MedTech + Mindset Newsletter #032

newsletter Jan 16, 2023

Welcome to the MedTech + Mindset Newsletter!

I've been thinking about the JPM Healthcare conference, what I learned, and my experience there.

 

1. The things JP Morgan Healthcare conference attendees aren't talking about.

Insight from Matt Tucker

If you've been in healthcare products long enough, and if you're in small, early-stage companies looking to get funded then you know of the JP Morgan Healthcare Conference in San Francisco each January.

Most LinkedIn posts say pretty much the same things...

  • Digital health is growing 
  • Telemedicine is becoming more popular
  • Gene editing is on the horizon
  • Personalized medicine and AI are finally picking up steam
  • COVID exposed gaps in care and health inequity

Everybody knows this...

What is it that no one is talking about?

These are my key learnings coming out of the conference.

  1. There's a big contraction in investment dollars available for grabs in both tech and healthcare at the same time, which hasn't happened in a generation.
  2. Lead investors aren't leading new investment rounds for new companies.  They are going in on their current portfolio to help those they are confident in extend the runway for those they believe 'can make it.'
  3. VC's encourage you to raise big and dump huge amounts into your business to pump it large as fast as possible, which favors their returns.  It doesn't favor the founder who has to exchange all their equity to get all of that investment.  When they hear you are managing to sustainable growth and profitability...you are going a route that doesn't favor them and there is a conflict between what is right for a founding team and company, and even customers...and what is best for the VC.
  4. The hotel prices have become ridiculous and are boxing out smaller companies from attending.  I was forced to decide between staying far outside the city and missing meeting opportunities or staying inside the city and burning 100k in points (in lieu of 2 nights at $1400 each) to be near the action.  These economics are hurting dialog, investment opportunities, and therefore, innovation.
  5. The flashy receptions with lines to get in are nearly worthless:  they're attended by junior analysts and fringe SAAS companies looking for new customers. The smaller, intimate receptions are valuable and you can meet tenured professionals who know what's up.

Is the conference worth it?  

There were definitely some good meetings, and it's valuable to be able to meet face to face and build relationships...

But at this point, I'm beginning to lean no.  The costs have become out of control if you're early stage, the time it takes for an east coaster to get to SF burns too many hours, and I think I could target other, more intimate meetings and get 90% of the value.

Drop me a line and tell me what you think! 

 

2.  If clinicians are dismissing your study data, here's what you have to do!

Insight from Matt Tucker 

There are several reasons why clinicians may be skeptical about clinical studies, and MedTech companies can take several steps to overcome this skepticism.

One reason clinicians may be skeptical of clinical studies is that they may have biases or limitations that can affect their results.

To address this concern, MedTech companies can conduct clinical studies that are well-designed and have appropriate controls in place to minimize the potential for bias.

They can also be transparent about the limitations of their studies and carefully report their findings, including any negative or inconclusive results.

Another reason clinicians may be skeptical of clinical studies is that they may be funded by pharmaceutical or medical device companies, which can raise concerns about potential conflicts of interest.

To address this concern, MedTech companies can disclose any funding sources for their studies and ensure that the design, conduct, and reporting of their studies are independent and unbiased.

MedTech companies can also work to build trust and credibility with clinicians by collaborating with respected researchers and institutions, publishing their research in high-quality, peer-reviewed journals, and participating in professional conferences and educational events.

MedTech companies have to be transparent, credible, and evidence-based in their approach to clinical research.

It's the only way to overcome skepticism and build trust with clinicians.

 

CreateNext is officially launched and a number of action oriented high performers have taken the leap to design their future, take control, and create what's next for them!

If you're trading your happiness and freedom for a professional life that is making you frustrated or bitter...there's a better option.

We work with high performers who are motivated to increase compensation or revenue and eliminate compromising your happiness, freedom, or health.

Hear my story for more!

Thanks, Matt Tucker 

 

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That's it for this week.

 — Your Friends at the M+M Team.

 
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