Let’s take a deep dive into innovation in the health sector and the role that university research plays in this sector. Joining us today is Richard Gannotta, a seasoned healthcare executive with a remarkable career spanning top academic and public health systems. 

From leading UC Irvine Health to shaping policy at NYC Health + Hospitals, Rick's expertise is unparalleled. As managing partner of Washington Square Advisors, he continues to drive innovation in the medtech and biotech industries. He's also a dedicated educator at NYU and the host of the Healthcare Nation podcast.

In this episode, we explore the future of healthcare and technological development. We'll explore how telehealth is transforming patient care, the groundbreaking potential of AI in medicine, and the critical role of intellectual property in driving innovation. 

We'll also discuss the evolving landscape of healthcare delivery, the impact of new technologies like wearables, and the policies needed to support this exciting transformation. Join us as we uncover the trends shaping the future of health and wellness. 

In This Episode:

[02:16 ] Rick shares his amazing career journey. According to Rick, he's just a kid from Brooklyn who caught a couple of good breaks along the way.

[02:46 ] He's always been interested in technology, science, and medicine.

[03:17 ] He ended up dropping out of high school and becoming a nurse's aide and then an LPN. This was a big break for him. It eventually led to nursing school, becoming a nurse practitioner, and getting a degree. He now has an MBA and a doctorate in healthcare policy.

[04:33 ] Starting out working at the bedside was invaluable information for his further career. He's also always taught academically. His firm Washington Square Advisors is a boutique firm navigating the intricacies of the healthcare sector.

[06:26 ] Career paths aren't linear. They can have many twists and turns.

[06:54 ] Rick believes that technology is the new biology. It will be equally important for the health and wellness of society and individuals.

[08:03 ] Validating ideas and whether the innovation is addressing the issue.

[10:17 ] Three Factor Framing. There are three factors that are the key components of disruptive innovations. The first Factor F1 is really market eligibility or ideation. Is there demand?

[12:14 ] F2 is the governing process. The environmental gating conditions that would slow things down or speed them up.

[12:56 ] F3 is the out of field variable or the X factor. It's an approach or technology commonly used in a different sector.

[14:05 ] These can be applied to idea generation, brainstorming and more.

[16:15 ] Rick talks about Telehealth and AI revolutionizing healthcare. There are incredible opportunities to change the game.

[18:02 ] Rick predicts a convergence of The Internet of Things and medical technology.

[20:14 ] The first rule at Washington Square Advisors is to seek to understand your client's challenges. Work closely with the teams to understand the philosophy.

[23:18 ] Rick talks about navigating IP challenges working with startups in the healthcare sector. It's essential to secure your patent early.

[27:44 ] Governmental policies are very important when you're thinking about startups.

[28:19 ] Can we make healthcare better, more convenient, and more accessible using technology? Another big issue is the medical professional shortage.

[32:46 ] Strategies for tech transfer offices include having strong relationships with industry partners, having your finger on the pulse of what's happening, and understanding the resources that you need to provide.

[34:33 ] Partnership agreements and joint ventures make a lot of sense.

[35:16 ] Pitfalls include not fully understanding or underestimating hurdles such as regulatory issues. Inadequate market understanding, fit, and validation are also concerns that need to be addressed.

[36:43 ] All of the processes begin with education.

[37:47 ] Rick's advice includes focusing on understanding the real clinical need and the why.

Resources: 

Richard Gannotta NYU Wagner

Richard Gannotta LinkedIn

Healthcare Nation Podcast