AI, HEALTH APPS, LABORATORY MEDICINE OR ROBOTICS: START-UPS ARE MAKING A BIG IMPRESSION IN THE HEALTHCARE SECTOR AND AT MEDICA 2023

Many highlights with and for the start-up scene are on the agenda

   For years, the internationally leading medical trade fair MEDICA in Düsseldorf, Germany, has also been the global leading event for start-ups seeking to enter the health sector. Among the more than 5,000 exhibiting companies at MEDICA 2023 and the concurrently held suppliers’ trade fair COMPAMED 2023 (November 13 – 16, 2023), there will again be several hundred young developer teams seeking business contacts for cooperation concerning funding, production, product approval, marketing or sales of their product ideas.

 

   Many program highlights will specifically focus on the start-up scene and offer start-ups an ideal platform to present their innovative solutions and to do business with the international healthcare community.  Examples include the 12th MEDICA Start-up Competition, the 15th Healthcare Innovation World Cup, the MEDICA START-UP PARK and around 100 other start-up participations in the MEDICA CONNECTED HEALTHCARE FORUM program.

 

   For both the 12th MEDICA Start-up Competition and the 15th Healthcare Innovation World Cup, the registration process has already started. Interested start-ups can find information about the rules and options for participation in the competition on the program page of the MEDICA CONNECTED HEALTHCARE FORUM (https://www.medica.de/mchf2).

 

   At the MEDICA Start-up COMPETITION, the focus will be on the entire spectrum of innovations for the healthcare sector: from artificial intelligence (AI)  and health apps to solutions for laboratory diagnostics and medical robotics. New this year will be the "Sustainability" category.

 

Previous year’s winning team continues to profit from global visibility

    The Spanish start-up Idoven was the winning team in the 2022 competition and has profited immensely from participating in the event. The young company says it has developed a "cardiology-as-a-service" platform based on AI”. This proprietary AI uses electrocardiographs (ECG) of any length and by any diagnostic tool to improve the accuracy and consistency of the interpretation.  Rika Christanto, COO of Idoven, says she is delighted with the impact of the MEDICA participation and the competition final on stage at the MEDICA CONNECTED HEALTHCARE FORUM: “I was very surprised how global this trade show is”. The MEDICA Start-up COMPETITION gave her start-up very high global visibility and she also wants to gain a foothold in the German market.

 

   According to Rika Christanto, it was also helpful to share experiences with other start-ups during MEDICA, for example concerning how to overcome legal obstacles for entering the market. Currently, Idoven is strengthening the partnerships that have emerged since MEDICA 2022, for example with the company GE Healthcare, for example with the company GE Healthcare regarding a project to reduce the interpretation effort of ECG examinations in hospitals. “We also signed an agreement with AstraZeneca regarding a cardiac insufficiency project”, says Rika Christanto. The primary aim is to prevent hospitalization of patients with heart failure. Together with the pharmaceutical company, the start-up is therefore working on solutions to improve individual therapies. With its analysis platform, Idoven uses early data from patient histories to assess the effectiveness of planned treatments and the need for changes.

    In order to continue this growth course, Idoven is looking for further partnerships, working intensively on the performance of its own AI tools and also evaluating the usefulness of its solutions in clinical use.  One figure documents the importance of global visibility for start-ups and thus, for example, participation in internationally successful trade fair events such as MEDICA: Idoven has already succeeded in acquiring financing in the amount of almost $ 20 million for the realization of upcoming projects and further development.

 

Healthcare Innovation World Cup: the next generation of intelligent medtech devices

    Start-ups, scale-ups and smaller mid-sized companies might also be interested in participating (and applying for free) in the 15th `Healthcare Innovation World Cup'. The focus here is on intelligent “Internet of Medical Things” (IoMT) solutions, e.g., digital biomarkers, smart band-aids or wearables with network connectivity. The 12 finalists, selected by a renowned jury of experts, will be invited to present themselves during MEDICA 2023 on the program stage of the MEDICA CONNECTED HEALTHCARE FORUM (in Hall 12). Last year’s winner was ViewMind Inc., a company specializing in the management of neurodegenerative diseases like multiple sclerosis and Alzheimer’s. Mark Edwards, CEO and co-founder of ViewMind Inc., said that while the effects of winning cannot be quantified, “I can say that winning was very helpful to make the company and its products known”. This start-up also completed another round of financing, which was facilitated by their success at MEDICA. Already CE-marked and on the market, the ViewMind product has been validated in about 30 clinical trials on four continents. FDA approval is in progress.

 

   ViewMind is primarily aimed at the pharmaceutical industry but also the healthcare sector in general, said Mark Edwards: “We are working on clinical trials with several pharmaceutical companies in order to give them a tool with which to find suitable participants, set up cohorts precisely and measure the effects of therapy with corresponding sensitivity.” The start-up sees itself as a pioneer for the development of precision drugs.

 

   Edwards has been to MEDICA in Düsseldorf many times. From his point of view, the size of the event is an advantage. He has already met with many contacts from the sales sector here in order to assess possible sales partnerships. ViewMind is keeping its sights firmly on its goal as Mark Edwards explained: “We want to establish a sensitive marker for neurocognitive diseases and cognition which is as easy to operate and as useful as a device for measuring blood pressure or blood sugar.”

 

Meeting point at MEDICA START-UP PARK

 

   Networking will also be a priority at the MEDICA START-UP PARK (in Hall 12), which has established itself as the central meeting point for the start-up scene. About 40 start-ups have already registered at a very early stage for this year – a new record.

 

   The start-up initiative "Up To Future" from Ukraine will be there for a second time. In 2022, registration could only take place shortly before the trade fair. Among the Ukrainian start-ups promoted by the initiative was HandyUsound with its product idea for a portable ultrasound system. The product was so well received by the trade fair audience that the founding team wants to use the opportunity again this year to make further business contacts. Megnosis from Korea will also participate in the MEDICA START-UP PARK this year. The company has developed EEG helmets which are intended to detect dementia at an early stage and alleviate the effects by stimulating brain and nerve cells.

 

   Germany will also be represented at the joint stand. One example is AssistMe. At MEDICA 2023, they will present a smart sensor system for use in underwear for incontinence. The system serves as a kind of indicator for liquids. Via a clip connected to the incontinence aid, data retrieved is transmitted to a software cloud system. This way, nursing staff in an institutional setting can provide residents with more appropriate care because it can be determined at one glance at a central location, when and for whom a change of incontinence aid is necessary.

 

For information about  MEDICA 2023: www.medica-tradefair.com/

 

Direct link to the MEDICA CONNECTED HEALTHCARE FORUM: https://www.medica-tradefair.com/mchf2.

 

Direct link to the MEDICA START-UP PARK: https://www.medica-tradefair.com/msup2.

 

Author: Dr Lutz Retzlaff, freelance medical journalist (Neuss, Germany)

 

 

   For further information on visiting or exhibiting at MEDICA 2023, contact Messe Düsseldorf North America; Telephone: (312) 781-5180; E-mail: info@mdna.com; Visit www.medica-tradefair.com  and www.mdna.com; Follow us on twitter at http://twitter.com/mdnachicago