After raising impressive funding of $28m earlier this year, Medopad looks across the pond for its future growth
It’s a well-known fact UK companies are scanning foreign shores for opportunities more than ever. Indeed, given government implosions over July’s draft Brexit plan that EU officials labelled as “cake”, who can blame them. Now, Medopad, the British healthtech company, is setting sail to the US to chase a significantly larger market.
After securing a $28m series A funding round, Medopad unveiled plans to stretch its legs beyond London and join forces with Johnson & Johnson, the pharmaceutical giant , at its New York-based incubator JLABS. Citing the States’ remote patient monitoring market as eight times larger than Blighty’s, Medopad looks to recruit top industry talent to facilitate the move before 2018 ends.
While this marks the first time Medopad is expanding offices further west, it’s certainly no stranger to the US. Indeed, stateside opportunities have seen the company tally partnerships with institutions like Johns Hopkins, the Maryland research university, as well as join Plug and Play, the Silicon Valley business development platform. Such endeavours are engineered to disrupt what the company views as a complicated industry and slice through red tape.
Commenting on the announcement Dan Vahdat, CEO of Medopad, said: “This is a fantastic opportunity for Medopad as our values and vision are aligned with J&J’s leadership to help create a world where people can live longer.
“We have been working in partnership with US pharmaceuticals, healthcare providers and academic institutions such as Johns Hopkins where Medopad is used to connect clinicians to patients remotely and collect real world evidence. We look forward to strengthening these bonds and driving more innovative change for better health outcomes for people.”
Given the controversial yet profitable state of US private healthcare, Medopad will experience a different marketplace altogether when compared to Britain’s NHS.