Matter, a Chicago-based healthcare technology incubator and innovation hub, has joined forces with Three Lakes Partners in a $1 million innovation challenge to crowdsource ideas to improve the quality of life for idiopathic pulmonary fibrosis patients and their caregivers, according to a press release.
The IPF Catalyst Challenge is also intended to bring greater awareness to this disease, noted Steven Collens, Matter CEO. The competition was launched as part of a two-day IPF symposium convened at Matter. The challenge also marks a milestone for the incubator as the largest healthcare prize it has offered to date.
The incurable lung disease attacks lung tissue, scarring and stiffening it. This hinders the lungs’ ability to transport oxygen into the bloodstream, making it tough to breathe. People with the condition succumb to the disease within 5 years of the diagnosis. Approximately 125,000 people live with the condition in the U.S., and about 40,000 die each year from the disease.
So what kinds of submissions do the organizers hope the competition will generate?
- Smarter solutions for oxygen therapy;
- Patient and caregiver management apps and tools;
- Patient education;
- Devices and diagnostics; and
- Ways to find a cure for IPF.
The competition is looking for submissions from entrepreneurs and innovators spanning technology, healthcare, and scientific research communities
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Design consultancy IDEO and Common Pool, which specializes in crowdsourcing ideas for challenging problems, are also supporting the IPF Catalyst Challenge.
“Our mission is on behalf of patients and caregivers: to increase visibility of this disease and to attack IPF from all sides — diagnosis, treatment, and patient quality of life — all by engaging the most innovative, aggressive, and experienced partners in our collective fight,” said Ken Bahk, Three Lakes Partners managing director in the statement.
Photo: lvcandy, Getty Images
