Every business venture, regardless of economic climate, market conditions, products, personnel and capitalization, has risks. Assessing those risks is the first step to later start taking measures to reduce them.
Victor McCray has plenty of experience managing risks and he shared it with Design Health Barcelona fellows at a recent videoconference.
Victor is a prominent figure in medtech, both a physician and an entrepreneur. As CEO and Co-Founder of Ocular Dynamics, a Silicon Valley based company developing a polymer contact lens coating for patients with dry eye disease, McCray knows what he is talking about, and fellows took full advantage of their time with him, covering a wide range of topics. If you keep reading here you will also learn Victor’s secret to manage entrepreneurial risk.
Biodesign is a hothouse for medical devices. Since the methodology was founded at Stanford University back in 2001, several companies that bear the fingerprints of Biodesign fellows have entered healthcare market.
One of the latest is San Francisco-based iRhythm Technologies. It traces its founding to the Biodesign class of 2006. This company, cerated by fellow Uday Kumar, has developed the ZIO patch, a wireless adhesive heart monitor patch to help diagnose irregular heartbeats, known as arrhythmias. It has already treated over 10000 patients.
Recently, a study from the Scripps Translational Science Institute, published in the American Journal of Medicine, has shown that iRhythm’s ZIO patch detects more arrhythmia events than a traditional Holter monitor and provides a better experience for patients.
Biodesign students, like our fellows, don´t accomplish success after listening to a bunch of lectures from talkers. The secret sauce of the program is the community: the venture capitalists, the clinicians, the entrepreneurs… who come in to offer their specific expertise to help the fellows navigate the risky path of commercialization of new medical devices.