3 Proactive Ways to Respond to Market Uncertainty
Quick note before we dive in: If you’re going to ViVE in Nashville this month, don’t miss Rebecca on stage talking about the shift to Care at Home, and be sure to RSVP for our happy hour on Tuesday night with Rebecca, Carrie, and Kaitlyn!
Let's hope this weekend is far less exciting than last weekend! Bank failures and market insecurity make it harder to focus on innovation.
Even if the SVB failure did not impact you, you are probably aware of a tightening of VC purse strings, heightened expectations of portfolio companies from investors during due diligence, and longer lead times for landing new customers and partnerships.
However, the silver lining with all these headlines is a reminder of the value of a strong business foundation and wise, steady allies.
Companies that use this period of market adjustment to reexamine critical areas of the business and fortify key relationships will be better prepared to seize new opportunities when conditions change.
And they will change.
Let’s first talk about wise, steady allies.
While it's not hard to find attorneys to answer your specific regulatory questions, you won't easily find an experienced team who answers your legal questions within the context of your business goals and long-term growth strategies.
(We've looked even harder than you for these unicorns because they are the only kind of attorneys we hire!)
We're proud to serve you in this comprehensive way, and we hope you look for other key business relationships with this same type of all-in focus on your success. This is a good time to reconnect with your key vendors and partners to align expectations of service.
“Our first significant experience was during the first meeting, on a Friday at 5 p.m., when we explained our needs and that they were urgent (the PC structure). Rebecca just said, “OK, let’s do it,” and started verbally structuring the next steps. This conversation came after a discussion with a “top tier” firm that took the wind out of our wings with a negative approach.”
— Antidote Health Chief Legal Officer Maya Krieger Kolevsohn
Now let’s examine some critical areas of business. Here are three resources to help you shore up your digital health, medical device, or telehealth business foundations:
Digital Health Companies: If you’re finding it harder to sell into health systems these days, you’re not alone. We interviewed leaders from Merritt Group, sponsors of a study of health system CIOs on their buying practices. This 2-part interview is full of practical tips for maximizing your resources in reaching these key buyers of digital health solutions.
Medical Device Companies: If you’re waiting until your solution is built to consult a healthcare innovation attorney for FDA guidance, you may be looking at more development costs and a delay to market. Don’t waste time or your precious funding dollars when these things can be dealt with during initial development. Wondering if your software qualifies as Software as a Medical Device (SaMD)? Click here to get started.
Telehealth Companies: With the public health emergency (PHE) ending on May 11, the next few months will be a flurry of activity in telehealth regulations, such as this recent update from the DEA on teleprescribing. At the very minimum, make sure to sign up for our biweekly LinkedIn Telehealth/Virtual Care law and policy updates for telehealth and virtual care companies.
Conference Schedule
Senior Digital Health Leaders: Join Partners Rebecca Gwilt, Carrie Nixon, and Kaitlyn O'Connor at ViVE2023 in Nashville. Rebecca will be talking about the shift to Care at Home, which we've been seeing for quite some time now. Be sure to RSVP for our happy hour on Tuesday evening!
Continuing Education: Reema Taneja, Esq., will be teaching a course on Digital Health & the Law: Artificial Intelligence & Telehealth Applications at the American University Washington College of Law this summer. The Summer Institute welcomes law students, law practitioners, compliance officers, health care managers and executives, administrators, clinicians, scholars, and others working or interested in the healthcare industry. Click here for registration details.
Don’t Miss List
Investors and Female Founders: Get the Annual Invest in Women List which contains dozens of VC, accelerator, and mentorship opportunities for female founders. Investors, let us know if you should be on this popular list.
Female Founders: Be sure to check out Springboard’s Digital Health Innovation program for women-led digital health and healthcare companies seeking growth, funding, and connections to experts and strategic partners for product development and expansion. Applications due June 1, 2023.
Insights on SVB: Click here to find out what entrepreneurs can do to reduce risk and plan for the future.
And that brings this issue to a close…
Thank you for making room for us in your crowded inbox every month. You're busy, and we aim to deliver the most immediately useful information in each issue. You can always reply to our emails with kudos, comments, questions, or constructive criticism—we read every response.
Until next time,
Carrie Nixon, Rebecca Gwilt, Kaitlyn O'Connor
and the entire Nixon Gwilt Law Team