BOSTON, Oct. 6, 2021 /PRNewswire/ — PharmStarsTM, the first and only pharma-focused, member-based accelerator for digital health startups, has kicked-off its inaugural Fall 2021 Program. 73 digital health startups from 18 different countries applied for the program, which offers a 10-week educational and mentoring program (PharmaUTM) to help startups better engage with pharma.
The goal of PharmStars is to bridge the "pharma-startup gap" by preparing both pharma and digital health startups to effectively work together. Through education and mentorship, PharmStars helps pharma and startups overcome barriers to partnership, leading to greater success and faster adoption of digital health solutions that can improve patient outcomes.
PharmStars is a pharma member based accelerator. PharmStars founding members include Boehringer Ingelheim, Eli Lilly and Company, Novo Nordisk, and Takeda Pharmaceutical Company Limited. Members of PharmStars receive priority access to PharmStars’ startups. Additionally, members may participate in specially-designed workshops focused on how pharma partners with digital health startups.
"We are thrilled by the volume and quality of the applications we received. It demonstrates the strong interest digital health startups have in working with pharma. The array of innovative ideas submitted was truly impressive" says Laura Gunn, Managing Director of PharmStars. The identities of the startups will be made public after the conclusion of the program.
Naomi Fried, the founder and CEO of PharmStars, says that selecting the participating startups was challenging due to the number of high-quality applicants. "Because the competition to join PharmStars was fierce, we decided to expand our cohort size from 10 startups to 12 for the first ‘semester’ of PharmaU" says Naomi Fried. "We have selected an outstanding and diverse group of innovators and digital health solutions." In line with the cohort’s theme of "innovations in clinical trials," startups have prototypes or marketed solutions in areas such as clinical trial participant recruitment and retention, medication adherence, digital biomarkers, and real-world data collection.
As PharmaU begins, the startups are excited to get started. "After struggling to navigate the ‘black box’ and complicated org-chart inside pharma, we want to learn how to improve our go-to-market strategy," said one startup CEO enrolled in the program. Another startup CEO says, "I am very excited to participate in this unique program to better understand and overcome the difficulties of working with pharma on mutual business objectives."
Naomi Fried said, "We see tremendous potential to assist startups in bridging the pharma–startup gap, both through formal education and personalized mentoring. This program will be transformative for them. Our pharma members are also eager to how to more effectively partner with digital health startups so that they can apply that knowledge in future partnerships with startups."
Pharma membership in PharmStars is still available for 2021 and 2022. Enrollment details for the 2022 cohorts will be announced soon.
PharmStarsTM is the first and only member-based pharma-focused accelerator for digital health startups. Through our extensive expertise across pharma, startups, digital health, and innovation, we understand the challenges that pharma and startups face when seeking to collaborate. Our PharmaUTM program supports digital health startups and our pharma members in "bridging the gap," leading to greater success and faster adoption of "beyond the molecule" solutions for patients.