient's death in two to five hours. Day, zero diagnostics or DCD, as they say completed an 8.6 million series a round back in 2019, the startup hopes to use those funds to accelerate prototype development, introduced sequencing based diagnostics for clinical settings. And here's a quote from the co founder, John Lee. We are excited to partner with investors who share our vision about potential of genome sequencing and machine learning for changing the field of infectious diseases. Number three. Garwood medical devices. It's an advanced med tech startup based in Buffalo, New York with a mission of improving clinical outcomes for infections and wound healing. Garvin's products. Include the bio pracs and minimally invasive device designed to prevent biofilm infections on prosthetic, knee implants by using electrodes to prevent micro growth. It was also recently granted breakthrough device designation by the FDA. Garwood series B round closed late 2019. At 3.7 million and these funds added to the September, 2016 series a round, which they raised 3.6 million. Here's a quote from Garwood CEO, Wayne bacon. We appreciate the confidence and support from our existing and new investors. Few people other than physicians and impacted patients understand the tremendous suffering and high treatment costs associated with Paris prosthetic joint infections, which strike tens of thousands of Americans every year and cost many billions of dollars. All right, company number four. X core therapeutics. It's a Boston based medical device startup that created the first commercially available CO2 removal device. And it provides a more cost effective, safe, and widely accessible option to treat patients with acute respiratory failure. Machine learning created a hybrid approach to treatment in which patient's blood is drawn at a small, less than 300 milliliters per minimum flow through small catheters. Which can be placed by nursing staff. Not only is the XCOR product, less invasive than existing approaches to treating acute lung failure. It requires less training and it can be used outside an ICU setting to treat patients with COPD, cystic fibrosis, and other acute conditions. And Last but not least Number five flat iron health. It's a pioneer in developing community oncology products in the cloud to create a shared technology platform for oncologists, academics, hospitals, researchers, and regulators. On a co cloud is the most comprehensive suite of software and cloud services for oncology practitioners who treat patients in the community. In addition, flat iron is working closely with regulators, academics, and hospitals to improve cancer treatments through billions of patient data points. The FDA information exchange and data transformation or informant program announced a two year renewal of their research collaboration with flat iron health. Back in February, 2019. After the success of early collaboration research, the FDA hopes that the work with flat iron will continue to understand the real time impact of cancer treatments on real-world patient populations. Here's something that a Dr. Richard pastor director of FDA's oncology center of excellence said, we believe that regulatory grade, real world data can help inform our decision-making so that we can provide cancer patients with better care. So all the medical device startups in this list began by recognizing a real problem and current treatment conditions. For example, in day zeros case, the company identified the fundamental mismatch in the time to deliver treatment and the speed at which the disease could lead to a patient's death. Even though fast acting infections, like sepsis could lead to a patient death in two to five hours. Physicians are forced to rely on a trial and error to treat infections because test results are often unavailable for two to five days. DCD and other innovators are taking dramatically new approaches to solve these real world problems that affects thousands of patients and care providers, every single year. Machine learning mobility and the cloud are just three of these emerging technologies that the most innovative MedTech startups are using to revolutionize treatments, diagnostics, and longterm disease management. These startups have the potential to create dramatically better outcomes and quality of life for patients worldwide. And we will love watching their stories unfold. If you can think of any other innovative companies that we should feature on from lab to launch, Let us know by filling out the form in the show notes. Thank you for listening and we'll see you next time.