HEALTH TECHNOLOGY

Fujitsu Supports AWS for Health initiative

Fujitsu | July 19, 2021

Fujitsu has announced its support for Amazon Web Services (AWS) AWS for Health program by bringing Epic on the Cloud to NHS trusts and UK healthcare providers.

 

The development means that healthcare companies seeking to adopt Epic now have the option to operate the electronic patient record (EPR) on the cloud for the first time. Trusts may expect to save money, reduce technical risk, and save clinical and other resources by partnering with Fujitsu and its ecosystem of key suppliers.

 

AWS for Health is an initiative that includes services and solutions from AWS and AWS partners designed specifically for customers in healthcare, biopharma, and genomics. The initiative makes it simpler for health professionals throughout the healthcare community to choose the appropriate tools, partners, and industry specialists to handle their highest-priority workloads.

 

Fujitsu's Epic in the Cloud is intended to assist NHS trusts and UK healthcare organizations in establishing the business case for Epic and then deploying and consuming EPR upgrades.

 

The NHS-optimized solution is a resilient but flexible cloud-based platform that can provide Epic environments in hours rather than months, enabling a more seamless and faster implementation.

 

Epic upgrades can be quickly tested and deployed since the infrastructure is evergreen, eliminating the need for unplanned technology investments or frequent infrastructure refreshes. As a result, healthcare organizations can dedicate more time and resources to improving their digital maturity and broader data strategies.
 

Spotlight

Currently, no federal law protects consumers against “surprise” bills from out-of-network ground ambulance providers. Some state and local governments regulate ground ambulance surprise billing practices.


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HEALTH TECHNOLOGY

Paradigm Oral Health Announces Acquisition by BlackRock Long Term Private Capital

Paradigm Oral Health | September 23, 2022

Paradigm Oral Health a leading oral surgery and digital dentistry platform announced that BlackRock Long Term Private Capital has entered into a definitive agreement to acquire a majority interest in the company from shareholders including InTandem Capital Partners. LTPC will partner with Paradigm’s executive leadership team, led by founder and CEO Dr. David Rallis, to support the company’s continued expansion and strategic growth plans. Founded in 2018, Paradigm has developed an industry-leading model designed to attract and retain best-in-class surgeons focused on delivering the highest quality of oral health care and dental implant surgery while fostering a medically-driven, patient-friendly culture of excellence. The company partners with leading oral surgery groups in markets across the United States, allowing them to maintain their unique brand identity while operating on the same platform. Paradigm’s proprietary practice management technology, Paragon, utilizes cutting-edge technology and data analytics to provide and store proprietary information and intelligence generated by the business, leading to enhanced performance as well as increased patient and provider satisfaction. Today, Paradigm and its team of over 100 surgeon partners provide patient care in 75 state-of-the-art facilities throughout the United States. “We are pleased to invest in Paradigm, which has established itself as an industry defining platform for the development and delivery of next-generation oral health solutions. Through its focus on providing superior clinical care, advanced technology, and continued training and education to its surgeon partners, the company is well positioned for long-term growth. We look forward to partnering with Dr. David Rallis and the entire Paradigm team.” Colm Lanigan, Head of BlackRock LTPC, Americas David Rallis, DDS, MD, and CEO of Paradigm Oral Health, commented, “Paradigm is advancing oral surgical outcomes and patient experience through a culture that places the needs of the patient first. At Paradigm, we validate our clinical performance through a proprietary data ecosystem and use data to reinforce our culture of excellence and accountability. Through innovation, and the rapid adoption of technology, we continue to set the standard for dental implant surgery. Aligning our company with world-class partners, first InTandem Capital and now BlackRock LTPC, has allowed Paradigm to emerge as a leader. We are humbled by the opportunity to partner with BlackRock LTPC, and excited to work with Colm Lanigan and his team as we continue to advance Paradigm as the global leader in oral surgery.” Elliot Cooperstone, Managing Partner of InTandem Capital Partners, Paradigm’s financial sponsor since 2019, commented, “InTandem Capital invests in healthcare companies that are local leaders with the ambition and potential to become a national powerhouse. Dr. David Rallis and the leadership team at Paradigm embraced our playbook for accelerated growth with amazing skill and dedication. Our deep trust in each other has allowed our partnership to flourish. My colleagues and I wish David and the Paradigm team the very best as they build on their well-deserved position as the country’s leading oral health company.” Paradigm is BlackRock LTPC’s sixth investment to date and its fourth investment in North America. Houlihan Lokey acted as financial advisor and Goodwin Procter acted as legal advisor to Paradigm. Simpson Thacher acted as legal advisor to Blackrock LTPC. About Paradigm Oral Health Paradigm Oral Health is the preeminent provider of oral surgery. Paradigm’s uniqueness comes from their ability to hire the most elite oral surgeons in the country and train them on their proprietary platform of excellence. Paradigm Oral Health continues to revolutionize and reinvent implant surgery through their ongoing technology and digital work-flow advancements. With a passion for excellence, Paradigm embraces every opportunity to meet the needs of their patients and referring dentists. About BlackRock LTPC BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy's flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. LTPC's team of 23 professionals are based in New York and London and invest across North America and Western Europe. LTPC is backed by BlackRock, Inc., which manages $320 billion in alternative investments and commitments on behalf of clients worldwide as of June 30, 2022. About InTandem Capital Partners InTandem Capital Partners is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is comprised of former business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value over time. InTandem provides active support to the management of its portfolio companies directly and leverages its network of industry executives to augment its capabilities.

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HEALTH TECHNOLOGY

Annuo Med Tech Solutions Enters Partnership Agreement with WeKo GP

Annuo Medical Technology Solutions Pty Ltd | October 17, 2022

New health networking platform, Annuo™, has entered a working agreement with WeKo GP to assist with the identification and treatment of patients with chronic disease in Australia. This key partnership will facilitate the management of people living with chronic disease by General Practice teams using WeKo and Annuo™. WeKo’s Clinical System solution launched in 2019 and provides proactive chronic disease screening and detection based on patient medical data. “We believe our solutions are highly complementary and have the ability to offer an amazing patient and clinician experience,” commented WeKo Founder, Ross Hadfield. “We are excited to announce a trial partnership between Annuo and WeKo GP which will open up more possibilities for Annuo™ to help the 10.8M Australians currently living with chronic disease,” Dr Jeni Wellington, Founder and CEO of Annuo Med Tech Solutions At a high-level, the partnership will facilitate the identification and treatment of patients at high risk of chronic disease, using the Annuo platform and WeKo’s Clinical System. It will ensure patients are engaged in the creation of an agreed care plan and that the clinical teams involved are fully supported. About Annuo Med Tech Annuo Med Tech Solutions is a new Australian digital health technology company developing Annuo - a healthcare networking platform for doctors, patients and allied health professionals. Annuo™, is the first medical networking platform in Australia designed by specialists. More than that, Annuo™ is advocating for collaborative care for patients living with chronic disease in Australia. With 47% of Australians today living with one or more chronic diseases, there has never been a better time to help improve the lives of everyday people trying to navigate their treatment. Annuo™ encourages people living with chronic disease to engage with their treatment in an holistic way. Annuo promotes collaborative care for patients and is inclusive of those seeking to make diet, exercise and alternate therapies as part of their treatment planning. Annuo™ will engage with healthcare providers and enable them to better connect with their patients through the digital health space. The platform comes fully customised for each medical specialty at a competitive price.

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HEALTH TECHNOLOGY

Cardinal Health Announces Governance Enhancements and Shareholder Value Creation Initiatives

Cardinal Health | September 07, 2022

Cardinal Health announced initiatives aimed at positioning the Company for long-term success, building on Cardinal Health's previously announced growth plans. These initiatives have benefited from input received from Elliott Investment Management L.P. In connection with these initiatives, Elliott has also entered into a cooperation agreement with Cardinal Health, and Elliott's Steven Barg will join the Company's Board of Directors. As part of Cardinal Health's ongoing commitment to Board refreshment and the initiatives announced today, the Governance and Sustainability Committee of the Board has recommended and the Board has approved the appointment of four new independent directors: Steven Barg, Michelle Brennan, Sujatha Chandrasekaran and Christine Mundkur. With these immediate appointments, Cardinal Health's Board will be made up of 15 Directors, 14 of whom are independent under the Company's director independence standards. Two existing Directors – Dean Scarborough and John Weiland – have announced their intentions to conclude their Board service at the end of their previously elected terms this fall and will not stand for re-election at Cardinal Health's 2022 Annual Meeting, resulting in a 13-member Board. Following the Annual Meeting, Cardinal Health's Board will consist of 54% women and 23% racially or ethnically diverse individuals. Cardinal Health's Board has also formed a new Board committee, the Business Review Committee, to support a comprehensive review of the Company's strategy, portfolio, capital-allocation framework, and operations with the goal of maximizing Cardinal Health's potential for the benefit of all stakeholders. The Business Review Committee will be chaired by Chief Executive Officer Jason Hollar; Mr. Barg and Akhil Johri will also serve on the Committee. The Committee, with the assistance of the Company's legal and financial advisors, will make recommendations to the full Board. The Company expects to conduct an investor day in the first half of calendar 2023 to share the Board's conclusions and to provide additional guidance. "We'd like to thank Dean and John for their service to the Board. We're grateful for their leadership and contributions and wish them both the very best. We're pleased to welcome Steven, Michelle, Sujatha and Christine to the Board and believe the Company and our many stakeholders will benefit from their mix of experience, skills and leadership. We are also pleased with Elliott's confidence in, and commitment to, the go-forward long-term potential of Cardinal Health. Our Board looks forward to receiving the recommendations of the Business Review Committee and updating the market in due course, as Jason and his leadership team chart a path to deliver upon our mission for our customers and employees and drive value creation for our shareholders." Gregory Kenny, Independent Chairman of the Board of Cardinal Health "Cardinal Health's leadership team is focused on creating value for all our stakeholders, and the newly initiated Business Review Committee, as well as the new expertise and experience being added to our Board, are critical steps in this process," said Mr. Hollar, Cardinal Health's Chief Executive Officer. "I look forward to working with the Board, including our four new directors, to optimize our strategy, structure, and operations as we position Cardinal Health for long-term success." Elliott Senior Portfolio Manager Marc Steinberg said, "Our discussions with Jason and the Board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement. Cardinal Health plays a mission-critical, market-leading role in the global healthcare system, and we have been encouraged by the Company's openness to taking actions necessary to ensuring that Cardinal Health realizes its full potential. We are confident that the initiatives announced today will drive meaningful shareholder value creation, and we look forward to continuing our collaboration with the Company." Michelle Brennan is Chair of Connect Healthcare Council for Pioneering Collective and serves on the Board of Coupa Software. Ms. Brennan spent more than 30 years at Johnson & Johnson, a leader in the field of medical devices, pharmaceutical, and consumer packaged goods, where she focused on driving growth, optimization and business transformation across diverse businesses and geographies. Most recently, Ms. Brennan served as the Global Value Creation Leader for Johnson & Johnson and as a member of the company's Medical Device Executive Leadership Team responsible for the division's value creation through cost management initiatives. Prior to that, Ms. Brennan held a number of positions at Johnson & Johnson, including Company Group Chair, Medical Devices (EMEA); President, Enterprise Standards & Productivity; Worldwide President, Ethicon Energy; as well as a variety of sales and marketing positions for other Johnson & Johnson divisions. Throughout her time at Johnson & Johnson, Ms. Brennan held significant board roles for the company, including Chairman of the Board for Medtech Europe Trading Association. She was previously a member of the UK's Office of Life Sciences Council and Chairman of the Council's Health Technology Partnership Committee. Ms. Brennan holds a B.S. from the University of Kansas. Sujatha Chandrasekaran, also known as Suja, is an advisor and independent consultant in the research and technology sectors. She currently serves on the Board of American Eagle Outfitters as well as private companies including Agendia, a molecular diagnostics company, and Blume Global, a digital supply chain platform company. Ms. Chandrasekaran has more than 25 years of experience in technology and leadership roles across the healthcare, consumer packaged goods and retail industries. Most recently, Ms. Chandrasekaran was Senior EVP & Chief Digital and Information Officer at CommonSpirit Health, one of the largest non-profit health systems in the US. Prior to that, she held a number of senior executive roles at several Fortune 500 multinational companies, including Global Chief Information Officer for Kimberly-Clark; SVP, Global Chief Technology and Data Officer for Walmart; as well as a number of C-level roles at The Timberland Company, PepsiCo and Nestlé SA. Ms. Chandrasekaran has a strong track record of delivering significant value to customers and organizations by leading global technology, supply chain and digital transformation initiatives. In 2022, Ms. Chandrasekaran was recognized by Modern Healthcare as one of the Top 25 Women Leaders in Healthcare. She was previously a Director of Symphony Technology Group and a Director of Barry Callebaut AG as well as a Member of Advisory Board at Atmio Inc. Ms. Chandrasekaran holds an Executive Development Education Certificate from London Business School; a Master of Business Systems/M.B.A. from Monash University in Melbourne, Australia; and a B.Eng. from the University of Madras, India. Christine Mundkur most recently served as Chief Executive Officer and Non-Voting Chairman of the Board of Directors for Impopharma Inc, a developer of complex formulations focused on inhalation pharmaceutical products. Ms. Mundkur currently serves on the Boards of Lupin Limited and MannKind Corporation. While at Impopharma, she led the transition of the company from a successful clinical research organization into a generic pharmaceutical inhalation development company. She also held leadership positions as President and Chief Executive Officer for North America for Sandoz, Inc. Earlier, she served as Chief Executive Officer of Barr Laboratories, Inc. Ms. Mundkur started her career at Barr as quality and regulatory counsel. In addition, she served as a strategic advisor to clients on generics, 505(b)2, biosimilars and NDA business strategies. Ms. Mundkur holds a J.D. from the St. Louis University School of Law and a B.S. from St. Louis University. About Cardinal Health Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With 50 years in business, operations in more than 30 countries and approximately 44,000 employees globally, Cardinal Health is essential to care.

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HEALTHTECH SECURITY

Tivic Health to Acquire Assets of Reliefband

Tivic Health | October 18, 2022

Tivic Health® Systems, Inc. a commercial-phase health technology company focused on bioelectronic medicine, announced it has entered into a definitive agreement to acquire the Reliefband product line for nausea treatment and all related assets from Reliefband Technologies, LLC. Reliefband has been an innovator in wearable, FDA-cleared electronic therapeutics for treatment of nausea and vomiting. Reliefband has multiple products available both over-the-counter and by prescription. “We are incredibly excited to add the full suite of Reliefband products to our commercial portfolio. The Reliefband team successfully pioneered a direct-to-consumer business model for medical products. This acquisition, when combined with our growing direct-to-consumer sales of ClearUP, will significantly accelerate Tivic’s revenue opportunities.” Jennifer Ernst, CEO of Tivic Health Recurring nausea impacts approximately 1 in 6 US adults. According to QY Research, nausea treatment is a $2.4B market in the US and $5.5B globally, growing at 6.5% CAGR. Reliefband’s wrist-worn electronic nerve stimulators have been FDA-cleared for treatment of nausea associated with seven independent clinical indications, including nausea from motion sickness, pregnancy, migraines, anxiety, chemotherapy, various medications and hangovers. The patented products are backed by 40 peer-reviewed clinical studies and have generated over 3500 Amazon reviews averaging 4+ stars. Both Reliefband and ClearUP products offer consumers ways to manage health-related conditions without the issues and side effects often associated with medication use. Both are FDA-cleared, highly effective, fast-acting, convenient, and drug-free. Both currently are sold primarily online, and both have received CE Marks allowing international expansion. In addition to the Reliefband direct-to-consumer branded products, Tivic will also acquire Reliefband’s Reletex-branded prescription nausea treatments. Reletex products are currently distributed by hospitals and medical professionals and are reimbursed under HCPCS code E0765 for certain conditions. “We look forward to growing Tivic with the addition of clinically proven, revenue-producing bioelectronic products that have seen strong customer adoption and growth,” continued Ernst. Consideration to be provided by Tivic consists of up to $33.5 million, of which up to $1.5 million can be paid, at the election of Tivic, in restricted common stock of Tivic. Consideration is subject to working capital adjustments, less Reliefband transaction expenses and any indebtedness of Reliefband at closing. The transaction is expected to be consummated in the fourth quarter of 2022 or first quarter of 2023 after the satisfaction of certain customary closing conditions, including but not limited to securing the financing necessary to pay the purchase price. Additional information on the transaction can be found in a Current Report on Form 8-K filed by Tivic with the Securities and Exchange Commission (SEC).

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Spotlight

Currently, no federal law protects consumers against “surprise” bills from out-of-network ground ambulance providers. Some state and local governments regulate ground ambulance surprise billing practices.

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