For Telehealth businesses and Provider organisations, Think Biosolution, an original design manufacturer (ODM) and technology provider, creates specialised Remote Patient Monitoring platforms.
Tell us more about it in this interview with Shourjya Sanyal, the CEO of Think Biosolution.
Describe Think Biosolution for us.
A global innovation leader in creating specialised early warning score-based triaging solutions for assisted living homes and hospital groups in the USA, Think Biosolution was established in March 2016 in Dublin, Ireland. The At-Home COVID-19 Monitoring Platform and the At-Home Geriatric Care Platform are the two platforms we now offer. Currently, Think Biosolution uses blood pressure monitors and pulse oximeters, which are third-party point-of-care medical devices, to forecast the commencement of a patient’s chronic disease.
Our upcoming Chronic Disease Prevention platform, which is anticipated to go live in early 2023, will assist patients in halting the development of new episodes of eighteen distinct chronic illnesses. The platform will cut down on both the quantity of hospital visits and the length of patient stays. A new category of preventative care delivery will be introduced with a large decrease in insurance rates thanks to this market-creating innovation, which will directly affect national healthcare authorities in the EU and health insurance companies in the USA.
1. What difficulties did you initially encounter?
Finding a solid product-market fit for our technology was the largest obstacle we faced. Our multiparameter wearable medical device QuasaRTM was designed with the potential to make a significant influence on a number of markets, including regulated medical devices, smart clothing, and professional athlete monitoring. But finding the right market, i.e., long-term care institutions in the USA, took us two years. The impact of our target clients on KPIs for patient outcomes, cost savings, and an increase in revenue required another two years for us to assess.
2. Which event precipitated the expansion of Think Biosolution?
We were able to spark growth by recognising the effects of our platform on patient outcomes, financial savings, and revenue growth for long-term care facilities. Assisted living, skilled nursing facilities, post-hospitalization care, and at-home care are all examples of long-term care institutions.
The COVID-19 pandemic was the other significant factor. The pandemic created an urgent need for provider organisations to implement patient monitoring programmes for COVID-19 individuals who were at risk, suspected, or proven.
Since their creation, Think Biosolution graphs have undergone what changes? Could you provide some statistics?
With four healthcare facility partners, Think Biosolution has already conducted pilot launches of its current platforms and generated annual recurring revenue (ARR) of €408,012 in the third quarter of 2020. Payment orders of €3,412,200 have been placed with Think Biosolution’s current business partners and are due to be fulfilled by Q3 2021.
3. What accounts for Think Biosolution’s enduring success?
Our team has the ideal combination of engineering creativity and sales and marketing expertise. This harmony has enabled us to repeatedly uncover a small but sizable market that is untapped by any of our rivals.
In the USA, there are 295 doctors for every 100,000 people. As a result, patients with serious and critical symptoms receive treatment in long-term care institutions. Our platforms assist patients in managing the progression of pre-existing chronic diseases and managing the development of new chronic ailments, hence reducing the frequency of hospital visits and length of hospital stays.
4. What goods and services does Think Biosolution concentrate on? How do your services differ from those offered by competitors?
The At-Home COVID-19 Monitoring Platform and the At-Home Geriatric Care Platform are the two platforms we now offer. In order to give administrators of long-term care facilities up-to-the-minute information on capacity, condition, and unfinished duties, this software functions as a virtual doctor and uses early warning score-based triaging.
The search for a product-market fit is an entrepreneur’s first priority.
None of our rivals are able to foresee the beginning of chronic illnesses is centred on treating individual chronic conditions. Examples include Vivify, Datos Health (Cardiology and Oncology), and Propeller Health (Respiratory) (Health Cardiology and Hypertension).
5. How do you make the decision to improve Think Biosolution’s goods and services?
The QuasaRTM gadget is now receiving regulatory approval from Think Biosolution. The wearable medical device QuasaRTM can measure more biometric parameters than any other product on the market (heart rate, heart rate variability, respiratory rate, blood oxygen saturation, blood pressure, movement, location, and temperature). When patients begin using QuasaRTM to manage a single chronic ailment, the QuasaRTM device will monitor them for the onset of new chronic conditions by integrating these biometric information. Our QuasaRTM device-based platform for chronic disease prevention is expected to debut in early 2023.
6. Are there any new items or services on the list? Do you have anything exciting to share?
Our game-changing breakthrough consists of 18 patented early warning scores for specific diseases that can stop the emergence of half of all chronic illnesses now in existence. Our At-home Chronic Disease Prevention technology will be able to deliver automated triaging for high-risk patients in long-term care institutions or at home using these early warning scores. A new category of preventative care delivery will be introduced with a large decrease in insurance rates thanks to this market-creating innovation, which will directly affect national healthcare authorities in the EU and health insurance companies in the USA.
7. What obligations do you believe an entrepreneur has?
The search for a product-market fit is an entrepreneur’s first priority. Building a capable team and ensuring that the staff is constantly attentive to the demands of the customer are examples of secondary duties.
8. Please provide us a brief overview of your professional background.
2013 saw the co-founding of Digital Self Technology, Ireland. I received the Cruickshank High Achieving Merit Award from Enterprise Ireland in 2014 and the CASL ACE Award from Deloitte in 2016. I also earned the KVPY fellowship from the Indian government in 2007 and was one of the youngest fellows at the Lindau Nobel Laureate Students’ Alumni Meet in Germany in 2009. Between 2016 and 2019, I also taught data science at the Digital Skills Academy in Ireland. I now hold positions with the CHQI’s Standard Committee for Remote Patient Monitoring Standard and the World Health Organization’s Roster of Experts, Digital Health Technical Advisory Board.
I co-founded Think Biosolution with my best college mate in 2016, immediately following my Ph.D. From the beginning, our goal was to use innovation to lower health care costs.
9. What are your entrepreneurial journey’s major accomplishments?
A seed investment of €1.2 million was raised by Think Biosolution, with €350,000 coming from Luminate, the largest optics accelerator in the world with headquarters in Rochester, NY, and €150,000 coming from the EU-funded digital health accelerator DIGI-B-CUBE. The Irish Laboratory Awards’ Healthcare Laboratory of the Year Winner in 2020, Roche’s Brain Catalyst Pitch’s Brain Catalyst Prize, Data.gov.ie’s Open Data Engagement Fund, StartUs Insights’ “5 Top Telemedicine Startups Impacting The Healthcare Industry,” Analytics Insight’s “The 10 Most Disruptive AI Companies in Healthcare,” and The Irish Laboratory Awards’ “Healthcare Laboratory of the Year Winner” were among the numerous honours that Think Biosolution received
10. How do you care for your staff? What distinguishes your team?
The management team’s top focus is the welfare of our personnel. Along with offering them industry-leading benefits like stock options, health insurance, paid time off, etc., we also place a strong emphasis on their personal development through ongoing training, certifications, and institute affiliations in the industries in which they work.
The art of medicine is to make the patient laugh while nature heals the illness.
A varied group of engineers, physicians, and regulatory specialists have been working as Think Biosolution over the past four years in the medical device sector. In both the US and EU markets, our management team has successfully developed and implemented disease prevention platforms. The technical standard for Remote Patient Monitoring with CHQI in the USA was written by our CEO. For the past seventeen years, our director of sales served as senior vice president of sales for a reputable remote patient monitoring business. Prior to this, top board members from the private and public health insurance sectors in the USA worked with our board of advisors.
11. What is your favourite book, please? And, if you have a favourite section, what is it?
I, Robot by Isaac Asimov and What If? by Randall Munroe are two of my favourite novels.
I read a few novels a week on average since I love to read. The genres of business, science fiction, and fiction are a few of mine. I appreciate reading books because it enables me to comprehend several points of view regarding a particular subject.
12. Who is the one person you most admire?
The Wikimedia Foundation’s founders, Larry Sanger and Jimmy Wales, are also role models for me.
13. Whose company success story inspires you the most?
Elon Mask’s capacity to apply technology to improve people’s lives inspires me.
Continuous watchfulness: A need or a tactic? Please express your opinions.
Constant watchfulness is, in my opinion, a necessity for SMEs and a strategy for scale-ups. The ones who can make this transformation happen at the appropriate time are prosperous businesspeople.