By Steve Parker, CEO, Creavo Medical Technologies
The last 12 months were pivotal for Creavo in defining the roadmap for the final development phase for Corsens®. And with a new and important year for us already in full swing, our focus is on applying what we learned in 2019 and readying our potentially ground-breaking device for use by clinicians.
In the final part of last year we embarked on an exciting partnership with Phillips HealthWorks as one of only two European companies involved in a three-month intensive programme to explore future collaborations. Phillips provided extremely valuable input on technology development and commercialisation which will continue through 2020 and beyond. We will also continue to collaborate with organisations committed to accelerating breakthrough innovations in healthcare.
The major focus for Creavo this year is to conduct final development of our device’s diagnostic algorithm, having already gained proof of concept of its ability to detect magnetic cardiac signals and differentiate them from background noise in a busy Emergency Department (ED) environment.
To plan for this final phase, we recently moved the company to new facilities, allowing us to expand our on-site manufacturing capabilities and streamline the R&D process. Later in the year, we will take this a step further as we launch a new study to validate the final development work that is already underway.
All of our efforts are placed in the context of the increasing challenges faced within EDs. Unfortunately, despite the hard work of clinicians, staff and decision makers, ED targets were missed again last year and aren’t set to improve as we head into 2020.
At Creavo, we recognise the very real opportunity we have to help alleviate this strain on the NHS and other healthcare providers worldwide, by easing overcrowding and allowing treatment to be more efficiently targeted. More than 1.3 million UK ED admissions are due to chest pain, but of these a significant proportion prove to have no serious cardiac-related condition – which results in this patient group clogging up the system and means those that actually need treatment may not get it quickly enough.
But what if clinicians could conclusively rule out and send home over a third of those patients after just one hour of entering the ED? What if the same number again could be sent home after just another four hours, following further testing? Our hope is that with new technology in the hands of clinicians in the form of Corsens®, triage time can be halved – helping to quickly get patients into treatment if they need it, and to send them home if they don’t.
We’ve estimated that in the UK alone, 60% of hospitals would achieve financial payback within four months of investing in Corsens® due to the savings made from earlier safe discharge of patients from the chest pain triage process. As a result of this, and considering the worldwide need, our assessment is that the global market opportunity for Corsens® is £4bn.
Last year, we were honoured that our device was displayed as part of the Institute of Engineering and Technology’s ‘100 objects that have changed the world’ exhibition and we start this year as finalists in the Disruptor and Innovator category at the 2020 Amazon ScaleUp Awards by Business Leader.
This year we look forward to moving one step closer to making this potential a reality; to improve the lives of cardiac patients and to tackle the growing problem of ED overcrowding.