This is a huge hurdle to overcome, for example bringing a new chemotherapy drug to the market requires large randomized clinical trials and often totals upwards of 1 billion US dollars in costs.
Reciprocity in ActionĪ central element that big pharma companies like Bayer bring to the table is this: knowledge and resources for medically scientific regulatory approval. The primary advantage to this new kind of partnership model is that it synthesizes expertise between the health, tech, and in our case, neuroscience industries, to fill the huge knowledge void in the emerging digital health sector. I recently attended the signing day celebrations at Bayer’s headquarters in Berlin to present NeuroTracker’s role to 450 executives from across the health industry. Our neurotechnology will be applied with scientific rigor to help improve outcomes for cancer patients around the globe. NeuroTracker was proud to be among the winners, being the only finalist for oncology. Growing in strength over the last several years, this year’s partnership competition attracted an impressive 800+ companies, with 6 new companies being offered to sign partnership deals.
This goes from funding accelerator programs for up and coming start-ups, through to collaborations with advanced stage companies with options to invest and purchase equity. With a global team of intra and entrepreneurs they are enabling positive disruption in the digital health and care industry through partnerships with rising health-tech companies. The Bayer G4A program is a great example of this. Partnerships between traditional health and digital health companies may not sound that ground-breaking, but in fact they can create tremendous commercial synergy. So, the pressure is on from a wave of competition in this historically entrenched industry. Consumer tech giants the likes of Google, Apple, and Amazon are all investing heavily into AI focused health services as a core part of their business. The strategy is to seek partnerships with emerging health-tech companies, and for good reason too. Secondly, major players in the traditional health sector are adopting a fresh innovative approach to expanding their healthcare services. It is their combined expertise and collaboration which is laying the groundwork and quickly paving the way for this new industry. The DTA is a coalition of 30+ corporate leaders in digital health, which NeuroTracker became a member of in 2018. This is set to change due to two key reasons.įirstly, the Digital Therapeutics Alliance (DTA) is now making great strides to build out the regulatory framework and standards of efficacy for the digital industry. As covered in a recent article, when it comes to harnessing digital solutions coming out of the tech industry, the health industry has long been stymied with regulatory challenges, inertia, and knowledge gaps.
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