By: Maria-Paula
Heart disease, cancer, and stroke are among the leading causes of death in America today with African Americans at least twice as likely to die than Whites according to private and public health experts.
Data from the American Heart Association, the National Institutes of Health, the American Cancer Society and Masimo, a health technology company, have shown that people of color are more at risk and therefore distractions can lessen the impact of health care innovators focused on decreasing racial health disparities.
According to the American Heart Association, Black adults are more than twice as likely to die of cardiovascular diseases, compared to White adults. American Indian individuals are 1.5 times as likely to be diagnosed with coronary heart disease, compared to White Americans.
The National institute of Health data also show that Black people between the ages of 45 and 54 die of strokes three times more often than their white counterparts.
Information shared by the American Cancer Society on most cancers indicate that African Americans have the highest death rate and shortest survival of any racial group.
These statistics and others, prove that racial health disparities remain consistent across the U. S. and that people of color, including Blacks, Hispanic and AIAN (America Indian and Alaska Natives) fare worse than White Americans across most health conditions.
The findings are a wakeup call for both the private and public sectors to make concerted efforts in addressing health care inequity to bridge the gap based on the risks at hand.
Healthcare innovators have an important role to play in making strides toward health equity by including communities of color in sharing benefits whenever medical advancements and decisions are made.
Challenges like personal gain by outsiders that prioritize themselves over improving healthcare have barred healthcare companies’ ability to innovate and serve patients’ needs without bias.
“The digital transformation in health care has a lot of opportunities to improve access and quality of care. However, not all individuals and communities are benefiting equally from these innovations,” according to a study by the National Institute of Health.
Addressing these distractions requires a concerted effort from both the public and private sectors to ensure that healthcare innovations benefit all communities equitably.
Masimo having been around for almost three decades and well known for its medical technology innovations, is currently facing significant challenges due to a proxy fight with the three-year-old activist hedge fund Politan Capital Management.
Masimo has grown from a startup to one of the country’s largest suppliers of medical technology, including pulse oximeters. The company improved the way clinicians measure patients’ blood oxygen levels and developed a technology that significantly mitigates racial bias from their health monitors, quelling an issue that has long plagued Black and minority communities.
However, Masimo’s ability to continue innovating for patients is in jeopardy. Politan Capital Management under the leadership of Quentin Koffey is attempting to take complete control of Masimo’s board of directors. Politan aims to win two additional seats that are up for election in the company’s annual meeting, which would result in Politan having a controlling majority that determines all board decisions.
If Politan takes control of the board, Masimo will be led by an investor with no expertise and experience in the med-tech field as Politan’s “activism” detracts from Masimo’s main goal of providing best in class med-tech products. Having provided very limited information about its transition and its leadership plans, Politan leaves Masimo in a limbo on how the company would fare on in the months and years ahead.
A Boston Consulting Group (BCG) analysis found that most companies lose between 4 per cent and 25 percent of total shareholder return within a year of an activist takeover. Politan is seen to have made itself a major impediment to Masimo’s efforts to focus on what it should be doing best, which is innovating.
Masimo, as a med-tech company, refocuses primarily on creating new products to best serve patients, not a distraction from other products. This has led the company to a process of spinning off its consumer technology division, which includes home audio equipment and health focused smart watches. In relation to its core business, Masimo continues its legal battle against Apple at the International Trade Commission over patent infringements relating to the blood oxygen sensing technology in certain Apple smart watch models.
To protect the company’s core business, Masimo’s CEO and founder, Joe Kiani, together with hundreds of engineers and managers in a rejoinder, have promised to leave the company if booted from the board.
The big question begs: Will patients benefit from any future innovations developed by Masimo if the company loses its innovative leadership and wider team?
Healthcare innovators working to address disparities in Black and minority communities face several distractions that continue to hinder their progress.
From external interference that disrupts the focus of healthcare companies to a shortage in funding and resource allocation, especially for projects aimed at underserved communities, most traditional investors view such investments as non-profitable.
Implicit systematic biases and inequalities within the healthcare system also affect the development and implementation of new technologies, leading to unequal access to healthcare resources and poorer health outcomes for minority populations.
In addition to navigating the time consuming and costly complex regulatory environment particularly for start-ups and smaller companies focused on innovative solutions for minority health issues, lack of representation of the minority population in clinical trials also limit the effectiveness and applicability of new treatments and technologies for the people of color.
These developments illustrate the complex landscape Masimo is navigating, balancing internal and external pressures while trying to maintain its focus on healthcare innovation.
Masimo’s effort to mitigate racial bias in medical technology is a significant step towards achieving health equity. Their technology not only improves the accuracy of health monitoring but also helps build trust in the healthcare system among minority communities. Their best way to effect change is to put forth innovations in the healthcare field that improve outcomes for all patients, including those that are historically underserved and disparately impacted.
Med-tech companies must therefore be encouraged to innovate free from outside forces that detract from the mission to serving all humanity without any bias. – Rewritten with information from Trice Edney Wire
