Thinking about the Government’s Role in Healthcare and Life Sciences Technology Innovation

My personal philosophy of Government is one that takes a long-term view, provides infrastructure and conditions to enable Citizens, and holds the massive responsibility to self-regulate and optimize itself.

I have read four books recently that have really informed my views and inspired me about the role of our Government in Technology:

I want to see Government continue giving Entrepreneurs Access to:

  • Data
  • Policy Makers and Regulators
  • Pilot programs

The Entrepreneurs, Venture Capitalists and Big Tech Giants will build products, fund ideas and get innovation to the people. Government will ultimately set the regulations. Lately, Government has also taken on an increasing role in sponsoring hackathons and innovation challenges (Challenge.gov) to promote adoption of their data sources and generate awareness of their role in the overall tech ecosystem. From the JOBS Act to Patent Reform to Cybersecurity to the Open Data Initiative to the America Invents Act, there are many good examples of progress outlined on Whitehouse.gov.

I also recommend this Recode Decode interview with the U.S. Chief Data Scientist DJ Patil for good examples of how various Government Agencies are using data to iterate on problems.

As I zoom in on Healthcare and Life Sciences I think about:

  • HL7, FHIR and data interoperability
  • Open Data Initiatives and Data.gov
  • FDA regulation, Medical Devices and GxP compliance
  • HIPPA compliance
  • Cures Act
  • Moonshots
  • Why do we allow drug ads?
  • Reproductive rights
  • Medicaid, Medicare
  • ACA impacts and opportunities

There are incredible examples of Government using their scale to make progress such as the Million Veteran Program (Genome study) in which Veterans volunteer their DNA analysis and health information into a massive database for Researchers. Government is also funding technology pilots and new approaches to improving care such as a Mount Sinai paramedicine pilot in which Paramedics consult via telemedicine with Docs and treat the patient in their home without transporting them to the hospital.

I hope our Government continues to build upon the power of open data, collaborate with Entrepreneurs and view Healthcare as a fundamental right for our society and citizens.

The First 90 Days for a Product Manager New To Healthcare

I talk to Product Managers all the time that are considering building products or features that would move them into the Healthcare space. This post is for them.

As you venture into Healthcare, you are embarking on the most TLA filled space imaginable. Talk to other Product Managers that are veterans in the space and you’ll barely be able to follow along. They are not trying to sound smart, it’s simply that the TLAs get ingrained so deep that it takes real effort to not use them.

You’ll also come across a few big topics like:

  • How regulation impacts business models
  • Selling into large Healthcare organizations
  • HIPAA and GxP
  • Healthcare and Life Sciences are very different

I began my first 90 days as a PM in Healthcare on a beach in Florida with my wife and kids on Thanksgiving break. I lounged around reading/listening to these 3 books:

Doing this gave me an understanding of the ACA, Pharma and all of the problems especially in the US Healthcare system. I was beginning to understand some of the TLAs.

My next step was to talk with other Product Managers. I had to ask a lot of dumb questions in these conversations but everyone was super nice and helpful. #givefirst These conversations helped me build a list of news, people, podcasts, blogs, etc that now make up my daily healthcare and biotech information pipeline. On a daily basis I found myself reviewing the Healthcare Top 100 and thinking about the business models of these companies. I subscribed to daily healthcare industry news from Becker’s Hospital Review, STAT and Modern Healthcare. I followed Zdogg and David Chase on LinkedIn. I listened to podcasts from Catalyze.io and a16z.

At this point in my first 90 days I was back in the office, still under a nice “you are still new” grace period and learning from everyone I could. The next step was to talk to Techstars Alumni, Denver-based Founders and friends of mine that are running Healthcare Startups. I had 50 conversations in two weeks and summarized most of them in a shared Box folder the team uses. For a handful of the conversations, I summarized and sent an email to entire team to raise awareness. This quickly established me as the expert for our “Healthcare Startup Developer” persona.

In the first 90 days:

  • Tell stories to build empathy about the people the product is trying to help.
  • Establish yourself as the voice of the customer on your team.
  • Show you are passionate and curious about the problems to be solved and the people you are trying to help.

It’s been one year since I began my journey as a Product Manager in Healthcare. I am once again sitting on the beach over Thanksgiving break pondering our Product Roadmap, Industry trends and reading everything I can about AI in Healthcare, Big Data Analytics use cases, Serverless Compute, how the ACA may change in the next Administration, CRISPR and more.

If you want help with your first 90 days, please don’t hesitate to reach out….and good luck!

Photo Credit: https://unsplash.com/@joaosilas

Healthcare and Life Sciences Corporate Venture Capital

Moving from a background in AI and Developer Tools to Healthcare has required a crash course in healthcare policy, finance, technology and regulations. I’ve always looked to investing trends and analysis to help me better understand a market. Looking at Corporate Venture Capital (CVC) in healthcare and life sciences is a fun exercise.

“over 48% of the top Fortune 100 companies have a corporate VC arm and these corporate VCs have participated in 24% of total deals globally for the past 4 years.” [source]

First, a few basics on Corporate Venture Capital…

Why does the Corporate Venture Group exist?

  • Generate financial returns for Limited Partners (LPs) including parent Corporation
  • Generate revenue for the Corporation
  • M&A channel
  • Licensing, Divestiture, Partnerships
  • Foster Innovation, Identify Global Market Opportunities, funding initiatives that need to exist outside parent Corporation structure

What do Corporate Venture Groups do?

  • Build a Portfolio of Investments that could range from Series A to “evergreen”
  • Build an Ecosystem of Strategic Partners
  • Generate revenue from revenue share deals and equity positions
  • Invest as a Limited Partner (LP) in other Venture firms

So, what’s going on in Healthcare and Life Sciences Corporate Venture funds?

From this CB Insights report, you can see the most active funds include Merck Global Health Innovation Fund, Kaiser Permanente Ventures, Lilly Ventures, Siemens Venture Capital, Pfizer Venture Investments, Novartis Venture Funds, GE Ventures and of course Google Ventures.

Corporate Venture Capital (CVC) in Healthcare

Includes Information Technology, Therapeutics, Diagnostics and Drug Delivery, Diagnostics, Behavioral Health, retail healthcare and rise of consumerism, new provider payment models, delivery of care, implementation of the Affordable Care Act, Data and Analytics.

Kaiser Permanente Ventures

Siemens Venture Capital

Mitsubishi Healthcare

Vesalius Ventures (Vanguard Ventures, Fremont Ventures and Guidant Corporation)

GE Healthymagination

Merck Global Health Innovation Fund

Johnson & Johnson Innovation

Zaffre Investments (BCBS of Massachusetts)

BlueCross BlueShield Venture Partners

MemorialCare Innovation Fund

McKesson Ventures

Cambia Health Solutions

Rex Strategic Innovations

Corporate Venture Capital (CVC) in Life Sciences

Includes Biotechnology, Biopharma, Medical Devices and Diagnostics, Drug Discovery, Pharmaceutical services, Pharma value chain.

Nova Novartis Venture Fund and Novo Ventures

Mitsubishi Life Science

MedImmune Ventures (AstraZeneca)

SR One (GlaxoSmithKline)

Lilly Ventures (Eli Lilly and Company)

Amgen Ventures

Roche Venture Fund

Samsung Ventures

F-Prime Capital Partners (Fidelity Biosciences)

Takeda Ventures

Baxter

Pfizer

Some additional reading:

Making Sense of Corporate Venture Capital

The 117 Most Active Corporate VC Firms Of The Last Year

Digital Health Funding: 2015 Year in Review (Rock Health)

Tencent, Google Capital Invest In Indian Healthcare Startup Practo

Medtronic, Sequoia launch $60M VC fund for Chinese med tech startups

Understanding the portfolios of these Healthcare and Life Sciences Corporate Venture Capital funds, the backgrounds of the Partners, where they are based and what companies they invest in help paint a picture for where things are going.

To learn a bit more about Healthcare technology read There’s a lot going on in Healthcare tech right now.