By Pere Lichtinger, President and CEO of Starton Therapeutics
In the financial world there is talk of a health market before and after COVID-19. Investment in digital medicine initiatives has increased 66% since 2019, equivalent to $ 14.8 billion. Is that, for both doctors and patients, what was once a luxury now becomes a necessity: digital tools simplify medical procedures and consultations, which has a positive impact on quality of life.
It is well known that cancer treatments are expensive in money, but also in time. A study published by the University of Pennsylvania reveals that cancer patients invest an average of 4.6 hours in each consultation, but to this must be added the 2.5 hours it takes them to move to and from the institution where they are cared for, and also consider the time they spend in the waiting room. Of the total time that cancer patients spend on their treatment, the article summarizes, 60% corresponds to travel and waiting.
Starton Therapeutics is a biotechnology company that developed a technology platform to improve the quality of life of people with cancer. It is a transdermal patch made from a reformulation of the drug REVLIMID® (lenalidomide), the star drug in the treatment of hematological cancer. The advantage of the patch over the oral administration of the drug is that it allows the continuous release of the drug in low doses, making it more tolerable and effective. The Starton patch will begin clinical trials in humans this year, a rigorous instance in the authorization and regulation processes of all digital therapeutic products.
Technology applied to health is the boom of this pandemic. What at first was a matter of force majeure, due to the restrictions we know well, its prolongation over time consolidated some changes in treatments. After both doctors and patients found that some issues could be monitored remotely, tools and platforms that refine new protocols began to proliferate. And with that, the initiatives.
They are not born, they are made
Almost every day it is published in the newspaper that a venture in the region achieved unicorn status, ie a valuation of 1 billion dollars or more. After long months of lethargy, the rebound effect of the post-pandemic economy puts innovation and entrepreneurship at the center of the scene. But why do some initiatives thrive and others not?
The technological revolution imposed by COVID-19 catapulted digital initiatives, because it allowed the whole world to operate remotely in a transparent and secure way. But everyone knows that, in technology, what is state-of-the-art today is already gone. Thinking and developing long-term solutions is something that goes far beyond a trend: it requires the vision that experience gives.
When we came up with the idea of the transdermal patch, I was going through a particular personal situation. My brother had been diagnosed with metastatic prostate cancer, and was suffering from the effects of intensive and virulent treatment, with side effects so adverse that they seriously compromised his quality of life. Looking for ways to help, a colleague from the pharmaceutical and biotechnology industry, where I work almost thirty years ago, introduced me to patch technology. The rest was to tie the heads and put together a team with some of the best hematology and oncology specialists in the world. Together, we develop these patches, which have the huge potential to improve the lives of people with cancer.
A recent report from McKinsey predicts more changes to come in the health and wellness industry. By 2030, the study says, consumers are going to ask in the fridge (which was previously agreed with the mattress) what is best for dinner to sleep better. And they will also monitor your health indicators at home before calling the doctor. COVID-19 functioned as a powerful voice of alarm that left us all eager to take the reins of our well-being. It became a determining factor in deciding any purchase, the study says.