Most people think of Boston when it comes to medical technology innovation. Silicon Valley. New York.
London, Ontario probably doesn’t come to mind. But London has a nucleus of people, companies and organizations who are creating the conditions for a level of excellence that rivals those major centres.
Dr. Rob Arntfield of Deep Breathe, Saumik Biswas of Tenomix, Oleksiy Zaika of Vessl Prosthetics, and Arash Samimi of Eliomedica are four such people, and Western Research Parks is one such place.
In cooperation with BioNext (one such organization), they held a panel to discuss what it takes to build the next generation of medtech.
So… what does it take? Here’s what the panel had to say.
Solve a real need
First of all, you need to “get married to a problem, not a solution.”
It’s easy, especially if you’re coming from a tech background, to jump straight into solutions. Throw some AI at it.
That’s a good way to burn through a lot of money and then find out no one actually wants your solution. As Rob put it, “if you’re not solving a clinical need, it’s just a gadget.”
That doesn’t necessarily mean you have to be a physician to innovate in medical technology - Saumik pointed out that clinicians are sometimes so used to their current workflows, they’re not primed to notice how things could be improved.
Medical technology innovation is a partnership between… well, medicine and technology. You obviously can’t have one without the other.
Become an expert in your marketplace
The problem you choose to solve doesn’t start and end with your users. A huge part of the problem space is the marketplace.
This means things like reimbursement, regulatory considerations, and competition.
Competition especially can be intimidating. The development cycle for medical technology is long, and the market can shift multiple times while you’re still hacking away on arduinos or labelling data.
But!
Competition doesn’t have to be a bad thing. Activity in a medical domain can result in more, or better, reimbursement pathways. It can create familiarity in the market with a category of solutions, meaning you don’t have to introduce novel concepts to your buyers.
Your marketplace doesn’t just change based on what happens within the medical technology industry. Innovations in hardware, for example, can create cheaper hardware which can open up new possibilities - faster processing time and new clinical applications.
It’s all very dynamic, and given the sweat, tears and money most founders pour into their projects, it can be overwhelming. The trick is to remain committed to your core market while keeping one eye open to changes and new opportunities.
Involve the right people
“Asking ‘why’ an annoying number of times.”
“Bloodthirsty curiosity.”
“Accountability, transparency and trust.”
Don’t try to go alone. Medical technology is created by teams. The right people are people who are curious and honest. Prioritize temperament, not technical credentials.
Sometimes you have to pay to involve the right people. Sometimes you can tap into networks of successful entrepreneurs and engineers who are now looking to give back.
This is one of the reasons London is poised for excellence. The right people are already there and already pushing the next generation forward.
Even if you don’t live in London, you can benefit from the network here. If you want to get involved, reach out - to Eliomedica, to BioNext, to any of the panelists, or to me - and join the next generation of medtech.