The current situation all around the world has pushed the world to expect quick outcomes in everything. The COVID-19 pandemic showed us how agility in the healthcare industry could prove to be beneficial for everyone.
Often times, it is the cardiac analysis and interpretations that take time, which often causes a delay in the diagnosis and treatment of the ailment. Addressing and identifying this problem, Dyad Medical has come up with an innovative solution to tackle this issue through modern technology.
In an interview with Insights Success, Ronny Shalev, Ph.D., the Co-founder and CEO of Dyad Medical, Inc., uncovered some fascinsting facts about his organization. Talking about the innovative nature of the company and its unique approach to solving problems, he also explaind how the organization is disrupting the healthcare sector.
Here are some of the highlights from the interview:
Please brief our audience about Dyad Medical, Inc., its USPs, and how it is currently positioned as one of the most reliable companies in the healthcare sector.
Dyad Medical has developed a cloud-based AI cardiac image analysis and interpretation platform called Libby™. It is an organ-specific solution (the heart) providing 24/7 analysis for multiple modalities, accessible anywhere in the world for anyone with an internet connection.
This platform releases the clinician from having to learn multiple application interfaces. It has been shown to perform as well as, or better than, a human practitioner. It is intended to be a supporting tool for the practitioner, enabling the clinician to focus on patient care and let the computer do the tedious, time-consuming manual work (e.g., manual heart chamber tracing).
Tell us more about your company, its offerings, and its stronghold in the healthcare space.
As I mentioned, Libby™ is an AI software platform that provides insights on cardiac images from any machine, accessible to any practitioner on any device, anywhere in the world. It provides super-human insights in a fraction of the time of manual analysis with greatly improved accuracy. It is applicable for both research and clinical use.
It supports four main modalities, Intravascular Optical Coherence Tomography (IVOCT), Echocardiogram (ultrasound), Cardiac MRI, and Cardiac CT.
Our collaboration with some of the biggest healthcare organizations in the US proves the need for such a solution to the healthcare industry. The recent FDA clearance of our Libby™ IAAA product is a new milestone, which proves the FDA’s trust in Dyad Medical’s work, enabling broader adoption of imaging AI as an integral part of value-based care.
From a business leadership perspective, what is your opinion on the impact of the COVID-19 pandemic on the health space in general?
The COVID-19 pandemic has had an overwhelming impact on the healthcare system around the world and still has an effect on the diagnoses and treatments of other diseases. Resources and staff are being diverted to test and provide treatment for people with presumed or diagnosed COVID-19, enhancing the already-known shortage of clinicians available for reading and interpreting medical images.
This added pressure due to the COVID-19 will influence the already-stressed system, especially in cardiology. According to the American Heart Association, by 2035, over 45% of the US population is projected to have some form of cardiovascular disease (CVD). In other countries, there is already a severe shortage of practitioners to meet the ever-increasing demand for imaging and diagnostic services. The situation will get worse as imaging volume increases faster than new skilled professionals enter the field.
The total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach approximately $750 billion and indirect costs estimated to reach $368 billion.
Being an experienced leader, share your opinion on how the adoption of modern technologies has impacted the healthcare industry and how is your company adapting to the change?
Several developments in the past few years have occurred, including deep learning (branch of AI) and cloud computing combined with a significant reduction in costs of imaging hardware. In recent years we have witnessed an increased adoption rate of imaging technologies by the healthcare industry, which is warranted as various studies linked the use of imaging examinations to improved patient outcomes.
Our experience is that the healthcare industry started to embrace healthcare IT platforms in order to reduce costs. When it comes to the role of the cloud in this transformation, the healthcare sector started slowly, migrating only back end, non-critical workloads. Healthcare is now accelerating the shift of clinical applications and data to the cloud, opening doors to Dyad Medical’s Libby™ platform.
Libby™ combines multiple technologies into a single platform, performing various image analysis and interpretation tasks while improving patient outcomes safely and securely. The use of Dyad Medical’s Libby™ frees the clinician from tedious and time-consuming tasks. It enables the extraction of more robust information from cardiac images while at the same time redistributing physician time/work towards patient interaction and complex decision-making tasks.
What efforts did you take during the pandemic to sustain operations and ensure the safety of your team at the same time?
As a start-up in the development phase, our focus was to maintain the same level of problem-solving and attention and dedication of our engineers while maintaining the team’s cohesiveness. To do this, we reacted quickly, allowing engineers to take their computers home and enabling them to use various collaboration tools to keep their performance and engagement at the highest level. These activities proved to be very efficient.
Our recent FDA clearance is an indication of the excellent work of our entire team, led by our VP of R&D.
As an established industry leader, what would be your advice to the budding entrepreneurs and enthusiasts aspiring to venture into the healthcare sector?
Be persistent. Be flexible with regard to change and demand in the field. Listen to experts but remember that you, yourself, have to keep on top of the latest technologies and be your own expert. Don’t be in a position where you are left unable to answer questions from potential investors or people in your field. And learn to accept ‘no’. Be flexible enough to change as you go.
Remember that you should be the expert in your field and always keep on top of events. You should never be surprised by a question that comes from an ‘outsider’, such as a potential investor.
How do you envision scaling your company’s services in 2022 and beyond?
Expand offerings, engage in collaborations, and refine the go-to-market approach.