BioFinTech is a form of multi-faceted innovation that innately combines biotech and fintech. In the simplest terms we can consider the financial impact of biotech on financial services. The financial magnitude of this impact can be measured as a scalar projection. In reality, the interplay of the two areas is more intricate, because financial innovation, such as Digital Collateral can contribute to innovation in healthcare, but empowering new technologies and processes through monetization and an ecosystem that can support higher level innovation.
On one hand our Medical Data Ocean™ is a highly sophisticated and innovate structure to handle the mathematical essence of digital twin of living medical data of contributing patients, such as those who use the First Opinion™ EHR to organize and monetize their medical data. On the other hand, the MDO is essentially a sandbox where innovation can be crafted. By providing a foundation of massive medical data and tools to analyze biomarkers we empower more efficient development of new therapies, more personalized application of existing therapies, especially in complex combinations suited to the individual.
Vector analysis of Bio-Financial Innovation
We begin our discussion by quantification of multi-faceted innovation. Consider the projection of medicine vector (A) onto finance captured by vector B. The medicine vector captures multiple features of healthcare, and is complex, while the finance vector is more easily understood. Here the direction B represents cash flow (literally, a vector implying an increasing dollar amount in the bank), thus projection of Medicine onto finance represents the revenue potential of the former.
This vector analogy is particularly interesting when considering revenue potential of technologies penetrating different markets, where healthcare costs and the availability of local health resources are captured in the angle Theta, which determines various extent of monetization of the same medicine in different markets.
On our page introducing the concept of BioFintech elaborates has it combines elements of innovation of Biotech and Fintech. We can describe Precision medicine based on three vector components, pure medicine, financial impact of medical choices, and personalization of therapy. For example, cancer patients often lack full information to begin personalized cancer therapy before undergoing chemically toxic “standard lines of therapy”, which includes combination of chemotherapy targeting rapidly dividing cells instead of specific drivers of cancer, such as mutations within critical oncogenes.
Personalization of healthcare choices can be logically considered to be the opposite of politization. There is always a need for accountability and regulation in healthcare, so complete “personalization” is neither possible nor desirable. What we call personalized medicine can be better understood as cohort medicine that is selected individually, that is to say the experience of the group (cohort) is used to predict effective therapy for a new patient, typically using molecular biomarkers. Thus, personalization is a matter of choice in a country or state regarding the relative impact of the bureaucracy on health decisions compared with personal choices and healthcare needs.
A simple illustration of Personalized and Politicized medicine is given by vectors P and Q show different prioritization of effort. Both vectors have the same length, signifying equal resources. Vector P is aligned more with satisfying the requirements of the patient (more medicine and less politics) and healthcare providers in furtherance of aiding the patient. Vector Q illustrates a situation where the majority of effort is directed towards regulatory compliance, paperwork, and generally not getting sued. While P may be associated with Personalization of Healthcare, Q is more closely associated with Politization of Healthcare.