First Impressions are Crucial in Medtech, Interview with Retia Medical CEO Marc Zemel
The medtech industry is a cause close to Marc Zemel’s heart. After getting a master’s degree in mechanical engineering from MIT and an MBA from Yale, Marc decided that he wanted to use his education to make a real difference in the world.
After founding Retia Medical over eleven years ago, Marc hasn’t looked back.
“I wanted to make more of a direct impact on society and human health, and what better place than medtech,” Marc commented.
In the early days of Retia, Marc noticed a clear gap in the market where the technology being used was outdated and inefficient. That eventually led to the development of the Argos Cardiac Output Monitor, a tool built by Retia that runs various algorithms licensed by MIT and Michigan State.
Marc and his team’s hard work is paying off as Retia Medical recently closed on $15 million in Series B funding, led by Fresenius Medical Care Ventures. In addition, the Argos system received 510(k) clearance from FDA in 2018 and is now sold in 14 countries.
The Argos system offers data-driven medical care that is individualized to the patient being treated. Specifically, Retia’s Multi-Beat Analysis (MBA) algorithm monitors cardiac output, analyzing the patient’s heart rhythm rather than individual beats. The software creates a digital impression of the patient’s heart function, allowing it to spot minute variances and alert staff to potential issues.
Not only will Retia’s Argos algorithm aim to reduce the cost of healthcare for patients, its primary goal is to detect cardiac issues sooner, saving lives as a result.
In this episode of Medsider, CEO and co-founder of Retia Medical Marc Zemel talks about managing a medtech start-up that’s developing groundbreaking technology while pursuing fundraising that drives sustainable growth.
Key Takeaways from Marc’s Experience
- First impressions are vital: In the medtech industry, there are very few second chances. Unlike the software space, you can’t really build a minimum viable product (MVP) in healthcare. It’s critical to hit the market with a product that does what it’s supposed to do. Yes, there is always room for innovation and improvements, but the baseline product needs to be as advanced as possible before it’s commercially used on patients.
- Always have a backout clause: In any business transaction, it’s useful to have an out clause. Long-running diligence processes such as acquisitions require heavy resource allocation, costing both time and money. A backout clause offers protection so that should things fall apart, the efforts are not all in vain.
- Get the right stakeholders on board early: Domain experts are vital for product development. Whether you’re making hardware or software, it’s crucial to coalesce a group of stakeholders that are genuinely interested in your technology. Ideally, this group consists of people that have connections to help generate commercial revenue or to get your devices in front of the right audience.
Source: https://medsider.com/interviews/marc-zemel-retia-medical
