NEMIC Startup Spotlight: Showcasing incredible innovation in HealthTech sector of Rhode Island’s Life Science ecosystem
A little over a year ago, NEMIC set out to identify an easy, enjoyable way to promote all the impressive work that is being done for our community by our community here in the Ocean State in the Health Technology sector. At the time, the newly minted Rhode Island Life Science Hub (RILSH) was in its nascent stages, and NEMIC felt compelled to support the coalescing elements required to ensure the Hub’s future success. With our deep industry expertise and robust network of startups, a simple modality emerged: why not select a company each month via a blog post and highlight components of the company’s development–startup story, funding stage, details about the innovation, the solution for patients, etc; and in August 2023 we ran our inaugural Startup Spotlight on one of Rhode Island’s heartwarming MedTech success stories, Smöltap. In the months that followed, we would ultimately run 11 more spotlights covering a broad range of technologies, sectors, industries, and health solutions.
But Why MedTech, and Why Rhode Island?
Overall, the Life Sciences industry covers a wide range of technologies, from pharmaceuticals and stem cell therapies to Medical devices and Digital Health. Over the years, a growing portion of the Life Sciences sector has been dominated by the latter. Taking that into account, the reality remains that the Medical Device industry has, and continues to, grow rapidly, driven by an aging population, an increasing demand for healthcare services, and recognition of healthcare disparities across demographics. Due to the ongoing growth, Rhode Island’s Health and Life sciences industry concentration is 31% higher than the national average, according to RI Commerce.
Rhode Island possesses a remarkable level of competence and a rich history in the field of MedTech. The state is home to approximately 50 well-established companies, including Contech, Becton Dickinson, CVS, and Ximedica (Veranex), all of which have offices here. This concentration of companies has fostered a skilled and readily available workforce encompassing a wide range of disciplines.
Moreover, colleges throughout Rhode Island have placed a significant emphasis on relevant areas such as engineering, public health, nursing, pharmacy, regulatory affairs, and kinesiology. RI boasts a prestigious medical school, and a renowned design school that provides instruction in user interface and industrial design, further augmenting the talent pool. Notably, institutions like Lifespan, Brown University, and the University of Rhode Island have received substantial grants from the National Science Foundation (NSF), underscoring the state's commitment to medical research and innovation.
Summary: Promoting startups aids in promoting Life Sciences
Through any amount of research and threaded throughout the rich fabric that comprises our Life Science ecosystem in the state, it is clear that Rhode Island is well-positioned to nurture, attract, and build companies in the Medical Device, Digital Health, and Health Technology spaces; and NEMIC has spent the last five years putting much of the groundwork in place, including procuring a robust pipeline of companies. Our Startup Spotlight series is just one way that we highlight the successes that exist within the industry.
With RILSH established and mission-driven to succeed, now is the time for improving patient care, driving innovation, creating jobs, and contributing to economic growth. RILSH has a mission to encourage collaboration and innovation among public, private, and academic institutions, all to facilitate growth in the sector. By partnering closely with industry partners, service providers, corporations, manufacturers, research institutions, and more, we will continue to foster a rich pool of investible Life Sciences startups that will drive the industry in the years that come at home and beyond.