Eargo Inc., a medical device company specializing in hearing aids, reported $18.2 million in third quarter revenue, driven by sales of the company’s Neo Hifi hearing aid system and a decrease in the sales return accrual rate. Revenue was up 135% over the third quarter of 2019.
Drug and medical device manufacturers have several compliance matters to deal with under the False Claims Act (FCA), only one of which is the Anti-Kickback Statute (AKS). Nonetheless, the AKS might be a good area for members of industry to emphasize, given that it accounted for the vast majority of federal enforcement actions in fiscal year (FY) 2019, according to a new report by Gibson, Dunn & Crutcher LLP.
NEW DELHI – Indian health care technology startups have gained ‘significant momentum’ over the last five years, fueled by a government push towards digitization, the uptake of technological advances and a spurt in health care apps. “The Indian health tech startup landscape has now come of age and includes a robust pipeline of ventures across both ends of the spectrum,” Sathguru director Pushpa Vijayaraghavan told BioWorld.
As hospitals faced a deluge of patients early in the COVID-19 pandemic, many implemented remote solutions to manage individuals at home to keep from being overwhelmed – all at a speed unthinkable in more normal times. That experience promises to accelerate and transform telemedicine long after the threat of COVID-19 recedes, according to a report by Vizient Inc.
Over the last seven months, the pandemic starkly illuminated both the tremendous potential and the significant limitations of telehealth today. Tyto Care Ltd. benefited tremendously from the increase in physician visits using its proprietary all-in-one modular device and examination platform as patients tried to avoid exposure to the novel coronavirus. It also recognized the opportunity to improve the quality of remote interactions with artificial intelligence (AI).
COVID-19 stalled clinical trials, halted elective surgeries, and body slammed many med-tech companies’ revenues. Despite that, an industry report released by Ernst & Young (EY) finds that the pandemic also drove some positive changes in the med-tech industry including long-neglected attention to enterprise-wide business continuity.
COVID-19 has prompted dramatic rethinking of supply chains, health care delivery, regulations, and collaboration that are likely to permanently restructure the med-tech industry, according to industry leaders speaking at a panel during the Advanced Medical Technology Association’s (Advamed) Virtual Medtech Conference on Oct. 6. In addition, the significant increase in debt and strong fundamentals position the industry for a burst of M&A activity.
What is the future of med-tech innovation in the wake of COVID-19? That was the question addressed during the Advanced Medical Technology Association’s Virtual Medtech Conference, with members of industry providing some insight. “I think … that this is going to be in many ways a turning point,” changing the way stakeholders look at devices and the evidence supporting them, said Tom O’Brien, of Johnson & Johnson’s (J&J) Ethicon unit.
TORONTO – Toronto-based Oncall Health Inc. has raised CA$7.9 million (US$6 million) in series A funding to help health care organizations lessen COVID-19’s impact on their EMR and other operational programs. An even more ambitious goal, said CEO Nicholas Chepesiuk, is to streamline delivery of virtual health care across a range of small to large U.S.-based organizations “in a way that makes sense for their brand and their workflow.”