By arohi
10 health tech startups that have failed due to raising a huge amount of medical drug
Many healthtech startups start full of energy and with a positive thought that they will change the face of Healthtech Company and thus bring many new medicine drugs to market. Some health startups also made medicine software that tells the patients when they have to take medicine or have to take care of their health, but unfortunately; many of these startups had a great fall. While none had the spectacular fall from the elegance that Theranos had, health tech startups that raised tens of millions and more from investors in the past five years have eventually decided to close their doors for one reason or another. So, given below is the list of top 10 health tech startups that failed after raising a huge amount:
1. Kopely
After a decade of education and coaching, Andrew found out that stress was one of their clients’ foremost issues. That’s how he thought about developing a stress comfort app. He partnered up with a dev corporation to construct his concept while he took care of marketing. He got an extraordinary listing of concerned people; though COVID-19 altered things… the devs were no longer interested in making the app.
2. HomeHero
For home-care company HomeHero, an alteration in how it could utilize its caregivers dealt a poisonous blow. In February 2017, HomeHero shut down its home care production and pivoted to a fresh healthcare business enterprise with the new medical drug.
3. Tandem
Tandem was designed via way of means of providers, for providers, with the assistance of a cross-functional group of operations and medicine software experts. Their platform changed into meticulously crafted to drive operational performance and provider satisfaction without requiring considerable behavioral modifications via way of means of users. Their system is a hybrid of a HIPAA-messaging platform and a ticketing machine that automatically distributes messages to the proper human beings and offers them all of the tools they want to get things done.
4. Lantern
Lantern, an intellectual healthtech startup that built tools to assist humans to deal with pressure and anxiety, ceased business operations in 2018 after six years, of having problems selling to consumers. The company’s medicine software program, however, lives on in digital health startup Omada Health, that’s presenting cognitive behavioral therapy to those with depression or anxiety.
5. Theranos
Theranos, the as soon darling blood-checking out health tech startup based in 2003, had an extraordinary fall from grace from 2015 until September 2018 when it close down for good. The health startup hadn’t hit key improvement milestones and needed to default on its debt financing. The health startup had confronted expensive lawsuits from traders and patients after The Wall Street Journal raised questions on the employer’s blood-testing technology.
6. ReVision Optics
Founded in 1996, ReVision Optics made an eye-fixed technology for accurate presbyopia, or the situation in that you begin to lose the ability to see close by items as clearly as you age. Presbyopia is a common situation that may be corrected with glasses, contacts, or surgery, however, ReVision’s CEO informed OIS Weekly that the marketplace was “very challenging.”
7. Health spot
Founded in 2010, Healthspot turned into a Dublin, Ohio-based startup that operated kiosks in which people may want to video chat with doctors. The company’s hardware approach in the long run lost out to the software program approaches of organizations like Teladoc and American Well, and it closed in 2016.
8. Laguna Pharmaceuticals
Often in drug development, a drug might not work the manner researchers and the company thought it’d when examined in humans. Usually, at that point, the company seems for another strategy to hold it afloat, both by advancing every other medical drug or obtaining a new one. Such became not the case for Laguna Pharmaceuticals, which became based in 2006. In 2015, it introduced that its heart drug hadn’t succeeded in late-degree trials, prompting the company to close down.
9. Verdezyne
Founded in 2008, the California-based artificial biology company became developing renewable chemicals. But the company needed to cross into bankruptcy after certainly considered one among its backers withdrew its funding, marking the give up of the road for the company. The company had at the time been in the method of constructing a facility.
10. Drugstore.com
Drugstore.com had a protracted run. Since getting its beginning in 1998, it racked up backing from Amazon and Kleiner Perkins. In 2011, Walgreens obtained the startup in a $429 million deal. But in 2016, Walgreens close down. The concepts become to place greater of a focus on Walgreens.com in place of having a separate brand.
