Cultivating a Culture of Continuous Learning and Improvement

Interview with Biotricity CEO Waqaas Al-Siddiq

In this insightful interview, we had the pleasure of speaking with Waqaas Al-Siddiq, the founder and CEO of Biotricity, a cutting-edge remote patient monitoring company focusing on the cardiac landscape. 

Waqaas is a serial entrepreneur, a former investment advisor, and an expert in wireless communication technology. His extensive background in engineering and business has contributed significantly to the success of Biotricity, making it a leader in medtech innovation.

Waqaas' journey began as an engineer at IBM, followed by stints at AMD and Intel before he ventured into investment banking. It was during his time in the cloud computing space that he became interested in wireless sensors and the future of healthcare. Inspired by the intersection of connectivity and cloud, he started working with Higi, a company that had built one of the largest healthcare gamification platforms and was later sold for $50 million. This experience eventually led him to create Biotricity in 2014.

With a vision to revolutionize cardiac care, Biotricity has developed an ecosystem of products that can track patients through their entire cardiac journey. Biotricity's primary product, Bioflex, has been used to track over 170,000 patients by 2,000 physicians across 35 states to date. 

Recently, they’ve expanded their product portfolio with the introduction of Biotress and Bioheart, offering comprehensive solutions to patients and healthcare providers throughout the cardiac care process.

Key Learnings From Waqaas’ Experience

  • It’s vital to understand different user workflows and consider the commercialization aspect of your device during the product development phase. Addressing these points early on helps ensure the devices can be effectively integrated into users' routines and increases the likelihood of adoption.
  • When developing medical devices that are used by consumers, you have to cater to diverse needs, which requires striking a balance between providing patients with sufficient information and avoiding unnecessary concern that may arise from information overload. The best approach is to continuously learn from customers and adjust your messaging accordingly, taking into account the needs of various stakeholders.
  • In a saturated market like wearables, entrepreneurs need to focus on delivering clinical value and directing their efforts toward diagnosed patients or those with specific needs. This will help differentiate your products from the competition and allow for maximum impact.
Guest
Waqaas Al-Siddiq
CEO of Biotricity

Waqaas has a dual Bachelor’s degree in Computer Engineering and Economics, a Master’s in Computer Engineering from Rochester Institute of Technology, and a Master’s in Business Administration and a Doctorate in Business Administration from Henley Business School. With over 15 years of experience in the technology and healthcare sectors, Waqaas has a strong track record of developing innovative solutions for remote patient monitoring and connected health. As the CEO of Biotricity, he leads the company's mission to revolutionize remote patient monitoring by leveraging cutting-edge technology and data-driven insights.

Understanding User Workflows and Prioritizing Your Commercialization Strategy

Recognizing different user workflows early in the development stage is of utmost importance when designing a product. However, you can easily overlook this step if you’re solely focusing on the clinical aspects, which is exactly what happened to Waqaas: "We were so focused on the clinical piece that the workflow piece was like, we knew it was important, but it was not something that was a part of it," he recalls.

Biotricity initially targeted cardiologists, but they later discovered that nurses and medical assistants were the primary users of their product. Waqaas highlights the complexity of addressing different workflows, saying, "When you look at the project, it's like, wait a minute, there are four workflows here, right? And actually, there are technically five workflows if you really go into it. And the reason is because, well, a cardiologist's workflow is different than a GP's workflow, which is different than an EP's workflow, which is different than a nurse's workflow, which is different than an MA's workflow." Addressing these varied workflows ensures the device can be effectively integrated into the routines of different users.

In addition to understanding user workflows, Waqaas also urges entrepreneurs to contemplate the commercialization strategy early on, as he thinks this is another key point most medical device companies tend to overlook. 

Determining who will pay for the product and how it will be incorporated into the healthcare system is a critical aspect of the development process. You need to decide upfront who’s paying for the product: "Is the patient paying for it? Is the insurance company paying for it? Is it part of a general fee, or is it part of a procedural thing where the hospital is just billing for it”

By thinking about your commercial approach from the beginning, entrepreneurs can better position their products for success. As Waqaas aptly puts it, "Whether or not someone's going to pay for it is a whole another entrepreneurial journey."

Striking a Balance Between Consumer-Friendly Devices and Patient Compliance

When developing medical devices, you need to cater to diverse consumer needs, which requires striking a balance between providing patients with sufficient information and avoiding unnecessary concern that may arise from information overload.

Talking about consumers, Waqaas says: “The consumers are very interesting because you've got the ‘worried well’, you've got the people who don't understand anything, and then you got a group in the middle that has some technical acuity and are willing to try.” 

Adapting to the evolving demographics and technology landscape is crucial for maintaining patient compliance. Waqaas described Biotricity’s approach of dividing concerns into two categories: one for enhancing information delivery to patients without causing alarm and another for patient compliance, engagement, and user experience.

Healthcare literacy is another essential factor when designing consumer-friendly devices. Waqaas shared an example of their Bioheart product, aimed at providing continuous heart monitoring. Despite marketing efforts emphasizing this unique selling point, some users failed to grasp the continuous monitoring aspect. Waqqas found it intriguing that even with marketing and messaging focused on this feature, there remained a disconnect for some users.

To overcome this challenge, companies need to continuously learn from customers and adjust their messaging accordingly, taking into account the needs of various stakeholders, such as patients and physicians. Waqaas acknowledges that this can be a daunting task, but it’s nevertheless imperative for product adoption.

How to Differentiate in the Wearables Market

The wearable market is becoming increasingly saturated, with numerous companies offering various devices for health monitoring. According to Waqqas, a crucial differentiating factor for these wearables is their "clinical value, clinical capability, and clinical effectiveness." He suggests that wearable devices should aim for a level of data accuracy that is reliable enough for diagnosis, even if it’s not directly shown to the patient.

Waqaas also emphasizes the significance of targeting diagnosed patients when developing wearable devices. By doing so, companies are forced to focus on condition-specific solutions, ensuring that the devices provide meaningful and useful data to address specific health issues. 

Waqqas explains, "If you're giving them something that is not useful to that condition in terms of a data point, then you really haven't solved anything." This approach has the added benefit of appealing to the at-risk population and the ‘worried well’, as the devices are designed to tackle specific health problems.

Waqaas uses the continuous heart monitoring feature of the Apple Watch as an example of a wearable device that focuses on addressing a specific medical condition. By concentrating on a particular health issue, such as a cardiac condition, the device collects long-term data tailored to the unique needs of patients experiencing these problems. This targeted approach allows for better customization and enhances the device's overall effectiveness in monitoring and managing the specific health concern.

Furthermore, Waqqas believes that it’s vital to understand the end-user perspective when designing wearable devices. He explains that knowing whether the target user is a ‘worried well’, a healthy person, an at-risk individual, or a diagnosed patient can significantly impact the device's design and functionality.

In conclusion, by emphasizing clinical value and targeting diagnosed patients, companies in the wearables space can create meaningful and impactful devices that not only serve as personal health monitoring tools but also aid physicians in managing their patients' health. This approach ultimately ensures that wearable devices provide valuable solutions for specific health conditions, addressing the needs of various user groups.

Download a copy of the interview transcript right here.
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In this insightful interview, we had the pleasure of speaking with Waqaas Al-Siddiq, the founder and CEO of Biotricity, a cutting-edge remote patient monitoring company focusing on the cardiac landscape. 

Waqaas is a serial entrepreneur, a former investment advisor, and an expert in wireless communication technology. His extensive background in engineering and business has contributed significantly to the success of Biotricity, making it a leader in medtech innovation.

Waqaas' journey began as an engineer at IBM, followed by stints at AMD and Intel before he ventured into investment banking. It was during his time in the cloud computing space that he became interested in wireless sensors and the future of healthcare. Inspired by the intersection of connectivity and cloud, he started working with Higi, a company that had built one of the largest healthcare gamification platforms and was later sold for $50 million. This experience eventually led him to create Biotricity in 2014.

With a vision to revolutionize cardiac care, Biotricity has developed an ecosystem of products that can track patients through their entire cardiac journey. Biotricity's primary product, Bioflex, has been used to track over 170,000 patients by 2,000 physicians across 35 states to date. 

Recently, they’ve expanded their product portfolio with the introduction of Biotress and Bioheart, offering comprehensive solutions to patients and healthcare providers throughout the cardiac care process.

Key Learnings From Waqaas’ Experience

  • It’s vital to understand different user workflows and consider the commercialization aspect of your device during the product development phase. Addressing these points early on helps ensure the devices can be effectively integrated into users' routines and increases the likelihood of adoption.
  • When developing medical devices that are used by consumers, you have to cater to diverse needs, which requires striking a balance between providing patients with sufficient information and avoiding unnecessary concern that may arise from information overload. The best approach is to continuously learn from customers and adjust your messaging accordingly, taking into account the needs of various stakeholders.
  • In a saturated market like wearables, entrepreneurs need to focus on delivering clinical value and directing their efforts toward diagnosed patients or those with specific needs. This will help differentiate your products from the competition and allow for maximum impact.
Guest
Waqaas Al-Siddiq
CEO of Biotricity

Waqaas has a dual Bachelor’s degree in Computer Engineering and Economics, a Master’s in Computer Engineering from Rochester Institute of Technology, and a Master’s in Business Administration and a Doctorate in Business Administration from Henley Business School. With over 15 years of experience in the technology and healthcare sectors, Waqaas has a strong track record of developing innovative solutions for remote patient monitoring and connected health. As the CEO of Biotricity, he leads the company's mission to revolutionize remote patient monitoring by leveraging cutting-edge technology and data-driven insights.

Understanding User Workflows and Prioritizing Your Commercialization Strategy

Recognizing different user workflows early in the development stage is of utmost importance when designing a product. However, you can easily overlook this step if you’re solely focusing on the clinical aspects, which is exactly what happened to Waqaas: "We were so focused on the clinical piece that the workflow piece was like, we knew it was important, but it was not something that was a part of it," he recalls.

Biotricity initially targeted cardiologists, but they later discovered that nurses and medical assistants were the primary users of their product. Waqaas highlights the complexity of addressing different workflows, saying, "When you look at the project, it's like, wait a minute, there are four workflows here, right? And actually, there are technically five workflows if you really go into it. And the reason is because, well, a cardiologist's workflow is different than a GP's workflow, which is different than an EP's workflow, which is different than a nurse's workflow, which is different than an MA's workflow." Addressing these varied workflows ensures the device can be effectively integrated into the routines of different users.

In addition to understanding user workflows, Waqaas also urges entrepreneurs to contemplate the commercialization strategy early on, as he thinks this is another key point most medical device companies tend to overlook. 

Determining who will pay for the product and how it will be incorporated into the healthcare system is a critical aspect of the development process. You need to decide upfront who’s paying for the product: "Is the patient paying for it? Is the insurance company paying for it? Is it part of a general fee, or is it part of a procedural thing where the hospital is just billing for it”

By thinking about your commercial approach from the beginning, entrepreneurs can better position their products for success. As Waqaas aptly puts it, "Whether or not someone's going to pay for it is a whole another entrepreneurial journey."

Striking a Balance Between Consumer-Friendly Devices and Patient Compliance

When developing medical devices, you need to cater to diverse consumer needs, which requires striking a balance between providing patients with sufficient information and avoiding unnecessary concern that may arise from information overload.

Talking about consumers, Waqaas says: “The consumers are very interesting because you've got the ‘worried well’, you've got the people who don't understand anything, and then you got a group in the middle that has some technical acuity and are willing to try.” 

Adapting to the evolving demographics and technology landscape is crucial for maintaining patient compliance. Waqaas described Biotricity’s approach of dividing concerns into two categories: one for enhancing information delivery to patients without causing alarm and another for patient compliance, engagement, and user experience.

Healthcare literacy is another essential factor when designing consumer-friendly devices. Waqaas shared an example of their Bioheart product, aimed at providing continuous heart monitoring. Despite marketing efforts emphasizing this unique selling point, some users failed to grasp the continuous monitoring aspect. Waqqas found it intriguing that even with marketing and messaging focused on this feature, there remained a disconnect for some users.

To overcome this challenge, companies need to continuously learn from customers and adjust their messaging accordingly, taking into account the needs of various stakeholders, such as patients and physicians. Waqaas acknowledges that this can be a daunting task, but it’s nevertheless imperative for product adoption.

How to Differentiate in the Wearables Market

The wearable market is becoming increasingly saturated, with numerous companies offering various devices for health monitoring. According to Waqqas, a crucial differentiating factor for these wearables is their "clinical value, clinical capability, and clinical effectiveness." He suggests that wearable devices should aim for a level of data accuracy that is reliable enough for diagnosis, even if it’s not directly shown to the patient.

Waqaas also emphasizes the significance of targeting diagnosed patients when developing wearable devices. By doing so, companies are forced to focus on condition-specific solutions, ensuring that the devices provide meaningful and useful data to address specific health issues. 

Waqqas explains, "If you're giving them something that is not useful to that condition in terms of a data point, then you really haven't solved anything." This approach has the added benefit of appealing to the at-risk population and the ‘worried well’, as the devices are designed to tackle specific health problems.

Waqaas uses the continuous heart monitoring feature of the Apple Watch as an example of a wearable device that focuses on addressing a specific medical condition. By concentrating on a particular health issue, such as a cardiac condition, the device collects long-term data tailored to the unique needs of patients experiencing these problems. This targeted approach allows for better customization and enhances the device's overall effectiveness in monitoring and managing the specific health concern.

Furthermore, Waqqas believes that it’s vital to understand the end-user perspective when designing wearable devices. He explains that knowing whether the target user is a ‘worried well’, a healthy person, an at-risk individual, or a diagnosed patient can significantly impact the device's design and functionality.

In conclusion, by emphasizing clinical value and targeting diagnosed patients, companies in the wearables space can create meaningful and impactful devices that not only serve as personal health monitoring tools but also aid physicians in managing their patients' health. This approach ultimately ensures that wearable devices provide valuable solutions for specific health conditions, addressing the needs of various user groups.

Download a copy of the interview transcript right here.
Share:
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