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Shashank ND

Shashank ND: The person who digitalized Indian Healthcare Industry

Shashank ND is in charge of setting the overall direction and vision for Practo while actively participating in the creation of the company’s ground-breaking products.  He co-founded Practo in 2008 with Abhinav Lal after realizing the urgent need to improve the healthcare sector and link patients with healthcare providers.

Shashank ND
Image Source: openthemagazine.com

Early Life

Shashank ND made a unique decision by pursuing business, coming from a background where the majority of individuals worked in government jobs. At the age of 27, while completing his final year of biotechnology, he founded his first company, Practo Technologies, to offer both patients and physicians straightforward healthcare solutions.

Shashank ND was inspired to start Practo in 2008 after his father was advised to have knee surgery and sought expert advice from a US physician. He didn’t give the doctor access to the medical records, though, because they weren’t computerized at the time. This incident inspired Shashank to take action that could aid in the digitization of medical records.

Success Story

In 2008, Shashank ND, and Abhinav Lal founded Practo. In the beginning, it was providing doctor’s software where medical professionals can simply schedule appointments and access patient health details. A B2B model was being used by Practo where Practo Ray, its initial product, was being used by the doctors to receive push notifications concerning their important tasks.

Through this application, doctors could easily schedule appointment times. The fact that Shashank ND has a background in computer science was advantageous when developing the software. However, since many doctors were rejecting the software, the reception was not as positive.

For the Practo creators, persuasion and product comprehension were difficult tasks. Finally, the software was put to use by physicians. Doctors began to appreciate the Practo founders after they had a better understanding of the software’s benefits.

About Practo

Through its cutting-edge solutions, Practo.com collaborates with medical professionals, practices, and hospitals. To communicate with patients, doctors set up profiles on Practo.com. The business’s online management tool, “Practo Ray,” aids doctors in the transfer and upkeep of their patient’s medical records as well as the management of their invoicing and appointments.

Over two lakh doctors, 10,000 hospitals, and 5,000 diagnostic centers located in 35 cities and four nations make up Practo’s outstanding roster of clients today. The online service has advanced quickly, raising the most money ($124 million) of any healthcare start-up to date.

Practo is so committed to advancing the healthcare industry that prominent entrepreneurs like Russian tycoon Yuri Milner have also made investments in the company. Practo’s revenues in FY 2015, when Shashank made his debut on Fortune India’s 40 Under 40 list, were 29.7 crore rupees.

Practo had over 1,000 doctors on board only for online consultation at the height of Covid. Practo also collaborates closely with about 300 surgeons, and the business plans to quickly increase that number to 1,000. By the end of 2022, the company’s goal is to expand to 75 cities in India. 

The hard effort and vision of Shashank ND are largely responsible for Practo’s success.

The Practo success story is the clearest illustration of how entrepreneurs should study their target market before developing a product. Thanks to Practo, one can now easily find doctors with just a few clicks. The founders of Practo invested a lot of work into developing the technology.

Babylon Health

Babylon Health – Digitizing Healthcare And Offering Online Health Consultation.

Digitization has spread like a virus. There might be a field that is not touched by IT and hasn’t adopted digital means for its working. The healthcare department also has gone a step forward by integrating technologies like Artificial Intelligence into its, and hence, becoming more advanced and reliable. The healthcare industry is also getting into making apps, such that the patients have quick access to their health solutions, in fact, to their doctors. These healthcare apps are good for tracking one’s health, making appointments and also, and connecting to specialists. Babylon Health is known for its digital-first health services based on artificial intelligence and virtual reality. The company is only a decade old and has made a big name in the industry globally.

About the Company

Ali Parsa, a British-Iranian healthcare entrepreneur founded Babylon Health in 2013. The company was founded in the UK, and hence, the headquarters has also been set up in London. Today, Babylon Healthcare has established its offices in countries like Hong Kong, India, Saudi Arabia, the US, Canada, Rwanda, Indonesia, Laos, the Philippines, Singapore, etc. Babylon was founded as a private firm, and today it is trading on New York Stock Exchange as BBLN. The company offers a subscription business model where patients can connect to healthcare specialists through both web and mobile applications by Babylon. The mobile application is for both iOS and Android mobiles. The most popular Babylon products include Babylon 360 and Babylon Cloud Services. As per 2021 records, over 2100 people are working for Babylon Health, and it made revenues worth US$322.9 million in the same financial year.

Babylon Health
Image source: securecdn.pymnts.com

Founding Babylon Health

Ali Parsa founded Babylon Health to bring advancement into the old-fashioned way of healthcare. In fact, he claimed that the launch of Babylon Health is the end of the traditional healthcare system that is used generally. The company provides virtual consultations with doctors and health care specialists through both text and video calls. Babylon endorses its mobile and web application, which is easy to use and accessible from any internet-connected device.

Parsa founded Babylon as Babylon Health Services Ltd in 2013. Today, the company is owned by Babylon Holdings Limited. The service provided by Babylon was one of its kind and hence became popular from the very beginning. In 2014, it partnered with Care Quality Connection of England. The company held a Series A round in 2016 and raised $25 million from investors, including Hoxton Ventures and Kinnevik AB. The next year, Babylon raised $60 million, invested directly to integrate artificial intelligence into its existing platform.

In 2018, WeChat also integrated the artificial intelligence technology by Babylon. The same year, the company had another partnership with Bupa. As per the 2021 records, Babylon saw a 372% rise in its third-quarter revenues compared to the previous year. Today, the company has expanded to countries like the US, Canada, Rwanda, India, Hong Kong, etc. Babylon has a customer base of 20 million people and offers over 5000 consultations every day.

The Founder

Ali Parsa is the founder of Babylon Health. He is a British-Iranian entrepreneur of Persian ethnicity. Parsa was born on 24 January 1965 in Rasht, Imperial State of Iran. He earned a bachelor’s civil and environmental engineering from University College London (UCL). At the university, Parsa also wrote for the student newspaper named Pi. In 1995, he completed a PhD in engineering in physics. While studying, Parsa co-founded his first company named Victoria & Gilan (V&G), and won the Royal Award for the Young Entrepreneur in 1993. He also worked as an investment banker at Credit Suisse First Boston. Apart from that, Parsa has also worked at Merrill Lynch and Goldman Sachs. In 2004 Parsa founded Circle Health.

IQVIA

Dennis Gillings’s – One Of The Largest Clinical Research Company In The World.

IQVIA is an American multinational company based in North Carolina, US. The company’s main services are pharmaceuticals, consulting, health information technology, and clinical research. It is also the world’s largest healthcare data science company and a pioneer in human data science technology. With more than 88,000 employees working across 100 countries, IQVIA is one of the largest companies in the world to conduct contract healthcare research. The company was formerly famous as Quintiles and IMS Health Inc and after their merger in 2016, the name was changed to IQVIA. Currently, IQVIA has a market capitalization of more than $49 billion.

About IQVIA

IQVIA is a market leader when it comes to both clinical research qualities and advanced technologies for data analytics. The history of IQVIA dates back to 1982 when Dennis Gillings established a company to provide biopharmaceutical developments and outsourcing services. Today, after 40 years of its successful business and growth, IQVIA has more than 1 billion patient records that are confidential and the company uses IQVIA human data science cloud for 72 times faster data analytics. IQVIA strives towards building a more accurate and efficient healthcare ecosystem and offering customers accurate results, accelerating outcomes, and creating new opportunities.

IQVIA is a result of the merger between two companies, IMS Health and Quintiles to bring the best out of human science and the healthcare industry. IMS Health was originally part of Cognizant Corporation and it was split into two companies (IMS Health and Nielson Media Research) in 1998. IQVIA has involved itself in a variety of projects in partnership with government as well as non-governmental organizations. It has also received several awards in the last few years including Fortune World’s Most Admired Companies in 2021.

IQVIA
Image source: www.heraldsun.com

History of IMS Health

Before becoming a part of IQVIA, IMS Health was famous for medical claims, electronic medical records, collection of healthcare information, etc. Before the merger, the company’s headquarters were located in Connecticut, US, and Ari Bousbib was the CEO of the company. In 1998, after IMS Health became an independent company, Cognizant Technology Solutions became a public subsidiary of the company. From then to 2015, the company made plenty of acquisitions starting with Cambridge Pharma Consultancy in 2002. In 2003, IMS Health acquired two companies, Marketing Initiatives and Data Niche Associates, and also sold its entire stake in Cognizant becoming two separate entities.

In 2004, it acquired United Research China to enter the Chinese market followed by other companies like PharMetrics (2005), Life Sciences from the Strategic Decisions Group (2006), IHS (2007), MedInitiatives (2007), and Value Medics Research (2007). IMS Health expanded very quickly and in 2007 it ranked in the Businessweek 50 and for two years (2008 and 2010) it became Fortune World’s Most Admired Companies. In 2008 it acquired a Russian company called RMBC and a Canadian company called Skura professional services group. In 2010, IMS Health became a private company as it was taken by TPG Capital, CPP Investment Board, and Leonard Green & Partners. Some of the other companies that IMS Health acquired after it was privatized are Brogan Inc, DecisionView, Boston Biomedical Consultants, etc.

About Quintiles

Founded in 1982, Quintiles is a company of Dennis Gillings and it has established many subsidiaries in international markets as well. Gillings first incorporated Quintiles in North Carolina and then in 1990, he established Quintiles Pacific and Quintiles Ireland. In the upcoming years, he also established the company in Germany and Atlanta. In 1996, the company made two big acquisitions, namely, Innovex and BRI International followed by becoming the world’s largest CRO. In 1998, Quintiles crossed the $1 billion revenue mark and the next year it became a part of the S & P 500 Index. In 2016, when Quintiles merged with IMS Health it was a deal of $9 billion. The name was changed to IQVIA in 2017.

About the Founder

Speaking of IQVIA, Dennis Gillings has a tremendous contribution behind it as the founder of Quintiles. He is an American billionaire and entrepreneur who founded a multinational company and took it public within a few years. He is also the former Chairman of the company.

Palantir Technologies

Palantir Technologies – A Software Company Whose Products Are Used For Counter-Terrorism Analytics.

Based in America, Palantir Technologies is a software company which is specializing in big data analytics. Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp founded the company in 2003. Currently, the headquarters of the company is based in Denver, Colorado, and Alex Karp is the present CEO. Palantir is famous around the world for three main projects, namely, Palantir Gotham, Palantir Metropolis, and Palantir Foundry.

United States Intelligence Community and United States Department of Defense use Palantir Gotham for counter-terrorism analysis. These main three products of Palantir are used by many big clients such as Morgan Stanley, Airbus, Fiat Chrysler, etc. Palantir’s customer base has expanded to healthcare industries and it also works closely with the local and state government.

Early Years of Palantir Technologies

Peter Thiel originally founded the company in 2003 with a single mission to combat terrorism by developing suitable software. After a year, Peter bankrolled a prototype creation and built a team that included a PayPal engineer, two students from Stanford University, and one of his former colleagues from Stanford Law School. Peter made this former colleague (Alex Karp) CEO of the company.

When the company was founded it was headquartered in Palo Alto, California. In the initial days, the company struggled to land investors. Firms like Sequoia Capital and Kleiner Perkins turned them down and demoralized them by saying it was going to be an epic fail. After trying for some time, they received an initial investment of $2 million from In-Q-Tel and then Thiel invested $30 million from his pocket. After receiving the funding, it took three years for Palantir to complete its product. Thiel realized that only artificial intelligence was not enough to build what he was aiming for so he hired analysts who can explore data from multiple sources.

Palantir Technologies
Image source: ctfassets.net

The Success of Palantir Technologies

The company made breakthroughs in 2009 and 2010 when Information Warfare Monitor used the technology of Palantir to uncover the GhostNet and the Shadow Network. Both of them were Chinese espionage that targeted the compromise of several computer networks across 103 countries including Dalai Lama’s office. The Shadow Network hacked into the Indian security system and defense apparatus.

In 2010, Palantir started a joint venture with Thompson Reuters to sell a quantitative analysis tool, QA Studio. The same year, Recovery Accountability and Transparency Board fought fraud by deploying Palantir software. After this success, Biden announced at the White House that further the company’s software will be incorporated in other government agencies including Medicare and Medicaid.

By 2013, several US government agencies used Palantir software for fraud detection and combating terrorism. Initially, the company which struggled to receive funding from private capital firms secured a funding of $196 million in 2013. In December 2014, the company hosted another round of funding from which it raised $450 million from the private funders. The company was gaining a lot of attraction and the number of customers increased rapidly, but Alex Karp decided to not file an IPO. He said that a company like Palantir would become difficult to manage if it goes public. At the end of 2013, the valuation of the company became $9 billion.

Present Days

In the upcoming years, the company gathered more funding and its valuation became $20 billion in 2015. The company also acquired two startups, Kimono Labs and Silk to collect information more efficiently. In 2020, many countries used Palantir technology to track and contain the spread of COVID-19. The company recently developed software called Tiberius that is used for vaccine allocation in the US.

Alex Karp – CEO of Palantir Technologies

Alex Karp is a famous American billionaire whose net worth is $2.1 billion. He went to Haverford College followed by Stanford University, and Goethe University. He studied neoclassical social theory in college. Apart from co-founding Palantir Technologies, Alex is also the co-founder of the money management firm, Caedmon Group.

Thermo Fisher Scientific

Thermo Fisher Scientific – An Approach to Excel the Healthcare Industry Via Technology

The internet and IT technology boom has helped people bring innovation to various industries. Whether it is for defense, corporate, or healthcare, every other field is trying to get their hands-on advanced technologies to make things simpler for the employees of their industry as well as the end-user of their products. Thermo Fisher Scientific is one such company that has been working towards the advancement of the healthcare industry so to ease out things for the health workers and provide better options for its customers.

A Brief Introduction

Thermo Fisher Scientific is an American Laboratory equipment company, which is the result of a merger between Thermo Electron and Fisher Scientific, the former being a leading provider of instruments and analytical services and the latter one of the well-known biotechnology companies of America. The company works in the field of manufacturing scientific instrumentation, reagents, and supplying consumables. Other than that, the company also provides software services to healthcare, life science, and laboratories in academies, etc. The company also ships products to some of the government departments and other industries.

The Founding of Thermo Fisher Scientific

Though the company is a resultant company of a merger and was established in 2006, its history dates back to over a hundred years from now. George N. Hatsopoulos and Peter M Nomikos founded Thermo Electron (one of the merged companies) in 1956. The company started as the supplier of analytical and laboratory equipment. On the other hand, Fisher Scientific was founded by Chester G. Fisher in 1902. The company sold the laboratory equipment, chemicals, supplies as well as provided services in healthcare, scientific research, safety, and education.

After ruling their respective industries, in 2006, Thermo Electron and Fisher Scientific decided to merge and unify their operation. This way, the company became a single company. The merger was a stock-for-stock exchange tax-free partnership between the two companies. After combining their operations, the company had 30,000 employees, and the annual revenue for the two as one company was recorded to be US$9 billion.

Thermo Fisher Scientific
Image Source: thermofisher.com

Currently, Thermo Fisher Scientific is dealing in the products like Analytical/other equipment and instruments, laboratory reagents and consumables, science software, and services for research, discovery, analysis, and manufacturing. Though the companies have combined their operations, Thermo Fisher Scientific manufactures and supplies the products with brand names Thermo Scientific and Fisher Scientific. Other than these two, the company also ships products under the brand names like Chromacol, Nalgene, Cellomics, Pierce Protein Research, and Fermentas. Despite being a major dominant in the American market, Thermo Fisher Scientific has also expanded into Europe and some Asian countries, including China.

Acquisitions by the Company

Thermo Electron and Fisher Scientific already had about 15 companies acquired under their name before the merger. And after the merger, in just fifteen years, Thermo Fisher Scientific made approximately 50 acquisitions. The major acquisitions by Thermo Fisher Scientific include Phadia (2011), autoimmune (2011), Life Technologies Corporation (2013), Advanced Scientifics (2015), Alfa Aesar(2015), Affymetrix (2016), FEI Company (2016), Finesse Solutions, Inc. (2017), Patheon (2017), Brammer Bio (2019), Qiagen (2020), Henogen SA (2021) and PPD, Inc. (2021), etc.

Thermo Fisher Scientific Today

It hasn’t been long since Thermo Fisher Scientific started to work as an individual company. But despite that, it has reached new heights and has made its separate identity other than its parent companies. Today, it is counted among the Fortune 500 companies and has been making annual revenues of more than $20 billion. Today the company is serving worldwide, and over 70000 people are working for it. The company is public and trades on NYSE as TMO. The company headquarters is established in Waltham, Massachusetts, U.S., and has its various offices in different parts of the world.

The CEO at Thermo Fisher Scientific

Marc N. Casper is the CEO and the president at Thermo Fisher Scientific. He has been serving as the CEO of the company since 2009, and other than that, he is a member of the boards of trustees of Brigham & Women’s Hospital, Wesleyan University, as well as the board of U.S. Bancorp.

Casper completed his Bachelor’s degree in Economics from Wesleyan University and an MBA degree from Harvard Business School. In 1997, he became the president at Dade Behring. In the year 2000, he joined Kendro Laboratory Products as the CEO and the president of the company and worked for one year. Casper joined the Life Sciences sector of Thermo Electron in 2001 as the president.

PIVOT Smartflow

How PIVOT Smartflow is Changing the Healthcare Industry by Streamlining Sterile Processes

The recent months have shown people the importance of medical care in all our lives. As a result, the attention on companies focusing on Medtech has also increased exponentially. Around the world, there are a lot of companies that are trying to make things easier for medical professionals. Medical automation had been gaining prominence in recent years due to massive advancements in AI and ML technology. This time around, we will be taking a look at another Medtech company that has been making quite a few ripples in the healthcare space – Pivot Smartflow.

Early Beginnings

Pivot Smartflow, a Mumbai India based company was founded in 2017, by Radhika Bawa and Aditya Bawa. Since then, the company has grown in terms of business and capabilities over the years. The pair has experience working within the healthcare space for over two decades. It was this experience that helped them understand how underprepared hospitals were in moving into the future – especially in the critical area of Sterilisation process management – a process that is at the heart of infection control in hospitals. Hence, the pair made it their life’s mission to ensure that hospitals move ahead with the times and start digitalizing &automating key tasks. Thus, the idea of Pivot Smartflow was conceived. Today Pivot Smartflow provides services to some of the top hospital chains in India.

Radhika Bawa (Managing Partner, Co-Founder), Aditya Bawa (Partner, Co-Founder)
Image Source: pivotsmartflow.com

What is Pivot Smartflow?

Surgical instruments are an integral part of patient care. Hence, monitoring and sterilizing them are vital components of the infection-free healthcare process. However, monitoring, maintaining, cleaning, and ensuring that they are available for surgeries is a time-consuming process for hospitals. But, what if there was a way to ensure that all of this happened seamlessly? Well, that is precisely what Pivot Smartflow does. The application effortlessly streamlines the workflow of surgical instruments. It also helps in eliminating the uncertainties due to misplaced tools and uncleaned instruments. As a result, the Software effectively reduces wastage of time and adds value to patient safety.

Essentially, the tool digitally integrates the Central Sterile Services Department, better known as CSSD to caregiving units. As a result, the program tracks the availability and allocation of instruments to ICUs and Operating Rooms with ease. Such a route management system enables traceability, tracking, and documentation of resource allocation. The Pivot Smartflow system works on a pay-as-you-go model. It leverages Barcodes and RFID to track the instruments, simplify monitoring, and ensure that the right sets are always available for procedures. As a result, hospitals have a much easier time managing patient care, and streamlining their surgical preparatory work.

How does Pivot Smartflow work?

Pivot Smartflow tracks the movement of surgical instruments across the hospital workflow by using RFID readers and barcode scanners. As a result, hospitals gain a birds-eye-view of the entire life cycle of their instruments. Let us now quickly take a look at the workflow process of the Pivot Smartflow system:

  1. Pivot Onboard: We help you digitize your existing inventory so that you can standardize operating procedures and terminology to prevent errors.
  2. Inventory Verification: The team does an audit of your existing inventory to highlight discrepancies and find errors in data collected.
  3. Creation of photo libraries and master lists: Next, the software creates an extensive master list of instruments with photos of each to simplify the allocation process.
  4. Unique ID solutions: Next, comes RFID tagging/laser etching of barcodes on the instruments to enable real-time tracking.
  5. Life-cycle record: By scanning any barcode or scanning an RFID tag, the staff can access the entire life and usage history of the instrument, improving accountability and improved efficiency.
  6. Workflow Digitisation: Finally, the entire workflow is digitized to ensure that human error is minimized and avoided. The system also generated documentation for regulatory compliance regarding sterilization processes followed at the hospital.
  7. Pivot Set-Store: This tool works as a visual store-room providing users with real-time access to their inventory.
  8. Surgical Whiteboard: This helps nurses to keep track of instruments used on a patient.
  9. Sterilization and Repairs Management: Both these modules enable hospitals to manage their product lifecycle perfectly.

Components of the Pivot Smartflow System

  • Web-Based and Mobile Application: The application tracks all your instruments as they make their way across the hospital in real-time.
  • Unique Instrument Identification: The system relies on RFID and Barcoding to track surgical instruments throughout their life cycle.
  • Integrated Workflow Processes: The system enables the seamless flow of information and data across multiple departments efficiently.
  • Task Automation: The software allows professionals to automate mundane tasks, locate instruments, and avoid human error.

What value does Pivot Smartflow add to hospitals?

Since the staff has real-time knowledge regarding their instruments, they can avoid guess-work and chances. The system also helps in measuring the wear and tear faced by instruments, enabling hospitals to extend tool life considerably. It introduces accountability in an otherwise manual process helping hospitals plan inventory better, makes surgeries safer, and improve the efficiency of their caregiving teams.

The software provides professionals with a lot of vital data regarding cycle count, employee productivity, breakages, and incident tracking. As a result, healthcare specialists always get updated reports regarding the instrument’s condition. The system seamlessly integrates itself into existing Hospital Information Systems. As a result, the framework becomes more efficient, accurate, and productive. The flow of data between departments and their accuracy improves exponentially due to Pivot Smartflow.

Why Choose Pivot Smartflow?

Pivot Smartflow offers several advantages to several user groups. Let us now take a quick look at why hospitals, caregivers, and patients support the use of this revolutionary software in healthcare.

  1. CSSD departments have to no longer worry about identifying or tracking their instruments.
  2. All the inventory management happens in real-time, enabling hospitals to stock accordingly. 
  3. The software goes a long way in optimizing the life-cycle of the instruments. 
  4. When used in large hospitals, the tool enables intra-department integration, visibility, and communication.
  5. It significantly reduces the chances of losing or misplacing instruments.
  6. Using the tool sharpens the turnaround time in OTs and ICUs.
  7. Due to the improved efficiency of the medical team, it helps in improving overall patient safety.
  8. It enables the primary caregivers to spend less time looking for sets & instruments and more time focusing on the patient.
  9. Using the tool also helps in preventing and avoiding human errors during instrument hand over.
  10. The hospital management will be able to gain a higher return on investment from their surgical instruments.
  11. It also enables the hospital to manage their resource allocation effectively, leading to less wastage.
  12. Such a data-driven decision-making process ensures complete accountability for all instruments.

As you can see, the future of medicine is here. Hospitals will no longer have to worry about overspending on surgical instruments and running higher incidental costs. The use of smart software, such as Pivot Smartflow will empower hospitals and healthcare professionals in a way that wasn’t possible before. With more and more hospitals looking to modify and adopt new technologies, it is safe to say that the future of this company looks promising and bright. Let us hope that in the years to come, every Indian hospital gains an opportunity to use such cutting-edge technology to provide better care to its patients.