Transitioning a Pediatrics Research Project to a Commercial Healthcare Business with Picterus CEO Tormod Thomsen

In this episode you will discover: The importance of business development in digital health startups Transparency with your investors Taking patient monitoring out of the hospital The advantage of building a key opinion leader network Key Takeaways: One common scenario in digital health startups is that they have a high technical and clinical competence, but they don’t have a plan for how the final product is going to be positioned in the market and how the company is going to be financed in the long term. Bring in the right investors as early as you can and have a transparent conversation with your investors about how the journey of the company is likely going to be. Be open about the hurdles that clinical companies have to face in terms of regulations and other expenses. The hospital systems end up spending a lot of resources following up, which ends up taking from the resources that could be spent on treating patients. That’s why any product or service that could take patient monitoring out of the hospital without compromising care will get a lot of traction everywhere. Build the right key opinion leader network in order to really understand how to get the product into the market. It might take some investment of time, but it’ll be worth it. Know where the right places are to go, who the right people are to reach out to, and what is the best approach to get them to buy into your product. “Everything you can do to move services or patient monitoring out of the hospital without compromising care is something that is well getting a lot of traction everywhere.” - Tormod ThomsenResources: Website: https://www.picterus.com/ LinkedIn: https://www.linkedin.com/in/tormod-thomsen-a4b1509/ Learn more from Carrie and Rebecca: Healthcare Insights (a monthly deep dive into specific topics for innovators): https://nixongwiltlaw.com/healthcare-insightsTelehealth/Virtual Care Mgmt Update (a biweekly LinkedIn newsletter tracking legal and policy changes across the nation): https://www.linkedin.com/newsletters/telehealth-virtual-care-update-6901900767960068096/ Website: https://nixongwiltlaw.com/ Carrie on LinkedIn: https://www.linkedin.com/in/carrienixon/ Rebecca on LinkedIn: https://www.linkedin.com/in/rebeccagwilt/NGL on LinkedIn: https://www.linkedin.com/company/nixon-gwilt-law/