What is Impact Investing and Why You Should Consider Patenting Your Ideas (Michael Friebe)
In this episode of Faces of Digital Health, Michael, an experienced innovator with over 80 patents and a professor in multiple countries, joins to discuss the future of digital health. The conversation dives deep into the concepts of innovation, patent strategies, and the challenges in digital health funding. Michael shares his insights on current investment trends, the future of healthcare, and the potential of technologies like AI and digital tools to redefine medicine.
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Key Points:
The Role of Patents in Innovation:
Michael holds 80 patents, but only a few have translated into successful innovations. Patents serve as a starting point for innovation, not necessarily as a direct path to commercialization.
Challenges in Patent Development:
The difficulty in checking if something has already been patented due to the 18-month confidentiality period. Patenting as a strategy to establish a foundation for future projects and startups.
Current State of Digital Health Funding:
2024 has seen significant investment, especially in the U.S. market, but COVID-19 still skews comparisons.
Michael believes digital health should go beyond improving administrative workflows and focus on new forms of medicine, such as combining AI, sensors, and IoT.
Investment Challenges and New Approaches:
There is no current business model for preventive healthcare, but it’s essential for long-term health impact. Michael advocates for shifting from analog to digital processes and creating personalized, predictive healthcare.
5P Future of Health Investment Fund:
Michael has started an investment fund called “5P Future of Health,” focusing on long-term impact rather than immediate profits.
Emphasis on personalized, participative healthcare, and developing tools that address health issues before they become critical.
Vision for the Future of Healthcare:
Transition healthcare from hospitals to home-based systems, using affordable and accessible diagnostic tools. The need for democratizing healthcare and creating business models that are inclusive, not just profit-driven.
