evidation health strategy babeonideasblog

How do you know if this new drug will heal you? This tech startup idea, Evidation Health can prove drug efficacy

If there is anything we all crave more than being wealthy is being healthy.

Health is the most lucrative state any human being can attain and we all desire it.

In the instance of any form of disease, we all fight to get it back by taking medications, engaging health programs and products etc.

Of course, the people creating these products know that as long as their products perfect your ill health, you will patronise them again.

So they have to make sure every product or service is as perfect as it gets but how can they know this?

By conducting real life trials on people of course, but the more people they can conduct these trials on, the more accurate their results can become when sampling the various reactions from each of these patient data.

And Evidation helps get more and more people to get these product outcomes to the best possible level for use in the real world.

What is Evidation Health?

Evidation Health enables healthcare companies quantify outcomes in the digital era by connecting patients to healthcare products to ascertain its efficacy. By enrolling patients for research trials faster than conventional methods, Evidation Health can provide a digital health enabled future for all.

Evidation Health is a tech startup idea with the ability to keep the world’s data safe, including yours.

 

Startup: Evidation Health

Founded:  2014

Founders

Luca Foschini, Mikki Nasch, Christine Lemke, Alessio Signorini

 

Founders’ Inspiration

The shared vision between GE Ventures and Stanford Health for a digital health enabled future was the inspiration behind Evidation Health.

 

Headquarters: San Mateo, Carlifornia

 

Vision: To build a digital health enabled future. (imagined by them).

 

Website: http://www.evidation.com

 

The Pitch (The idea in 20 words)

Evidation Health is a digital healthcare platform using real life data from connected patients to quantify healthcare product outcomes.

 

Industry

Health tech, Software, Data Analytics

 

Strategy

  • Evidation Health hosts a technology platform that connects healthcare companies with patients.
  • The startup has heavy hitting backers in General Electric Ventures and Stanford Healthcare that believe in the future of healthcare and patient collaborations to improve patient outcomes.
  • It developed a real life study solution and enrolls participants ten times faster than conventional methods, conducting research through trials.
  • It congregates real life patient data from hundreds of applications and devices to evaluate multiple angles to a singular technique to rate or prove efficacy.
  • The startup works with healthcare system, pharmaceutical companies, digital health solution vendors and payers to measure patient behavior driven outcomes to enable these clients understand and increase their product’s impact.
  • Evidation Health provides software to analyse large datasets on behalf of clients.

 

Revenue Model

Evidation revenue is generated from the following;

·         Healthcare companies pay to understand patient behavior on outcomes and cost of care.

·         Healthcare companies pay for the development evidence base for their solutions.

 

Growth and Market prospects

Evidation Health is experiencing growth through patronage from pharmaceutical companies and digital healthcare providers.

 

Funding

Evidation Health is largely funded by investors;

  • Venture: Undisclosed – August 2012
  • Seed: Undisclosed – June 2013
  • Series A: $6 million – December 2014
  • Series B: $11.6 – June 2016
  • Series B: $3.4 million – October 2016
  • Venture: $10 million – April 2017

Total Funding: $31 million

 

Investors

Evidation Health has successfully raised investment funding from some of the best niche health focused venture capital institutions. Some of these investors include;

  • Sanofi Ventures
  • GE Ventures
  • Rock Health
  • AMV Holding

 

Future Strategy

The future strategy of Evidation Health is to enhance the development of its large scale behavioural analytics, health outcome measurements and digital biomarkers capabilities.

 

Industry Insights

Clinical trials are the gold standard for drug approvals. Does it work or does it not work? What are the side effects and can they be managed? Can this drug be used on a certain group of people and not on others? All these questions are asked to determine safety of drug performance with different age groups. And these questions can only be understood when real people participate in these trials to validate the products outcome. Hence, this data is critical in improving the quality and delivery of healthcare and the best ways to integrate new therapies and technologies into real world clinical practice.

 

Disrupts

Evidation Health disrupts traditional clinical trial setting by using virtualised pragmatic trials at scale to accelerate outcomes.

 

Opportunity for Idea Creators

This is an opportunity for idea creators, albeit a very enormous task. From the initiation to the development of a system like Cockroachdb, it takes much more than just guts to pull this one off.

On the look out to create more value within this industry sector way should be;

  • Developers
  • Healthcare practitioners
  • Data Analysts
  • Medical Professionals
  • Healthcare institutions
  • And any other crazy head who thinks and can, can make things happen

 

Evidation Health is providing accelerated measures to guarantee the safety of healthcare products and services in the real world.

 

What can you make of this idea?

 

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  • Please leave us a comment. I will like to share in your thoughts and have a good conversation with you on this startup idea.

 

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  • Leave your email above. I will take you through my free starter course so you learn how to strategise for start-ups and get paid.

 

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