Reshaping connected care with the cloud-based platform for medical devices by BioT
Developing an in-house cloud connectivity solution seems to be a straightforward and simply attainable idea. However, it takes years, huge resources, and certain competencies to implement such a solution. Therefore the Israeli company BioT developed a connected care platform for medical device and pharma companies. In an interview with 5-HT, CEO and Co-founder Daniel Adler talks about connecting medical devices and overcoming competition in the form of their own clients.
What is BioT?
“BioT is a connected care platform which enables medical devices to be connected securely to a regulated cloud environment. At the same time, it supports patient collaboration and engagement workflows and enables care providers to take actions based on the insights derived from the collected data. With offices in Boston US and Hannover, Germany, and an R&D center in Israel, we are focusing our activities around remote and home care in both the US and in Europe”, Daniel Adler, CEO and Co-founder of BioT, explains. “This is what we call the unique Triple-C approach - Connect, Collaborate, Care - when a single IoMT platform enables secure connection to a regulated cloud environment, and provides a plethora of features around patient monitoring, patient engagement and patient care.
Who are BioT’s customers?
“Our clients are mainly medical technology, medical device and pharma companies. We have more than 20 clients of different origins, and our clients are selling their products globally. This means our implementation is used worldwide, mostly in the USA, Europe, and the area of Asian Pacific.
We are both targeting startups and established companies, but also big pharma and medical device companies who require quicker access to the market and assistance from the outside.”
Who is BioT’s strongest competition and how do you overcome it?
“The main competition we face is internal development. Many companies think that developing their own cloud connectivity solution is straightforward, simple and can be done quickly. However, building a connected care platform requires both know-how and understanding of many different aspects like cyber security, privacy, patient engagement workflows and so on. These are aspects that take a couple of years to learn and create.
This means our main competition is when companies decide to implement on their own rather than focus on the key differentiators on their end, which is ‘developing unique medical devices’. The origin and main competencies of medical device companies lie mainly in building hardware devices, and recently also in data science. This is where their knowledge is located, and this is what they are good at. The domain of cloud computing, IoT, cybersecurity and data privacy is in most cases totally new to them. Building new capabilities in these areas makes no sense, because it requires significant resources in areas which are not part of their core competence. This means that actually building these solutions on their own is not a straightforward decision as you might think it is.
Additionally, the majority of these companies are not big corporations but small to medium size businesses. They cannot afford building a team of ten to twenty developers for creating their own solution. This means such companies need to search for ready-to-use alternatives outside.
This is where we differentiate ourselves - in the ability to offer a connected care platform with minimum investment and minimum risk involved.”
Which advantages does BioT offer their customers?
“The benefit we provide for companies that decide not to develop on their own is that we can bring the connected solution to the market very quickly - in a couple of weeks rather than a couple of years. This reduces up to 90 percent of their development costs. It also reduces their long-term operational costs up to five times as they don’t need to care about updating and maintaining the system.
We provide a secured and regulated platform, so we take off all the risks and liabilities when it comes to privacy regulations like GDPR and HIPAA or to cyber security threats.
We provide a self-service and no-code platform, which means that many of our customers can use it without even writing one single line of code. It has a very user-friendly, straightforward interface and all the configurations can be done with a minimal effort or need to have software developing knowledge.”
What is BioT’s next mission?
“Along with 5-HT’s network, our main mission right now is to enter the German and European markets. Following a successful start of our business in Israel which features very advanced scene of digital health and medtech companies, we want to conquer our next important goal – enter new markets. We focus on Europe where Germany is the key country together with France and England. We also focus on the US market. This is the main task for us in the upcoming twelve months.”
What do you hope to gain from 5-HT’s network?
“We know that both startups and established companies in Germany can benefit from connecting medical devices. We want these companies to learn about us and our capabilities. We want them to realize the benefits from buying an off-the-shelf solution rather than developing it themselves. We greatly appreciate an opportunity to get introduced by 5-HT to potential customers in the German market. We look both for customers and for partnerships. Also, we just finished our first investment round and would like to get introduced to venture capital investment opportunities in Europe as well.”
How was BioT founded?
“BioT started nine years ago by two software developers: Guy Vinograd, now CTO of BioT, and Boaz Vaizler, now COO. They built a company that offered software services which focused on the cloud in the beginning and later on IoT. Several years ago, they started to get more interest from medical device companies who wanted to connect their devices to the cloud and gained a lot of experience in this domain. I joined as an advisory board member to help Guy and Boaz to transform the company from a project-based to a product-based company in medical device connectivity. We co-founded BioT in 2018 and decided to focus on the health care sector. Recently we also finalized our first investment round in a sum of 6.5M USD.”
What do you wish for your customers?
“I hope that eventually clients will understand that they need to take a leap of faith in utilizing external technologies to be integrated into their devices. The market is changing very quickly and if you want to be able to cope with that, you must adopt the motto of ‘Buy or Die’. Those, who will try to build a one-of solution on their own, rather than integrating ready-made solutions, might lose their focus, dry their resources, and introduce risks they might not overcome.
From my experience, though, this leap of faith is already happening.”
Become part of the 5-HT Digital Hub Chemistry & Health
Exchange ideas with innovative startups and future-oriented companies in our network. We look forward to meeting you!