Several med tech start-ups pitched their business plan in pursuit of up to $1 million in investments at the Challenge Cup Global Finals week in Washington, D.C. Sponsored by technology incubator and seed fund 1776, the ongoing competition featured entrepreneurs from Australia, Canada, Colombia, Ireland, Israel, Italy, Japan, Jordan, Morocco, Philippines the United Arab Emirates, the UK and the U.S.
Most, but not all, featured a mobile phone app, and many are attempting to solve healthcare challenges in developing markets.
San Francisco-based MUrgency seeks to make emergency response care accessible in the developing world, where 90% of the population doesn’t have access to the service. More people die from lack of timely care than from tuberculosis, AIDS and malaria combined, said MUrgency director Sweta Mangal, during her pitch.
The company’s cloud-based platform and app links urgent care patients with validated and trained hospitals and first responders. The goal is to grant patients physical access to a doctor in less than 10 minutes following a push of the emergency button.
The technology is being piloted in Punjab, India, where it serves about 20-25 customers per day. Mangal said the MUrgency takes 20% of the revenue from each transaction. She’s the co-founder of Mumbai, India-based Ziqitza Health Care Ltd., one of the largest ambulance companies in the developing world.
Judges wondered whether people would download an app that they aren’t likely to need due to the rarity of emergencies, but Mangal said the product performs other functions as well, such as booking appointments.
Meanwhile, Manila, Philippines-based Horsepower.ph is creating a cross-border telemedicine platform for migrant workers who face linguistic and cultural barriers to care. The company plans on charging a from insurance premiums and pays its doctors about $4 per 15 minute consultation.
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.
Similarly, Bogota, Colombia’s 1DOC3 serves patients via its mobile app and website that enables to doctors to answer users questions for free. Governments fund the company to help them reach their public policy goals and gain access to analytics like users’ age, gender and location.
Another interesting start-up was Casablanca, Morocco’s Hakeeme, maker of wearable devices and an associated algorithm to monitor the health of construction workers in real-time, and predict the occurrence of deadly conditions dehydration and heat stroke. Construction companies in the region are interested in adopting the $12 armbands to monitor their workers.
Interestingly, there were three companies focused on diagnosing breast cancer. Sydney-based BCAL Diagnostics and Casablanca, Morocco’s MAScIR claim to have effective molecular diagnostics for detecting the condition, while Dubai-based Smart Detection Bra is manufacturing a bra that uses thermal scanning to check for the condition. The company seeks to use the device to reduce the need for invasive mammograms among high-risk women who live in conservative cultures.
Alongside MUrgency, Denver’s Prima-Temp was selected to advance to Friday’s final round based on its pitch during Wednesday’s semifinals. The company developed Priya, “a revolutionary wearable sensor that continuously tracks a women’s core body temperature, identifying the subtle changes that occur just before ovulation. And when she’s most fertile, it sends an alert to her smart phone,” CEO Lauren Costantini said during her pitch, garnering laughter. And the woman’s partner gets notified too, she added.
In vitro fertilization can cost $15,000 per session out-of-pocket. To increase the odds of pregnancy, Prima-Temp ingeniously replaced the medication that resides inside a standard intravaginal ring with a continuous temperature sensor. Pilots with Aetna and Kaiser Permanente have been positive, Costantini said.
Judges worried that the concept is perhaps too simple, but Costantini said the company has an issued patent covering three aspects of the device. It has the potential to diagnose diseases too.
Participants in the Challenge Cup Global Final were selected following a winnowing process that included local and regional rounds, which featured thousands of companies who pitched at 45 cities around the world.
Companies with novel technology related to urbanization, finance, education, food, energy, security and transportation are also competing for $175,000 in cash grants and up to $1 million in funding.
Image: Stethoscope and glass globe from BigStock Photo
