In this talk from Stanford Medicine X 2013, Alex Fair explores the blossoming patient-centered healthcare revolution and his journey from "Geek to Freak to Hero".
7. Healthcare Innovation is
more difficult due to
regulations and aversion to
adoption
âŚand predicting Success
in Healthcare is difficultâŚ
PROBLEM
which constrains capital,
which limits innovation,
which makes healthcare less effective
10. You generally need an expert to
install it
Image courtesy of Policymed.com
11. And no one, especially the patient thinks
they should pay very much for it
12. And it costs like a billion dollars to
do anything
13. Which YOU have No Say in
NIH Grants, $30.9
Pharma R&D
Investment,$49.5
Foundations/
SBIR, $3.0
Venture
Capital,$8.5
Approximately $100B is Invested to fund
Healthcare Innovation in U.S. Annually
Sources of Funding For Healthcare Innovation â 2011 ($B)
Venture Capital
ď§ Of the $8.5B invested in 2011, 19% ($1.6 billion) was invested in first
or seed round investments and 81% ($6.9 billion) was invested in later
stage projects
ď§ Of the $8.5B invested in 2011, 14% ($1.2 billion) was invested in
healthcare IT investments and 86% ($7.3 billion) was invested in life
sciences
Excludes: Angel investments, No detailed backup to foundation capital invested in early stage projects.
Foundations
ď§ A variety of foundations offer funding for early stage healthcare
innovation, mostly focused around disease groups
ď§ In 2011, Susan G Komen For The Cure, one of the larger research
funding not-for-profits had 2011 revenue of $358 million, but after
fundraising expenses and administrative expenses only spent $283M
million on programs (79% margin)
NIH Grants
ď§ Largest institutes are the National Cancer Institute which consumes
16% of NIH funding ($5.1 billion) and National Heart, Lung, and Blood
Disease which consumes 10% of the NIH funding ($3.0 billion)
ď§ NIH budget expected to contract due to government debt pressures
and expected decline in national spending
Excludes angel investment; approximates foundations
17. When People Stand Up
Revolutions Happen
When citizens get involved and activated,
massive change is enabled. Crowdsourcing
innovation and Crowdfunding their ideas is
changing the world.
18. What Happens When You Engage Crowds that
Care
⢠Funding â Investors look for traction among KOLs and
constituent institutions and patients
⢠Partners â Where Corporate Innovation Officers shop
⢠Publicity â weekly News Stories and three television
interviews in our first six months
⢠Community â Feedback, Clinical Centers, Trials, Support,
Beta Testers, Distributors, and more
âŚbut this is just the beginning
19. 1. How to Code a Revolution in
Healthcare
@alexbfair#MEDX
20. 1: Get a Crazy Idea
âŚthat just might work
@fredtotter
#MEDX
21. 2. Run it by some friends
(designers, doctors, programmers, nurses, artists, investorsâŚ)
âŚuntil you prove it does
29. And who
wants a term
sheet?
When you
can have a
bill of sale?
30. Fred Trotter/ NotOnlyForDev
⢠Eight Weeks
⢠$45,011 Raised
⢠113 Patients, Doctors,
Nurses or Health Care
Pros
⢠24 Partners
⢠New de facto standard
37. Get Help From: Dr. Howard Luks, Regina Holliday, Sutha Kamal, Kim Whittemore,
Eythor Ernstson, Donna Usiskin, Eugene Borukovich, Dr. Jen Dyer, Steve Greene,
David Williams RN, Paulo Machado, Dave Chase Fred Trotter, and many more
Mentors get involved, becoming advisors, early adopters,
investors, or champions driving our clientâs success
Results: Crowds Drive Massive Exposure
38. Get Help From: Dr. Howard Luks, Regina Holliday, Sutha Kamal, Kim Whittemore,
Eythor Ernstson, Donna Usiskin, Eugene Borukovich, Dr. Jen Dyer, Steve Greene,
David Williams RN, Paulo Machado, Dave Chase Fred Trotter, and many more
Mentors get involved, becoming advisors, early adopters,
investors, or champions driving success
PR
Design
Copy BizDev
Partners
IP
Strategy SoMe
Legal
Capital
Events
Uber Geeks Get Involved to Power
Ideas
41. #TheWalkingGallery Film
⢠$13,175 in 4 weeks from Doctors, patients,
Medical School Leaders
⢠Film produced and distributed to increase
awareness of Patient perspectives in all
communities
Partnership With Patients
⢠$18,165 in 6 weeks from Doctors, Patients,
and Cerner Sponsored in Kansas City
⢠Created a conference to promote Physician /
Patient Partnership
43. Michael Weiss
⢠Crohnâs Disease Warrior Patrol 501c(3) formed to help people
suffering from Crohnâs, Colitis, and Irritable Bowel Disease
@HospitalPatient
45. Creating the Wave
⢠Starts with
Patients
⢠Builds with
Doctors
⢠Peaks with
Partners
⢠And you may even
get a Hospital to
sign up
If you Do it Right, You all Ride the Wave together
Photo courtesy New York Times