Chloe Griffin Portfolio

Tag: VC

  • Innovation in Healthcare: 5-part Series

    Series of short articles published for Bloom Partners in December 2021. Findings are based on interviews with healthtech experts and doctors.

    DAY 1

    1. PATIENT CENTRICITY & PATIENT EMPOWERMENT

    This week, we will explore 5 key challenges facing the healthcare industry.

    In our expert interviews, one overarching theme was apparent – although modern patients are used to a high standard of customer-centricity in their everyday lives, healthcare often relies on outdated, poorly-designed systems which do not prioritise patient centricity.

    Patients may feel disempowered, or complain of being treated like objects to be acted upon, rather than leaders in their own healthcare journey.

    We identified 3 key challenge areas:

     

    • POORLY DESIGNED SYSTEMS: Systems are designed to treat enormous numbers of patient at the most efficient cost. The patient journey, comfort, and ease-of-use is often sidelined.
    • NO PATIENT EMPOWERMENT: Patients often do not have full access to their own health records and are not empowered to lead their own healthcare journey. 80-90% of patient wellbeing is related to everyday life outside of the clinic. (src)
    • PREVENTION IS BETTER THAN CURE: Patients are rarely empowered or facilitated in gaining a holistic view of their health. Simple preventive measures like gene tests or monitoring eating habits could help prevent conditions – better for patients, and the under-pressure system.

    Let’s take a look at some potential approaches which could help.

    • DESIGN THINKING: Empathy and inclusive design are key in designing better, more equal systems. Small examples: larger windows to make hospital rooms more light-filled, healing gardens, social space for patients. SRC

    These are just some strategic changes which could revolutionize healthcare. How would you change healthcare for the better?

    Join us tomorrow for part 2: data mismanagement.

    DAY 2

    LACK OF DATA

    Today, we explore another mammoth challenge in healthcare – data mismanagement!

    A whopping 30% of the world’s data volume is generated by the health care industry (Capital Markets).

    However, lack of data integration and connectivity means information is fragmented and difficult to access. A Forbes article called the lack of data sharing in healthcare “a medical tragedy of underappreciated dimension.”

    Samir Khan, CEO of Lighthouse Innovations believes “data is the glue, the thing to motivate everyone to come together and collaborate”.

    So, what are the key challenges?

    • SILO MENTALITY: Data is not shared between healthcare systems, hospitals, or even departments. HCPs may be unaware of trends or similar problems (and solutions!) developing in other places.
    • EPISODIC VS HOLISTIC DIAGNOSIS: Information walls between specialists means patients with complex systemic conditions fly under the radar. Many diabetes patients are completely unaware that they are at a higher risk of CVD, because diagnostic processes focus on the most pronounced symptoms relevant to that specialist only.
    • LOST OPPORTUNITY FOR INNOVATION: The massive amount of data “walled” in by individual hospitals or governments prevents innovators or clinical trials from identifying and researching solutions which may help patients.

    Let’s take a look at some potential approaches which could help.

    • CENTRAL PATIENT DATA BANKS: These produce replicable, credible data for clinical trials. Techniques such as homomorphic encryption (a cryptosystem that encrypts data with a public key) and differential privacy (a system leveraging information about a group without revealing details about individuals) allow data centralization while ensuring patient privacy.
    • BI & DATA ANALYSIS: Data could help identify issues – for example, a small number of patients account for up to 28% of emergency room visits. Data can help analyse their conditions and create preventive plans which can be shared with similar patients to reduce emergency room visits.
    • DIGITISING PATIENT ONBOARDING: HIPAA compliant digital forms integrate patient paperwork and consent to an EHR, meaning easy access for different doctors or departments who followup with the patient. (HIT)

    These are just some strategic changes which could revolutionize healthcare. How would you change healthcare for the better?

    Join us tomorrow for part 3: misincentives.

    DAY 3

    MISINCENTIVES

    Today, we explore one of the most frustrating aspects of healthcare – HCPs are swamped with bureaucracy and forced to follow misguided practices.

    The large scale of the healthcare system means bureaucracy and misaligned incentives distract time from patient care.

    “We need a system that motivates HCPs to ensure patients become truly healthy”. Dr Oliver Eidel

    So, what are the key challenges?

    • BUREAUCRATIC SWAMP: 60% of HCPs in Germany spend three hours or more per day on bureaucratic tasks (Marburger Bund). 35% spend 4+ hours. SRC
    • TREATMENT FOCUS: Success is measured in numbers of treatments prescribed rather than patient outcome. The fee-for-service payment scheme encourages over prescription or preference for specified treatments – which aren’t necessarily the best for patients.
    • PATIENT OUTCOMES RARELY CONSIDERED: The rare studies on patient outcome focus on “worst cases” such as death rates, rather than patient quality of life. SRC For example – patient cases are considered “successful” once cataract surgery has been performed. While this improves patient’s vision, some patients suffered reduced “short-sighted vision” and felt worse overall. Lack of followup meant they fell off the radar. SRC

    Let’s take a look at some potential approaches which could help.

    • ORGANIZATIONAL AMBIDEXTERITY: As the population ages and strain on the healthcare systems increases, digitising bureaucratic processes and freeing up HCP time becomes an imperative.
    • OUTCOME-BASED PAYMENT MODELS (OBPMs): This could encourage HCPs to focus on more personalised treatment plans and incorporate newer, “beyond the pill” solutions if desired.
    • CAPITATION-BASED REIMBURSEMENT: Linking payment with quality of patient health care will encourage HCPs to consider long-term effects on the patient rather than resorting to legacy behaviour “quick fixes” preferred by the system.

    These are just some strategic changes which could revolutionize healthcare. How would you change healthcare for the better?

    Join us tomorrow for part 4: underleveraged technology.

    DAY 4

    TECH IS UNDERLEVERAGED

    Today, we explore a highly interesting challenge for those of us in digital – the lack of tech solutions in healthcare!

    Some HCPs are reluctant to accept digital solutions. The difference is particularly striking between older more conservative HCPS and their younger, tech savvy colleagues.

    Different practices among HCPs means fragmented experiences for patients, and lost potential.

    Dr. Moritz Behm; strategy and digital transformation expert, distinguishes between “doctors that accept digital solutions as complimentary in increasing treatment quality” and “the doctors who believe they know best, and reject solutions that are brought by from “nonmedical laypeople”.

    So, what are the key challenges?

    • HCP RELUCTANCE: Some HCPs may see technology as management interference in their work. However, patients are generally enthusiastic about technology and associate it with more control over their treatment. (Center for Connected Health Care UG) src
    • DIFFICULT TO INTEGRATE: Some EHR systems date back to the 1960s and are ill-equipped to process modern data. Any new apps or software must easily connect with the provider’s EHR platform – some of these date from the 1960s! This integration would require massive effort from providers.
    • SYSTEMS RELIANT ON OLD-FASHIONED TECH: Doctors preferring outdated technology: Doctors receive more money for sending a fax than for sending an electronic discharge letter. This had held back digital transformation. src

    Let’s take a look at some potential approaches which could help.

    • LEARN FROM AGILE MENTALITY: A US-based healthcare provider successfully introduced a 15-minute huddle system to quickly transfer and escalate important knowledge. SRC
    • EMBRACE NEW TECHNOLOGIES: Advanced diagnostics and robot-assisted surgery are just some of the possibilities. Scientists at Weill Cornell Medicine and New York-Presbyterian developed an AI-powered computer program that examined more than 13,000 pathology images of various cancers and distinguished each type of cancer with 100% accuracy.
    • GO BEYOND THE PILL: More digital solutions such as healthcare apps or Virtual Reality treatments could revolutionise care. German health insurance providers will soon begin reimbursing prescriptions for some apps! src

    These are just some strategic changes which could revolutionize healthcare. How would you change healthcare for the better?

    Join us tomorrow for part 2: entry barriers to innovation.

    DAY 5

    EXTERNAL BARRIERS

    We have already explored 4 challenges within the healthcare system. What about external entry barriers for innovators outside the system?

    Healthcare is one of the most stringently controlled industries – and for good reason! However, tightly-organised systems and numerous roadblocks often stifle innovation.

    “innovating here is not inviting. There are too many legal walls. Big business, expert VCs avoid healthtech, and those who work with smaller start-ups can sometimes lack a cultivated understanding of healthcare processes.” Nadeem Sarwar, CEO of UK-based online pharmacy Phlo

    So, what are the key challenges?

    • HIGH RISK: Healthtech is a risky venture with high initial costs! Health IT failure-rate estimates range from 40%-70%, and it is difficult to attract qualified, specialist talent.
    • INVESTOR PATTERNS: Investors stick to predictable patterns and invest in familiar initiatives. FemTech, or digital women’s health, receives only 3% of all Healthtech funding!
    • DISTRIBUTORS: In Germany specifically – getting a new solution approved for “reimbursement” from health insurance companies may prove challenging.

    Let’s take a look at some potential approaches which could help.

    • LEARN FROM OTHERS: Healthtech startups should welcome advisory boards and outside experts on topics such as UX and business models to replicate success.
    • DIVERSE INVESTORS: VCs must make diversity a hiring priority. More women, ethnic minorities, and thus with non-VC backgrounds better represent the target market and will lean toward new initiatives.
    • GOVERNMENT SUPPORT: Germany’s new Digital Health Act will allow insurance companies to reimburse apps prescribed for treatment. Increased public awareness will motivate governments to embrace healthtech.

  • 5 Inspiring DiGa-Approved Startups

    Published for Bloom Partners in January 2021.

    Some fantastic news to start the year! Bloom would like to congratulate our friends at Cara Care on their recent achievement – starting January 3 2022, Cara Care is an approved DiGa (Digital Health Application), meaning doctors will be able to prescribe it as a digital therapy for chronic gastrointestinal issues like IBS, IBD, GERD, and dyspepsia.

    This approval does wonders for the product’s accessibility – Cara Care will now be free of charge for the 70+ Million statutorily insured people in Germany!

    👏 👏 A massive well done to the hardworking team who made this happen!

    At Bloom, we believe digital health is the future of health. It empowers patients to take control of their own journey, and is often the gateway to an immensely improved quality of life. Better still, fully-online solutions make top-notch information and support available from anywhere. This truly exemplifies our motto – “improving everyday lives with technology”.

    There are no shortage of beyond-the-pill solutions tackling patient pain points in crucial areas. Here are just 5 more inspiring DiGa-approved startups to watch in 2022:

    CANKADO ePRO’s app supports breast cancer patients’ recovery process. 100s of checklists and surveys help monitor symptoms and identify any issues which need to be accelerated to a medical professional.

    Emperra GmbH E-Health Technologies ESYSTA helps diabetic patients optimise their self-management. The app automatically imports important data from blood glucose meters and insulin pens, providing a clear overview for the patients and HCPs.

    Rehappy GmbH guides patients as they relearn new skills after a stroke. The app offers personal goal checklists, as well as motivation and encouragement to practise exercise.

    M-sense Migräne by Newsenselab seeks to reduce the intensity, duration, and frequency of migraine attacks. The app documents trigger factors and even offers non-drug therapy measures to ease headaches.

    HelloBetter’s 10 online courses teach patients to manage conditions from chronic pain to anxiety, depression and addiction. The preventive and proactive courses can be followed at home, avoided supply bottlenecks.

    mementor GmbH‘s SOMNIO is a fully automated training for insomniacs. The app uses cognitive behavioural therapy to instil good sleep practices and reduce anxiety.

    Needless to say, 2022 will be an exciting year for Digital Health. We are proud to continue working with our partners to grow and optimise products in this all-important space.

    What digital health initiatives are on your radar coming in to 2022? 

    Please share in the comments.

  • Gamification in Digital Health: 3 Startups Improving Patient Care

    Published for Bloom Partners in January 2021.

    We all know that gaming isn’t just for kids anymore – but how could gamification help empower patients’ recovery?

    Games account for 43% of all smartphone use, and the number of active mobile gamers worldwide is over 2.2 billion. (TechJury) The prospect of levelling up, unlocking rewards and competing with others are just some of the techniques mobile game apps have used to keep players coming back…

    When applied to patient care, these techniques could be a literal game changer.

    Let’s take a look at 3 tech start-ups using gamification to improve patient’s everyday lives –

    GAMIFYING PREVENTION

    Sidekick Health (with offices in Germany, Iceland & Sweden) gamifies and rewards positive lifestyle changes, with the goal of preventing or easing lifestyle-related illnesses. The social health “game” platform leverages AI to develop personalised action plans, and empowers users to manage their medication, sleep, nutrition and exercise. Relevant content and tips are served up to keep users coming back. Sidekick Health raised €17 million in Series A funding in 2020.

    GAMIFYING RECOVERY

    Switzerland-based MindMaze‘s Mindmotion develops medical grade VR games to help neurological patients relearn lost skills, while stimulating neural recovery. Motion analytics, AI, VR, and cloud technologies combine to create games which promote the same movements a patient would typically practice with a physiotherapist. Patients are empowered to customise the system to their own needs, and practice in the comfort of home. In October 2021, MindMaze secured €125 million to expand its digital neurotherapeutics platforms.

    GAMIFYING MONITORING

    French startup Tilak Healthcare‘s mobile medical games help healthcare professionals monitor and support patients with chronic eye diseases, from the comfort of their homes. Addictive games keep players motivated by rewarding them points for taking vision tests, which then unlock addictive new worlds and puzzles. Gameplay generates data which can identify worsening or new symptoms – and the app even alerts patients when it believes a doctor’s visit is necessary. The start-up has raised a total of €12m in funding since its launch in 2016, and successfully launched a joint promotion with Novartis France in 2019.

    Bonus: In an a win for accessible design, the app’s fonts and instruction speed have been adjusted to suit patients with low vision, and the map and main layout have been designed for ease of use.

    This trend is a prime example of digital improving everyday lives. Not only does gamification make the patient an active participant in their own recovery, it rewards positive behaviours which stave off other problems down the road.

    We commend the start-ups driving this trend forward!

    How else can digital make patient’s recovery that little bit easier?

    Share your thoughts in the comments!

  • 3 Foodtech Investment Trends Changing the Future of Food

    Written for Bloom Partners in February 2022. This article was picked up by Climate Hack Weekly’s newsletter.

    Arman Atatürk’s recent article on what 25 leading Food Tech investors are most excited to develop in 2022 is a must-read for anyone in the food innovation space! The record-breaking funding rounds and explosion of new players on the market in 2021 has set the tone for 2022 — and here at Bloom Partners, we are immensely looking forward to what will no doubt be a capstone year for Food Tech.

    Today, we dip into just 3 investment areas we are especially optimistic about, and explain the exciting potential for corporates and consumers — in not-too-technical terms.

    PRECISION FERMENTATION

    WHAT IS IT?

    Fermentation is the process whereby microorganisms break down organic compounds (like sugars) to create useful components — the most well-known example is beer fermentation, where beermakers convert sugar into alcohol. The proteins can be harvested to create ingredients such as enzymes, flavouring agents, vitamins, natural pigments and fats.

    While beer has traditionally been fermented in a liquid environment, innovation in solid state fermentation (where the process is performed on a solid substrate with low liquid content) has proven to produce foods with higher yields, and lower production costs, saving on water and energy.

    Microbes have been called “the third pillar” in alternative protein, and the global market for fermented alternatives is expected to reach a value of $422.26 million by 2026!

    POTENTIAL FOR CORPORATES:

    1. Wider range of possibilities for meat alternatives:

    Consumers are moving away from traditional meat, and precision fermentation may help corporates to accelerate this “protein transition”. PF creates ingredients with over 50% protein content by dry weight, and presents exciting new opportunities to experiment with new, healthy, animal-free proteins.

    2. Less intensive:

    Industrial-scale brewing is far less resource and labour intensive than traditional farming. For corporates, this means drastically reduced costs, as well as a lower carbon footprint. According to Rethinkx’s Food & Agriculture Report, PF alternatives will be up to 100 times more land efficient, 10–25 times more feedstock efficient, 20 times more time efficient, and 10 times more water efficient than traditional animal proteins.

    3. Safer food, for more people:

    PF removes the need for antibiotics, hormones and other negative by-products associated with animal farming. The COVID-19 pandemic has raised concerns about zoonotic diseases and the risks of factory farming — which is far less efficient than PF. The large scale of PF production makes the products more affordable for a wider consumer base — securing sustainable food for future generations.

    LEADING THE WAY:

    In Berlin, Formo is using microorganisms to produce “realistic”, cow-free cheese proteins — and raised €42 million in its September 2021 funding round. Formo tackles a long-established pain point for vegan consumers: cheese. The taste, meltability and stretchability of cheese have proved challenging to replicate with plant-based alternatives — but Precision Fermentation launches new possibilities for this segment.

    Source: Formo

    Other players are milking this technology in new ways. After a successful pre-seed round led by CPT Capital and FoodSparks by PeakBridge in 2020, Israeli precision fermentation startup Imagindairy secured $13 million it its November 2021 seed round. The startup relies on a systems and synthetic biology platform, and a production method which can be integrated into existing dairy processing facilities — drastically shortening time to market and generating yields high enough to meet broader commercial demand.

    2. SIDE STREAM VALORISATION

    WHAT IS IT?

    Side stream valorisation is a circular value chain practice whereby firms look at their product lifecycle, and discover innovative new ways to reuse waste (“sidestreams”) in ways which derive new value for the firm and consumers. This may mean reusing or making new food, pharmaceutical or animal feed products from the byproducts which would have otherwise gone to waste.

    POTENTIAL FOR CORPORATES:

    1. Replace waste with new value.

    Disposing of organic waste on a large scale becomes expensive — but SSV repurposes the waste, cutting out disposal costs and instead adding a new revenue stream. A highly successful example of this is Nescafe’s Nativ Cascara, a carbonated soft drinks made from the “coffee berry” fruit which surrounds the coffee bean, and would have otherwise been thrown away.

    2. Reduce demand for non-renewable raw materials.

    Alarm bells are ringing as raw materials become more scarce. SSV captures as much value as possible by reusing “waste” resources at least once more, whether it as packaging, an ingredient, or an entirely new product. While reducing demand for new materials is a positive, it’s also important to ensure that the upcycling process is less energy-intensive than creating new materials.

    3. Sustainability credentials.

    Reusing resources is better for the environment, and will no doubt be a value add for the growing numbers of consumers concerned about their waste’s impact on the environment. According to FMCG Gurus’ 2022 trend survey, 61% of global consumers find upcycled products appealing. Sustainability should become an integral part of the brand’s identity and inspire self-expressionist consumers to consider the new product.

    LEADING THE WAY:

    Dutch startup Greencovery helps food manufacturers recover valuable products from their side-streams by identifying potentially useful compounds and designing the necessary industrial process to capture new value. An example may be extracting nutrients or ingredients from food waste.

    Source: Greencovery

    An example of SSV in practise is Brazilian startup Growpack. This startup uses corn husk (a material which is often disposed of) to produce new, fully-compostable packaging, all while using 80% less water and generating 50% less carbon emissions than traditional cardboard.

    3. MOLECULAR FARMING

    WHAT IS IT?

    Molecular farming (also known as “pharming” or GMOs) is a form of genetic engineering whereby genes which create useful pharmaceuticals are inserted into host plants that do not already have those genes, usually by “agrobacteria” (microorganisms). The proteins are harvested from the leaves and tissues of the bloomed plant, creating proteins for use in vaccines, medications, cosmetics, and most recently, food.

    In 2000, the cost of creating a kilogram of a molecule was a staggering €903k — but scientific developments have reduced this to less than €100 today. Industry hopefuls aspire to make molecular farming cost competitive with animal protein in the 2030s.

    POTENTIAL FOR CORPORATES:

    1. New business models & products:

    PBF has exploded in popularity in recent years, and Pharming will increase the range and quality of meat-free products available for consumers. An example is University of Lleida’s “Carolight”, a transgenic maize enriched with essential nutrients, and designed to make dense, high-quality nutrition more widely available in low-income markets. A “Food-as-a-Software” model, where scientists engineer foods at a molecular level to share on databases, could present thrilling opportunities for new innovation.

    2. Reduced costs:

    Large scale Pharming will reduce the cost of these products for consumers. At present, certain proteins in nature are too difficult or expensive to extract from natural macro-organisms. However, with Pharming, proteins are easily accessible, scalable, and modifiable. The removal of costly bioreactors, and the possibility of vertically farming plants, further reduces the costs for corporates. Plants can be cultivated on an agricultural scale to yield 100–1000 kg of the pure protein annually.

    3. Health & Safety:

    Unlike bioreactors, molecular farming does not need to invest time and money in maintaining sterile conditions, as plants have natural immune systems. Other advantages include easier storage and transportation. An example: plant-derived vaccines can be stored by harvesting and freeze-drying the leaves, meaning they are more heat stable and thus more convenient to transport across long distances.

    LEADING THE WAY:

    German biotech startup Phytowelt works with clients to develop new plants or bacteria and create desired ingredients. This may involve crossbreeding plants, or even editing genomes. The startup has even patented a specially developed process for creating a new natural raspberry flavour ingredient: (R)-alpha-ionone.

    Source: Phytowelt

    Early in 2022, Israeli startup Remilk raised $120m to further develop its cow-free milk proteins. Remilk recreates the milk proteins by taking the genes that encode them and inserting these into a single-cell microbe. Lastly, they are dried into a powder which can be used for other dairy products.

    It’s an exciting time for the Foodtech space.

    Not only does Foodtech present exciting opportunities for corporates, investors and consumers, it also enables us to secure a safer, more sustainable food future. The applications for technology in nutrition are infinite, and these 3 topics are just some of the groundbreaking trends in the space. We look forward to further working with clients in this crucial market space in 2022 and shape the future of food, together.

    For more insights on food technology, make sure to follow Bloom Partners on LinkedIn.