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Good morning health tech readers!
I hope you had a wonderful long weekend. Here’s to longer days and a short week,
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Hinge CEO on automating care
Digital physical therapy company Hinge Health went public last week, raising $437 million and ending an IPO drought for digital health companies. To the relief of other firms that may be considering going public, the stock did not immediately implode. It closed Friday at $37.56, above its $32 IPO price.
Just before the stock started trading, I caught up with CEO Dan Perez, who stressed Hinge’s ambition to use technology to automate everything possible in care, saying the company has eliminated 95% of the human clinician hours required for physical therapy. He hinted at the company’s plans for expansion and told me how he feels about going public at less than half of Hinge’s 2021 valuation.
Novo turns to telehealth for an edge
In the push to get compounded GLP-1 users on branded versions of the drugs, big pharma companies are starting to embrace certain telehealth providers as marketing partners. At the end of April, Novo Nordisk announced it would collaborate with three telehealth companies to offer Wegovy through its own mail-order pharmacy at a lower cash-pay price. And on Thursday, it doubled down with a limited-time coupon — simultaneously promoted by two of the telehealth companies, Ro and LifeMD — to capture more of those patients.
Read more from STAT’s Katie Palmer here
investment
VC Survey: The biggest impacts of AI on health care?
Venture capital firm Venrock released its annual Healthcare Prognosis survey, which this year included 278 respondents from health tech startups, large private companies, payers, and more. Questions about the potential impacts of artificial intelligence were the top of the question list. The numbers in the graphic above suggest respondents believe AI will have a bigger impact on cutting costs than improving care. Asked in another question about the largest benefit of integrating AI for existing businesses, 44% of respondents chose improved profitability. The same number said it would lead to better products and experience.
Industry news
- Salvia BioElectrics, which is developing a neuromodulation implant to treat migraines, raised $60 million from Innovation Industries and other investors.
- Livestrong has a new chatbot called Ellis that answers questions for cancer survivors. It’s billed as “ChatGPT meets Livestrong’s deep well of cancer support resources.”
- Fresh off a positive assessment of the economic value of its prescription digital therapeutic for depression, Otsuka Precision Health is hiring a “Digital Health Engagement Partner.”
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