InnaMed Founder Interview: Eshwar, President
InnaMed is trying to streamline medicine by allowing patients to conduct their own blood tests at home. They understand the effectiveness of healthcare tools comes down to availability. Based in Philadelphia, InnaMed seeks to increase the level of care a patient receives. Founded in 2016 they hope to expand rapidly. We spoke with Eshwar to learn more about his company and why he is so committed.
Interview with Eshwar
What growth do you expect in the at-home testing market over the next 5 years?
We think decentralized lab testing is going to be a big part of healthcare moving forward. It makes very intuitive sense that patients who have easier access to frequent blood testing can better manage their health. For heart failure patients, this means optimized diet and dosage of diuretics. For transplant patients, this means stable maintenance of immunosuppressants. For patients facing metabolic disorders, undergoing IVF, receiving chemotherapy, etc. - at home blood testing can improve the efficiency with which therapy is delivered while bolstering adherence rates and patient education.
Can you describe your typical customer?
Lab testing requires patient willingness, effort, time and money as patients must travel, wait and rely on caregiver support in order to comply with the recommended follow-ups. No one likes lab testing - hence, the low adherence rates. We want to make the entire process simple and easy for patients so that they can focus on recovering while still sharing crucial physiological data with providers. Our solution is meant to enable health systems to better manage unstable patients (post acute recovery or several chronic diseases). It will be especially important for patients that are homebound or live in rural areas.
What is your motivation?
We want to be the company on the forefront of healthcare’s transition from the analog world to the digital world. We think a combination of software of hardware solutions that bridge the patient-provider relationship can go a long way in improving quality of life while reducing healthcare costs.
What was the most challenging moment you’ve faced while building InnaMed?
Theranos really muddied the water for diagnostics startups. Investors are more skeptical and want to see more progress before committing capital. As a result, we’ve had to be smarter with our spending and more persistent with our fundraising efforts.
Why did you decide to raise money through Republic?
Republic has a great track record with healthcare companies and we really like the ease of use of their platform. We were sourced to Republic through Wharton Impact Venture Associates (WIVA).
Is there any message you want to give potential investors?
You’re investing in a strong team and a sound intellectual property portfolio being applied towards a meaningful mission.
Healthcare is a big market, one that has seen huge changes due to technology. If you’re interested in investing, head over to their Republic page.