Imagine your science worked perfectly fine, now what? You realize the tough work has just begun because you need $$$$! You were given five minutes to encapsulate your scientific innovation, market analysis, product competitive advantage, and the credibility of your team. And another five minutes to answer questions (sometimes unforeseen) from the investors. How would you wisely use this short window of time to win the money guy?
Korean Digital Health Pitch Night was like a class that I wished I could have in my graduate school but was never offered throughout my scientific training. As if I were in class again, I highlighted the key bullet points of the six startups (by order of their presentations) that entered the pitch competition. They have done such an amazing job that I simply can’t recapitulate with my brief notes!
- ~50% unnecessary lab and radiology test in hospitals.
- 16+ hospital visit per person per year in Korea!
- Annual healthcare expenditure is $100+ billion.
- Over 90% of medical centers/clinics are using EHR, and this allows them to adopt Medibloc easily.
- Data system uses blockchain-based technology. First time to hear this phrase? Learn more about it from Deloitte website.
The presenter started with the story of Nicolas Volker, who is the first human ever received whole genome sequencing to hunt down his rare disease.
- Rare diseases take 5 years to diagnose on average; however, 40% of the cases are misdiagnosed.
- 86% of the patients were deterred from genetic testing due to the high price.
- They offer only $500 for exome sequencing. Their next generation sequencing in whole exomes is more thorough than 23andme’s genotyping in exploring single nucleotide polymorphisms (SNPs) in DNA.
- Patients can assess sequencing results online in 8 weeks.
Presenter ended with Nicolas Volker story. Know more about how WGS saved this boy? Read One in A Million: The Story of Nic Volker and the Dawn of Genomic Medicine.
Presenter (Brian Conyer) started with videos showcasing eye-catching surgical procedures. Some are disturbing and shocking, but he got all of us in his pocket.
- It’s Netflix for surgery education purpose.
- Subscribers have access to all full-length procedures of surgeries (some are 360 VR & ultra HD) with narrations from top medical doctors at top hospitals.
- $50 per month to subscribe. Attracted 10K+ registers in one year.
- Stanford and Harvard subscribed and purchased a bunch of their VR glasses for their medical students.
- Dental appointments have about 20% cancellation rate which also means $100,000 loss per clinic per year.
- EarlierCare offers online dental offices.
- Marketing & management strategy: B2B2C, API integration
- Presenter, George Kwon, is a 4th year Boston University dental school student. He shifted his ultimate career goal from a full-time dentist to Founder and CEO of
- Spinal fusion has a $6.6 B market annually in the US.
- Their spinal fusion implant is a Class II device.
- Sorry for the short note. I have no knowledge in this niche, and I failed to find their website to learn more about it.
- Hangover costs $170B loss annually in the US!
- Drink Morning Recovery the night you are intoxicated with alcohol, and you will feel refreshed the next morning.
- The drink includes dihydromyricetin (DHM)-based dietary supplement. DHM increases the level of alcohol dehydrogenase and aldehyde-dehydrogenase which helps break down acetaldehyde, the toxin in the liver after alcohol consumption. For people who are interested in the fun science behind it, I can direct you to this link!
- $1M in revenue in the first 3 months!
- Already on shelves of 30+ stores in LA.
- Morning Recovery Version 2 in on the way. The new DHM formulation has increased solubility, higher dose; theoretically it will show better efficacy.
- Presenter, Sisun Lee, is Founder & CEO of 82 Labs.
It was no surprise that judges and investors picked 82 Labs as the WINNER of the night. Hangover is such a nasty behavioral problem regardless of race. Especially among East Asians, 33% of the chances we have deficient aldehyde dehydrogenase that can convert acetaldehyde to acetic acid, a symptom called Asian flush or Asian glow. Ironically, Chinese, Koreans, and Japanese are notorious for our obsession with liquors made from rice or sorghum in our social life. For some Jewish folks, they tend to have overactive alcohol dehydrogenase but not enough aldehyde dehydrogenase to finish up the entire enzymatic reaction. Hah, we all have our own problems!
I fell into a rabbit hole tonight, exposed to a strong dose of wonders in life sciences digital sector!