The 2020 Inaugural List of Most Innovative Healthcare Companies | Shulkin Blog
This year’s most innovative companies list was compiled by David Shulkin, M.D.
In so many ways this year has been extraordinary. Putting the pandemic, economic issues, protests, and elections aside, there has been a great deal of innovation in healthcare. And given all that is going on with the world, we need this more than ever. So below is my list of the most significant categories of innovation and those companies that are leading the way.
Truth be told, I love healthcare entrepreneurs. I admire their passion, creativity, and perseverance. Sometimes you find them in their basements (especially in these days of COVID) but other times they thrive within big companies. They think they can change the world, and many of them do.
Over this year, I have come across a great number of amazing companies in healthcare, but I certainly don’t know them all. Since the start of the pandemic, I have interacted with hundreds of companies and certainly, there are many others that could have made this list. So if you feel that I inappropriately left your company off the list, please accept my apologies and drop me a line so I can be better informed and potentially include you in our updates. For the companies that I did capture, please accept our gratitude and admiration for the work that you are doing. We know that it is under difficult circumstances and yet you are doing amazing things.
The 60 companies below are organized into 30 different types of healthcare innovations and are not ranked in order.
1. NEEDLELESS BLOOD DRAWS- From a personal perspective, this is one that just can’t come soon enough. I hate needles. Companies like Seventh Sense Biosystems are developing devices that can collect blood samples without pricking the skin.
2. ENHANCING SURGICAL PERFORMANCE- Companies like Theator are leading the way in creating intelligent video extractions of surgeries to improve surgeon performance and reduce errors. This may become an important new tool in training the surgeon of the future.
3. BRINGING TECHNOLOGY TO THE HOME- Outset Medical has developed a home dialysis machine that can change the way patients with renal failure are managed. It sure seems better to get dialysis at home (even while you sleep) rather than having to sit in a dialysis unit all day.
4. REMOTE MONITORING- Early Sense can track physiologic measures by turning a mattress into a monitoring system and Philips continues to lead the way with new products and services including their EICU systems for remote ICU care. These systems can save lives, particularly in communities where there are shortages of intensivists.
5. INFECTION PREVENTION- With an ongoing pandemic, many companies have turned to preventing infections. Cormedix is working on products that will prevent infections in compromised patients that have renal disease and cancer and SmartSteward is deploying smart systems in nursing homes to identify infectious outbreaks before they become problematic.
6. GENOMICS- This area of medicine is exploding with new entries but an entrepreneurial health system that has put this knowledge into action by creating a division called Imagenetics. At Sanford Health patients access the Sanford Chip to receive personalized healthcare data. Once this information is entered into the electronic record this allows clinicians to make better decisions about their patient's care and choice of specific medications.
7. BEHAVIORAL ECONOMICS- Companies such as Cedar and Wellth learn about a patient’s attributes and financial preferences and help them navigate healthcare payments in an individualized approach. Using the science of behavioral economics they are obtaining amazing results.
8. VIRTUAL CARE- With an exploding field, there are a number of standouts that keep on innovating. Teladoc has been introducing valuable new services like Tele-Primary Care and chronic are management through their recent acquisition of Livongo. Tytocare offers a device with a unique set of peripherals that adds significant value to the virtual visit (in my opinion this is the coolest device anywhere out there). Young companies like Strive MedTech are offering using technology to provide virtual physical therapy and make the physician practice and hospital episode more effective and efficient.
9. DIAGNOSTIC TESTING- Some companies just aren’t satisfied with the status quo. At Orasure they are breaking new ground with rapid diagnostic testing for viruses such as HIV, HCV, and soon for COVID-19. They are also expanding into proteomics and microbiome analyses where new clinical discovery is almost certain. Thrive Detect, is creating a new diagnostic test for early detection of multiple cancers at a much earlier clinical stage than currently being done. TrueGenomix is doing important research and developing new biomarkers to diagnose and monitor treatments for PTSD, a condition that impacts a lot of people including many veterans.
10. INTEROPERABILITY OF HEALTHCARE DATA- With so much patient-specific data being created every day, it still remains too difficult to access healthcare data to coordinate care and improve health outcomes. Innovative companies like Amida and DataVant are changing that, by using new data techniques to unleash the power of this data while maintaining high levels of data security and privacy.
11. ARTIFICIAL INTELLIGENCE- The new buzzword of the year, but a number of companies are on the verge of changing healthcare. IBEX recently demonstrated the ability to use digitally-driven artificial intelligence to read prostate and breast cancer pathology faster and more accurately than the current standard of care. ASAPP is using AI-powered platforms and machine learning to make healthcare more efficient just in time for helping health plans and providers begin to drive costs out of the system. Galileo Health is creating a new AI engine to make better clinical diagnoses in an affordable way to enable access to even those in underserved communities.
12. HOME VISITS- A number of companies have entered this space but there are a few star players. Compassus provides home health and hospice care throughout the country but has partnered with Ascension at home to create a powerhouse partnership that seeks to deliver advanced illness management in the home. Heal and Dispatch Health are learning to master the physician home visit, while companies like Novolog are growing to provide new technology and services to support these models of care delivered in the home.
13. MINATURIZED TECHNOLOGY – When technology gets smaller it can be used in more places and help more people. Hyperfine has introduced Swoop, a relatively inexpensive, portable MRI that can be easily moved and does not have to located in magnetic protected rooms. ISam, has introduced a portable ultrasound machine that delivers long-duration wearable ultrasound to treat painful conditions and speed recovery.
14. SOCIAL DETERMINANTS- Healthcare has finally woken up to the importance of the social and economic conditions on a person’s health and well-being. A patient’s zip code turns out to be one of the most important factors in determining health outcomes. New companies such as Roster Health are working to integrate community health workers into the solution for payers and providers. The Unlonely Project (one of the few non-profits listed here) is introducing unique services to address the critical issue of social isolation.
15. 3D PRINTING- Aprecia Pharmaceutics recently obtained FDA approval to print a medication (Spritam), and UNYQis doing cool stuff by printing prosthetics and orthopedic devices. Problems with our supply chain, recently exposed in the COVID pandemic, may just be solved with 3D printing in the future.
16. REGENERATIVE MEDICINE- Given all that is going on with cellular therapies, it’s hard to keep up. It’s hard to identify just one company, however, I have selected a truly innovative called MiMedx. This company has a proven application of regenerative medicine by using placental-based tissue products that contain multiple extracellular matrix proteins, growth factors, cytokines, and other specialty proteins for patients with severe wounds and delayed healing. I expect great things out of this company.
17. TREATMENT FOR HEADACHES- Headaches impact millions of people and remain a major cause of morbidity. New companies have been approaching the treatment to this condition with innovative approaches. Gammacore, is a small device that can help up to the neck and is able to stimulate the vagal nerve. It provides a non-pharmaceutical approach and is approved for migraine and cluster headaches and even recently received emergency use authorization by the FDA for treatment of patients with known or suspected COVID-19 who are experiencing an exacerbation of asthma-related dyspnea and reduced airflow. Cooltech Medical is working on a promising device that would provide headache relief, and possibly other conditions, through cooling the body temperature.
18. PATIENT AND PROVIDER ENGAGEMENT TOOLS- Patients and providers alike are finding new ways to make the healthcare system work better for them. We’ve seen the patient experience disrupted in this pandemic and as a result healthcare professionals are under greater stress than ever before. Wambi provides very cool tools to hospitals and healthcare organizations to collects unique patient feedback with the result of enhancing staff satisfaction and resiliency. Armada Health, through its QualityCare Connect offering, helps patients find the best provider to match their needs and requirements. Tools like these will provide much-needed solutions in the current and post COVID-19 environment.
19. PHARMACY- The big news of course is that Amazon has finally gotten serious about entering this space. First with Pillpak and now with online medication ordering, it is bound to shake up the industry. My favorite pharmacy company, Apovia, is more old school but is still very innovative by using pharmacists to help underserved populations who get care in federally qualified health centers and improving access and quality through pharmaceutical management.
20. DRUG DEVELOPMENT AND CLINICAL TRIALS- With so many clinical trials disrupted because of COVID and the resulting increased use of telehealth, the time appears right for doing something new. That's why we are expecting a boom in virtual clinical trials and new ways to accelerate drug development with advanced analytics. Saama, has incredible analytics tools for drug development that uses artificial intelligence to shorten the time required to bring a new drug to market and improve performance on studies and across study sites. Companies like ClinicalInk.com will be growing as more trials go virtual.
21. VIRTUAL TOOLS FOR PAIN MANAGEMENT- Chronic pain affects millions of Americans and many do not find relief with current therapies. Applied VR uses virtual reality while SANA uses a device that emits to treat patients in pain.
22. INTEGRATED SYSTEM TOOLS- Getting providers to work better and smarter is the goal of a lot of health systems and technology vendors. SafetyNetConnect, provides e-consult technology to allow primary care physicians to virtually consult with specialists. The result is more efficient and higher quality care by coordinating care and expanding the capabilities of a network within a system.
23. BEHAVIORAL HEALTHCARE- New approaches to addressing behavioral health issues are exploding. FreeSpira offers a drug-free approach to treating panic disorders and PTSD through a virtually administered device that regulates carbon dioxide levels. Kaden Health provides virtual opioid addiction treatment. GetWendi helps patients find behavioral health providers with the right coverage, something that is often confusing. Aviva provides digital tools to engage patients with a variety of mental health issues to impact the growing impact of suicide.
24. TREATING CANCER DIFFERENTLY- There have been great advances in cancer therapies but there is still much work to be done. Curelab Oncology is doing exciting work using plasmid embedded gene therapy to improve the effectiveness of a number of chemotherapies. CancerExpertNow provides a valuable platform to help patients access expert-level cancer care from experts around the country. Vidence Oncology is developing real-world evidence in cancer care and Ora Oncology is developing new value-based models for oncology care delivery.
25. HOSPITAL SAFETY- Hospitals can be dangerous places when adverse events occur. ControlRad reduces radiation exposure to physicians, staff, and patients by using image-enhanced software to reduce radiation exposure by at least 50%.
26. FERTILITY- There are a lot of places out there to help with fertility issues for couples but few are focused on preserving male fertility. GiveLegacy.com is a new company does just that. Having worked with veterans who came back after conflict with injuries that prevented them from having children, this new startup has a special place in my heart.
27. VOICE DIAGNOSTICS- Not quite ready for primetime, these companies like BeyondVerbal.com and SondeHealth are definitely worth watching as they refine their products to diagnose conditions from a person’s voice.
28. ROBOTICS- Robotics will likely change the way we deliver healthcare. It may just take a while longer until we see this occur but look for those repetitive and patient care assistance tasks to be an early target of these companies. I like Diligent Robotics and Softbank Robotics (Pepper is my favorite).
29. EMERGENCY LOCATION SERVICES- Now that everyone is ditching their landlines for mobile phones, 911 services just aren’t able to locate you as easily as you think they can. That’s where the technology company RapidSoS comes in. The company is also connecting data from all of the wearable and digital tools to notify help when it’s needed.
30. COVID-19 TREATMENTS- Last, but certainly not least, are those remarkably innovative companies that we have all been watching bring solutions to market to end the pandemic. Pfizer and Moderna are just two companies that have reported good results with mRNA vaccine technology and Lilly and Regeneron promise to help in the management of patients with their new monoclonal antibody regimens. Many more companies like these will bring their innovations to the market and be part of helping us get this pandemic under control. But these companies get this recognition because in this situation where lives are at risk, speed to market matters.
For more information on this list please contact them at David@ShulkinSolutions.com