Sramana Mitra: I’m just trying to understand the trends of this industry. If a technology provider is selling into the pharmaceutical industry in the digital therapeutics use case, how else is a digital therapeutics use case going to pan out commercially?
Raj Agarwal: It’s early in the game. That’s a new trend. There are three trends we see in the pharma. We talked about digital therapeutic. The other is beyond-the-pill solutions. How do you empower patients digitally who are on their drugs to be better supported? That is happening and is quite active. The third one is the clinical trial. How do you support patients in their clinical trials or through virtual trials? There are three different areas within the pharmaceutical industry that we are focused on. >>>
Sramana Mitra: Let’s switch the discussion to pharmaceuticals and where drugs are now being enhanced by various kinds of digital monitoring or reporting. What are the trends there? It seems like you have penetration in that use case as well.
Raj Agarwal: One big trend on the pharma side is that they are recognizing that they need to be connected to the patient in terms of providing more support digitally. That’s one big trend where we talked about patient support programs. We see more and more companies going for that. Digital therapeutics is a different animal. >>>
Sramana Mitra: Let me paraphrase my question and see if you can answer them from a trend point of view. On the value-based care side, whether it’s hospitals or physicians, what trends are you seeing in terms of adoption? How aggressive is the adoption of technologies such as yours?
Raj Agarwal: Frankly, it’s the slowest sector of the three. The decision-making takes anywhere from a year to a year and a half, even longer in some cases. The adoption is increasing, especially in tele-health. The next phase is the remote monitoring and condition management. The biggest receptivity is from organizations that are part of the value-based care or in a shared-risk arrangement.
Sramana Mitra: You just said that that is the slowest adopting sector.
Raj Agarwal: These three sectors are different. >>>
Raj Agarwal: What we have done uniquely is combine all four aspects into one single platform. It’s seamless and integrated to allow multi-party connectivity. You can add family members or caregivers and engage in a meaningful way. This is targeted more for complex and high-care chronic conditions. At the heart of what we do is early detection and proactive interventions. >>>
Mega trends are sweeping through the healthcare space driven by the impact of digital technology. In this conversation, we kick around value-based healthcare, digital therapeutics, etc. and how Medocity is adding value to those use cases.
Sramana Mitra: Let’s start by introducing yourself and Medocity.
Raj Agarwal: I’m the President and CEO of Medocity. We founded Medocity about six years ago. >>>
Matthew Sappern: There are a lot of people who feel that artificial intelligence and machine learning is much further along than it really is. There is so much data out there right now. I think that’s an important first step. There’s data and there’s actionable data or what some of my colleagues call the ground truth – information that’s been curated in a way that you’re confident that it’s representative of what it needs to be.
If you’re not using that curated data to teach these machines, then you’re really not generating anything of real value. There is a lot of hard work in coming up with even a nominally accurate algorithm using artificial intelligence. It has taken us years and years to finally get to a point where we’ve got something that we’re confident about. It is not for the faint-hearted. >>>
Sramana Mitra: We’re seeing an increasing amount of AI applications in the healthcare IT domain. I don’t know if you’re familiar with this announcement that we recently made of a European partnership with the European Institute of Innovation and Technology and their digital health arm. 115 companies from Europe are going to be accelerated within the One Million by One Million program. They all have different flavors of all this stuff going on.
Matthew Sappern: Whatever we can do to put care closer to the patient is pretty remarkable. These digital platforms have the triple ability to generate data, interpret that data, and deliver information directly to the patient in milliseconds. You’re seeing more and more people who are much more comfortable with these technologies and using these technologies in everyday life. >>>
Sramana Mitra: In the healthcare space, where are some of the other areas where you see the possibilities of this kind of pattern recognition and interventions based on pattern recognition?
Matthew Sappern: There are so many. Take the ICU for instance. You walk into an ICU. A typical patient has multiple telemetry devices hooked up. You’ve got nurses who are trying to manage all of that for each patient. There’s no normalization of that data. These are areas where if you were able to take tools like PeriGen and apply it to that service line, you could probably figure out how you can manage some of those ICU patients. Why that’s important is because the nurse to patient ratio is a bit less in a step-down unit.
It’s certainly more affordable for hospitals to manage that. It’s a more economic approach to managing healthcare that is ultimately made possible >>>