How big is the market for bioelectronic medicine?
Pharmaceuticals, personalized medicine, and medical devices represent in excess of a Trillion-dollar industry. In the United States, the average annual pharmaceutical bill is over $1,000 per person, drug spending is projected to top $1.3 trillion, and over 90 percent of American seniors rely on prescription medications. Based on this data alone, it’s clear that there is a tremendous opportunity in pharmaceutical alternatives.”
Will bioelectronic medicine make pharmaceuticals obsolete?Bioelectronic medicine technologies work at the level of the nerve fiber and allow for cell-specific targeting. With the specificity available through bioelectronic medicine and the lack of side effects often found with pharmaceuticals, there are certainly superior health benefits. Additionally, some of the early trials of bioelectronic medicine in rheumatoid arthritis found success in patients who showed no improvement with drugs. Pharmaceuticals will always be a part of our lives, but bioelectronic medicine will provide further improvements and better options. In some cases, there may be an opportunity to replace drugs altogether while in others, the opportunity may be to complement certain pharmaceuticals.
Who are your partners?We are fortunate that so many institutions, from government organizations to large corporations, share our optimism about the future and potential of bioelectronic medicine. SetPoint Medical, a company co-founded by the Feinstein’s CEO, Dr. Kevin Tracey, is one of the first to bring a device to clinical trial, but many other key players are investing in the market. We are thrilled to spearhead this industry and collaborate with such giants as Battelle, i360, Karolinska Instituet, Notre Dame University, and SetPoint Medical.