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Obama Reforms Could Spark 'New Healthcare Economy' If Investors Increase Funding, Says Leading Healthcare Venture Firm
Date:1/28/2009

Psilos Group Warns of "Innovation Gap" - Challenges Venture Industry to Step Up Investments in Healthcare Services and Technology

NEW YORK, Jan. 28 /PRNewswire/ -- The United States is on the verge of building a "new healthcare economy," according to a report issued today by healthcare venture capital firm Psilos Group. But the same report warns that despite aggressive health reform plans by the Obama administration, the economics of healthcare will not truly change without a large increase in venture funding for healthcare innovation.

Psilos said the new healthcare economy will depend on innovations that simultaneously drive down costs and improve quality of care, and will also require better alignment of economic incentives across payers, providers and patients. Unfortunately, Psilos foresees an "innovation gap" that may prevent successful reform, due to a lack of U.S. venture capital investment in healthcare services and technologies.

This gap was punctuated by data released Saturday from the National Venture Capital Association (NVCA), which showed just $195 million invested in healthcare services - less than one percent of $28.3 billion invested by the venture industry in 2008. Similar data from Dow Jones VentureSource shows only $354 million invested in healthcare IT and $357 million for healthcare services in 2008, less than three percent of all venture investments.

"As long-time healthcare investors, we're optimistic about the incredible growth and opportunities ahead in the new healthcare economy," said Dr. Albert Waxman, Psilos' senior managing member and CEO. "At the same time, we can't ignore the shocking contrast in priorities between President Obama's healthcare plans and the venture industry's traditional investment focus. The bottom line: It's time for 'change' to come to venture."

Healthcare IT and services funding in 2008 was dwarfed by general software ($4.
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SOURCE Psilos Group
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