Today, we are excited to introduce PeekMed, João Pedro Ribeiro (JPR), PeekMed’s Chairman & CEO.
PeekMed is a global MedTech decision support tool, that allows quick and efficient preoperative planning of orthopedic procedures, representing substantial savings for implant manufacturers. Thus, is a company that has not only grown but also inspired us with its entrepreneurial spirit and innovative solutions. But let us know them better through João’s words.
JPR: PeekMed is all about less surprises, less risk, and better outcomes. We’ve developed an AI-based planning and simulation system for orthopedic surgery, which aims to help improve patient outcomes while reducing waste and inventory costs.
We began the journey having only one idea, and that led to three biomedical engineers quitting their jobs and founding a company in 2015. We knew we could assist surgeons in the surgery’s preparation phase while supporting the whole value chain decreasing waste and costs. Today we have 50 team members, with 2 offices (PT & US) and with customers across the globe. It has been quite a journey, but we are only starting.
Be laser-focused on the problem and don’t fall into the (normal!) trap of being in love with the product. - JPR
JPR: I would pick two key factors: mindset and culture. We have this constant mindset that nothing is ever finished, there’s always room for improvement. With this mindset, we are constantly looking for different solutions to solve the challenges we are addressing. We are literally a group of people, never really satisfied with the final solution (in a good way!). This, connected with our culture and agility, sets us apart from others in this industry. The whole team feels this vision as their own and, together, we are executing it. All in all, this allows us to get there faster and more efficiently.
JPR: US is undoubtedly one of the main markets in several industries, and Orthopedics is no exception. This has been a milestone for a while now and we felt that the time has come. We already have some industry partners in the US, and this will make the whole collaboration much easier, fostering more collaborations and customers, and ultimately, driving more business. The location itself is also quite relevant, Warsaw, IN. This location has always been the ground zero of orthopedics worldwide, as the major industry leaders either started there or have their main HQ there. This, together with the launch of our new product is an exceptional time for the company. We are really happy with this step and looking forward to the future.
JPR: This new product was designed with automation and efficiency in mind. The whole process of planning the procedure is now completely automatic, with the surgeon’s ability to change the plan if needed, being the ultimate decision maker. All of this in under a minute! This allows for more and more surgeries planned which, ultimately, feeds the system itself, into this constant improvement loop. With more surgeries being planned and executed, the better the system will be, providing more accurate and patient-centric results. On top of that, it provides the most appropriate implant sizes for each patient, helping to reduce implant inventory and waste, and turning the whole value chain more efficient and sustainable. We can’t wait to receive more and more feedback from the market. So far, the feedback has been great!
JPR: Artificial Intelligence and Deep Learning technologies are quite relevant to what we do. Not only do we use those for automation steps, such as automatic segmentation or automatic surgical landmark detection, but we also use them for constant improvement in the process of planning. Our models learn with the surgeries they plan, being constantly in this loop of “planning-approval-execution-redo”.
JPR: 3xP Global brings a lot of experience in business and market analysis. This investment has been crucial for a proper positioningof the company in the market, and the definition of our marketing and sales strategy. Our discussions around business, financials, and strategy have been great in fostering our growth. So far it has been a winning relationship, and we couldn’t be happier!
JPR: One metric we’ve been trying to measure that directly has an environmental impact is implant waste or write-offs. Implants have a limited shelf life, mostly associated with the sterilization process. While metal can be re-sterilized, plastic or polyethylene, can’t, so they are destroyed, producing waste. Big implant manufacturers have write-offs in the $300M range annually. Not only does this create waste but also affects these companies’ profit. Our technology allows for better planning and choosing of the right implants to use. Data shows it is possible to cut ½ of the materials needed for surgery, being possible to go to 2/3 on savings. That is our goal!
JPR: We are only at the beginning of our mission, but we’re always committed to our goals. We now want to grow in the US market, after the first step is done, with more collaborations with surgeons, hospitals, and the industry. We want to be this interface between the surgeon and what happens inside the operating room, supporting the value chain along the way.
JPR: Be laser-focused on the problem and don’t fall into the (normal!) trap of being in love with the product. You will have more “downs” than “ups” in this journey, but if you keep driving on your vision, you won’t get distracted when you have a “down”, you will learn from it.
Thank you, João, for sharing your remarkable journey with us. Your story is a testament to the power of strategic business and innovation. We look forward to witnessing your continued success.
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