Digital health startup Theranos came under fire in October after reports alleged the company's diagnostic technologies were not as accurate or efficient as the company purported them to be. Now, in the shadow of the Theranos scandal, other health technology startups may face additional barriers as they seek to bring their products to market, suggests Fast Company.
Experts told Fast Company it will be harder for health technology companies to challenge the status quo and prove their technologies are worthy, as regulators are likely to more heavily scrutinize products, and investors may be more cautious.
"If we overhype things that aren't real — and I'm not saying [Theranos' technology] is not — [then] we'll have a harder time getting buy-in for things that are real," said Justin Smith, MD, a pediatrician and medical advisor for digital health at Cook Children's Health Care System in Forth Worth, Texas.
However, increased scrutiny and skepticism may be a good thing for healthcare technology entrepreneurs, Barbara Bates, founder and CEO of technology public relations firm Eastwick, told Fast Company. "Health technology companies should expect to have to present more evidence, and they should proactively welcome it if they're confident about their technology," she said.
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