10 Years of Disruption: The Evolution of Healthcare Innovation
An Op-Ed from Co-Founder + Managing Partner, Aidan Petrie
A decade ago, Steve Lane and I sold our medical device development company to SV Life Sciences, a global venture capital and private equity firm. At the time, we had five offices worldwide and were considered a leader in our industry. Curious about why SV was interested in acquiring a development company like ours, I asked one of the senior partners. His response was both simple and profound: "We see 20 years of disruption ahead in healthcare, and that disruption will fuel the medical device development field."
Five years later, we sold the company again—this time to a large roll-up group. In the years following that first sale, I witnessed firsthand the shifts and challenges that continue to shape the healthcare industry.
At Ximedica (now Veranex), we had the opportunity to work with countless early-stage companies. Unfortunately, many of them failed—not because they lacked innovative ideas, but because they didn’t know what they didn’t know. Their growth was stunted by avoidable pitfalls. Reflecting on this experience, I decided that I wanted to spend my retirement supporting the next generation of healthcare innovators.
In partnership with Lydia Shin, the New England Medical Innovation Center (NEMIC) was founded, a nonprofit organization dedicated to helping early-stage companies succeed. Our mission is to provide education, mentorship, networking, and program management support to startups in Rhode Island and around the world. Over the years, we have facilitated diligence activities for angel groups and companies and, in some cases, even stepped in as program managers, allowing inventors to focus on their core work. To date, NEMIC has engaged with hundreds of companies, collectively raising $105 million as of last year.
Looking back, I realize we are now 10 years into the disruption that SV Life Sciences predicted. Yet, despite all the innovation and progress, many of the core challenges facing healthcare remain unmitigated. The U.S. healthcare system still costs twice as much as that of any other developed country, and our health outcomes have worsened—average life expectancy for men has dropped to 70.5 years and our maternal health is the worst in the developed world.
The Driving Force Behind Innovation
The pressing need to improve outcomes, reduce costs, and enhance the experience for patients, providers, and caregivers is the driving force behind healthcare innovation today. Addressing health inequity across our communities is critical.
While the pace of innovation hasn’t slowed, it has evolved. New tools and technologies are helping us shape the future of care. We now have communication tools that enable better patient engagement and data-driven analytical technologies that enhance therapeutic and diagnostic decision-making. Instead of isolated moments of care, we are increasingly able to offer seamless continuums of care. There’s a growing recognition of the vital role that nursing and physiotherapy play in patient outcomes, along with an explosion of devices designed for remote monitoring and care.
For investors, the healthcare sector is as dynamic as ever. While the general rubric for investment may not have changed drastically, market forces have shifted, and previously underfunded areas are now moving to the forefront. Women’s health, pediatric and geriatric care, behavioral health, and the delivery of care services are all gaining attention.
Why Rhode Island, Why Now?
Rhode Island is strategically positioned at the heart of the world’s most prominent medical device hotspot, between New York and Boston. This region boasts a concentration of service providers, consultants, and contractors with specialized knowledge in bringing medical devices to market—a process fraught with regulation and complexity. Our local and regional universities offer a talent pipeline across all disciplines necessary to staff these companies.
Yet, despite these strengths, our investment market has lagged behind, but that too has now evolved. The State and Department of Labor have provided small grants that have been invaluable to helping form a company of the basics but now with a designation of $20M the Rhode Island Life Science Hub will provide incentives that help companies grow and will catayse private investment groups.
If we can provide a continuum of phased funding that will support Rhode Island-born companies or those choosing to establish themselves here, attracted by our domain expertise. The state has made a commitment to support these efforts with matching grants and investments, making Rhode Island an increasingly attractive destination for healthcare innovation.
Looking Ahead…
As we look forward to the next 20 years of disruption, it’s clear that innovation in healthcare is not just about creating new technologies—it’s about addressing systemic challenges, improving care delivery, and ultimately allowing us to live longer healthier lives. We have the tools, the talent, and the drive to continue leading the charge. Let's build a future where healthcare is accessible, effective, and sustainable for all.
