TiEcon 2017 – How Entrepreneurs are Powering the Future of Healthcare
May 22, 2017
SANTA CLARA, Calif. – On May 5th, 2017, the success story of POC Medical Systems Inc. (‘POC’) was shared in a keynote speech on ‘How Entrepreneurs are Powering the Future of Healthcare’ by Sanjeev Saxena, CEO. POC began with a quarter of a million dollar investment and since then Sanjeev and his team has worked unceasingly to close it’s $21 million series A that happened just last year in 2016.
“It’s about touching billions of lives”, which fuels Sanjeev’s passionate for commoditizing diagnostics. In his talk, Sanjeev mentions that drug therapy used to remedy symptoms is important, but the cost of pharmaceuticals is through the roof. Diagnostic tools are paving a way to reach and impact healthcare systems worldwide to effectively reduce treatment costs and mortality caused by diseases.
The statistics for breast cancer are horrifying in India – 1 woman dies every 7 minutes due to breast cancer. Countless women lose the opportunity at life due to the country’s current poor infrastructure. Transportation services to travel from villages to cities are lacking, and the accompanying father or husband sacrifices work without funds to pay for their daily lives. Cities with large hospitals have instruments to diagnose breast cancer but they are non-existent in these villages. During long and delayed times patients travel back and forth to the large hospitals to receive examinations and tests, the cancer has a greater chance to metastasize and spread to other parts of the body, ultimately rendering all treatments expensive and almost useless.
What is desperately needed is early detection through point of care diagnostics – a shift away from symptomatic treatment to diagnostic and database healthcare. This is where POC has the potential to make immediate changes. About 70-80% of the world doesn’t have healthcare, however, with innovative technology and internet POC is bringing diagnostic healthcare to the individual. Their portable microfluidic technology overcomes the challenges of rural healthcare and can be taken into villages to screen women for breast cancer with high accuracy in 15 minutes. A physician at UCSF can interpret the data results to provide consultation and prescribe treatment to a patient thousands of miles away, which in turn saves time, money and lives. The impact of this innovation is 82% savings.
The government of India has announced door-to-door cancer screening in partnership with POC. Sanjeev and the POC team are hoping more people can recognize that the power of point of care diagnostics along with digital health is more than just a great idea fueled by the passion to change billions of lives, but that it is becoming a true reality today.
-By John Powers