Ep06: The Early Days of Welldoc and DTx with Anand Iyer, Chief Strategy Officer of Welldoc
Feb 2, 2021
auto_awesome
In this episode, Eugene Borukhovich interviews Anand Iyer, Chief Strategy Officer of Welldoc, discussing the early days of Welldoc and the digital therapeutics industry. They talk about leveraging mobile platforms for personalized coaching, obtaining FDA clearance, demystifying digital therapeutics, potential exit strategies for digital health companies, and the transformative power of digital therapeutics in improving lives.
Digital therapeutics play a crucial role in revolutionizing chronic disease management by leveraging technology to deliver personalized coaching and support in real time.
Prescription digital therapeutics (DTx) offer a greater potential for measurable clinical impact and integration into the healthcare system, compared to disease management 2.0 approaches that involve adding technology to existing human processes.
Deep dives
Overview of the Podcast Episode
In this podcast episode, the Chief Strategy Officer of WellDock, Anand Iyer, discusses the early days of the digital therapeutics industry and the journey of WellDock. Anand shares his background in wireless technology and how he transitioned into the healthcare space. He explains how WellDock became a leader in digital therapeutics and the importance of delivering value through clinical validation and measurable outcomes. Anand also explores the role of technology in supporting patients and healthcare providers, and the potential for digital therapeutics to revolutionize chronic disease management. The episode highlights the different models and pricing strategies in the digital therapeutics market, as well as the potential exit strategies for companies in this space.
The Key Role of Digital Therapeutics
Digital therapeutics play a key role in improving health outcomes and reducing costs in chronic disease management. By leveraging technology and software solutions, patients can receive personalized coaching and support in real time. The software intervention aims to transform data into actionable insights and facilitate better decision-making for patients and healthcare providers. The goal is to empower patients to better manage their chronic conditions and enhance engagement with their healthcare journey. Digital therapeutics also offer a potential value multiplier for pharmaceutical companies as an additional revenue stream and can promote medication adherence and persistence.
Differentiation between Prescription Digital Therapeutics and Disease Management 2.0
There is a distinction between prescription digital therapeutics (DTx) and disease management 2.0. Prescription DTx refers to software as a medical device that serves as the principal mechanism for delivering clinical benefits. These validated and FDA-cleared interventions focus on specific diseases and aim to improve outcomes through personalized coaching and behavior change support. On the other hand, disease management 2.0 involves adding technology to existing human processes, often using hardware or human coaching models. The value proposition and revenue streams of these approaches differ, with prescription DTx offering a greater potential for measurable clinical impact and integration into the healthcare system.
Potential Exit Strategies for Digital Therapeutics Companies
The potential exit strategies for digital therapeutics companies depend on the sustainable value proposition they offer. Companies can pursue different paths, including being the end solution or enabling the digital therapeutics component within a bundled offering. Exit strategies could involve partnerships or acquisitions by pharmaceutical companies looking to enhance their existing revenue streams and improve patient outcomes. Additionally, IPOs can be a viable option for digital therapeutics companies that have demonstrated significant value and growth. The key is to focus on delivering value and solving unmet needs in the healthcare industry, which will drive the success and future opportunities for these companies.
In this episode, we speak with another one of the early trailblazers of the DTx industry, Anand Iyer, the Chief Strategy Officer of Welldoc.
I briefly met Anand at a Health XL event in New York City early in 2019, even though Welldoc has been around since 2008. I'm not even sure how we did not run into each other before, but it was great to connect with Anand for this podcast and get to know him and what drives him, not to mention speak about the early days of Welldoc and DTx industry.
