Wednesday, January 18, 2012

Day 5- Panel Day

Thanks to Fred Prince, today we will be visiting two great Bio-Med Companies- Chiasma Pharm., and Omnirix (Johnson and Johnson owned Company). Fred is the acting CEO and Chairman for Chiasma and he recently sold Omnirix to Johnson and Johnson. We have a panel of speakers waiting for us at Chiasma that will speak  about Entrepreneurship in Israel. 

Cool Facts from the Presenters that really grabbed my attention: 

1. Israel has three times as many Noble Prizes winners than any other country in the science field. 

2. Russian immigration in Israel was a huge factor of developing Israel's technology and IP property, because the Russian Jewish immigrants brought a lot of Russian Technological ideas with them.

One of the more interesting companies presented was Meda-Sense. Meda-Sense has invented a system to measure pain of an individual. Their system like Itamar's, measure pain through a series of factors/ information that run through your finger tips. This is truly a revolutionary thing. Docotors can now more accurately tell if a patience is suffering during surgery, or during any medical problems when they aren't able to talk. This will definitely be a medical revolutionary device!

Omnirix was bought by Johnson and Johnson. Omnirix has invented different liquids and patches that prevent and stop bleeding during surgery. Their technology uses plasma cells from human blood! The current management said that Israel culture- idea of getting everything done as fast as possible and to keep moving forward actually has negatively hurt the company. Israel management cut corners with FDA regulations and only compiled to 90% of what needed to be done. Current management said that the last 10 % was the most important part. Reinforces the fact that quickest is not always the best nor correct method of doing business. After a certain stage in developing business, management must be 120% on top of what needs to be done.

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