My personal story drags me to this idea, as in 2008 my father was suffering from an unknown illness which doctors were unable to diagnose after multiple tests and extensive expenditures over a year. It consumed time, financial resources and energy of the entire family. Delayed diagnosis of last-stage lung cancer resulted in my father’s death. This trauma left too many open-ended questions in my mind. After this overwhelming experience, I thoroughly began reading research articles about the latest technology for the healthcare system and diagnostic devices.
Meanwhile, in 2016 I received the Thunderbird Global Excellence Scholarship, and I began to pursue my third Masters in Global Management from the United States. During my stay, I closely observed the healthcare diagnostic system as my colleague and friend suffered from serious illness. This provided me with an opportunity to closely observe diagnostics testing, as I was already having a keen interest in the efficiency of medical facilities available in the United States. I found many discrepancies in the healthcare diagnostics system, which causes more than 250,000 lives in the United States each year as per available data. Such as unavailability of lab testing by 24/7, labs remain open only 8 hours in a day which means 67 percent of the time during the day lab remains closed, as this reflects the inefficiency of currently available lab testing facilities. Single lab test takes at least 24 hours to generate a medical report, which delays the diagnosis and immediate healthcare planning.
Furthermore, I started probing more into the available point of care devices for instant testing. Then I became familiar with the fact that for each common test there is a separate POC available within the market. There are limited POCs such as a glucometer, Pregnancy Strip and few more commonly used by the general public. For multiple tests, there is no such POC that can generate a medical report for all basic diagnostics tests needed by a medical professional for early diagnosis and prescription.
I found there is a vast gap in the health care diagnostics, which sparked an idea to combine the number of tests in a single POC device, bringing convenience 24/7 rapid testing, along with time-saving, cost-effectiveness and early diagnosis for better healthcare treatment to add value in the patient’s life.
Then I shared my idea with a couple of scientists, engineers and medical professionals to get their feedback and validation. Also, I communicated with my professors and they encouraged me to move forward, as this may likely disrupt the medical device and diagnostic testing market. I began to utilize my business consulting skills to formulate a strategic plan to form Hayatt Med-Tech 4.0 to serve the global community. To tribute my father, I named this company as “Hayatt” on his name, also the literal meaning of the word “Hayatt is life”.
Fortunately, I ended up having a world-class team of subject matter experts such as Physicist, Biotechnologist, Medical Professionals, Engineers and business professionals. We are lucky to have renowned business Professor Graeme Rankine as a Chief Advisor in our team, who has 30 plus years of academic and consulting experience.
|Fezan Hayat | Founder & CEO Hayatt Med-Tech 4.0|