2009 Wireless-Life Sciences Convergence Summit
The World Has Changed
Our world has changed dramatically since the 2008 WLSA Convergence Summit. We are in the midst of the worst global financial crisis since the Great Depression. This is the first deep recession since a true global economy has developed. That means it is not just a North American and European matter. Asia’s booming economies have been hit very hard and this makes the U.S. economy even worse.
Millions of people are out of work in the U.S. and some of our largest businesses are failing. This was led by the auto industry which employs millions of workers and provides health insurance for even more retirees. Higher unemployment coupled with failing businesses increases the pressure on our struggling healthcare system. The demand for healthcare services is quite inelastic. The financial crisis in the U.S. underscores the need to improve the health of our population and deliver more cost-effective health services.
Healthcare is a major focus of attention of the Obama Administration. It is also a matter of increasing importance in the largest economies and countries in the world. Aging populations in Japan and Europe, and increasing rates of chronic disease in China and India are putting critical pressure on these countries’ national healthcare systems.
The Problems of Cost and Quality
It is a fair proposition to say our U.S. healthcare system is fundamentally flawed, delivering uneven coverage and unaffordable care. Other developed countries also face a range of cost and quality challenges. Developing countries like Asia and Africa are struggling to attend to the basic health needs of their populations.
The focal point for the 2009 Wireless-Life Sciences Convergence Summit is to address the question of how wireless health innovations can improve the cost-effectiveness and quality of healthcare on a global basis. We challenge our community of established organizations and entrepreneurs to apply technology to deliver better health for broad populations rather than more expensive care for the lucky or privileged few.
All successful organizations must be profitable to survive. However, in today’s economic and political climate, new and existing medical devices, therapeutics and services are being examined on the basis of their utility for individual patients and for society. There is increasing skepticism about both the level of our expenditures in the U.S. and the manner in which our healthcare “system” is organized. Why do we pay so much with so little customer satisfaction? Why are health outcomes so misaligned with expenditures?
Will Wireless-Life Sciences Offer a Solution?
We can solve a major part of this problem by utilizing wireless communications technology to connect the people, devices and databases that are involved in the promotion of health and delivery of health care.
Since the first Wireless-Life Sciences Summit in 2006 a mind shift has occurred. It is widely recognized today that to be successful in the healthcare device and services sectors, wireless communications must be part of the operating platform ofmedical devices and healthcare services. Even the pharmaceutical sector is being pulled into this model.
By way of business validation, we have seen CardioNet, the first successful pure-play wireless health company achieve powerful clinical validation, complete an IPO and help thousands of patients. Note that CardioNet is effective because it created an integrated equipment and service platform that works better (compared to Holter or event monitoring) and is less expensive (compared to a stay in a CCU) than the alternatives. Breakthrough knowledge was not the key to the company’s success.
The Power of Connectivity
Will wireless health improve the quality of healthcare? Yes! Will it lower costs? Perhaps! Will wireless communications change the healthcare environment? Absolutely!
Wireless technology enables the connectivity of devices and services and thus it creates transparency among all components of our healthcare system. You cannot manage that which you cannot see, and this transparency enables the measurement of efficacy under real world (post-market) conditions and thus enables critical analysis of cost-effectiveness and quality for the first time. Accountability is a powerful tool.
Schedule Overview
The 2009 Summit is a full 2-day event. Day 1 is dedicated to the introduction of thought-provoking ideas and points of view by some of the most accomplished and influential individuals in the field of wireless-life sciences. Our view will look beyond the U.S. to address global opportunities. In addition, all 12 wireless health companies that were selected in a competitive process as presenters for the WLSA Investor’s Meeting yesterday will make “lightning” presentations. Day 2 is a “Learning Day” where we have assembled a faculty from around the country to assist entrepreneurs and companies in the commercialization of wireless health innovations.
Welcome!
Rob McCray
Chairman
Wireless-Life Sciences Alliance