1. We understand that Socrates is a rapidly
growing innovating medical technology company, and we admire the efficient and
proactive expansion of Socrates. What are the major business philosophies or
strategies of Socrates?
Socrates Health
Solutions (Socrates), headquartered in Dallas, Texas, is a company committed to
improving access to affordable care through the application of innovative
technology and delivery models. Socrates is delivering an innovative diabetic
monitoring experience through painless, accurate and truly non-invasive blood
glucose monitoring device, Socrates Companion™. Consumers will be able to get
accurate, pain-free readings for a fraction of the cost they are paying today
when using traditional testing methods.
Our team is acutely focused
on being authentic, straightforward, honest, creative and delivering results.
This unique group of professionals is made up of senior healthcare
professionals, scientists and physicians with over 150 combined years of
experience. Collectively the team has brought twenty-three health care products
from concept to commercialization.
Collectively, we
recognize the global market opportunity for serving individuals with diabetes:
worldwide there are 371 million diabetics. In the U.S. alone, there are currently
26 million diagnosed diabetics, 15 million undiagnosed diabetics, and another
79 million people in a pre-diabetic state where their blood sugar levels are
higher than normal. Close to 2 million people in the U.S. were newly diagnosed
in 2010 and 84 percent of those diagnosed with diabetes are actively managing
the disease which requires frequent blood glucose testing. The self-monitoring
blood glucose market exceeds $10+ billion per year and continues to grow as
does the lifestyle and fitness market which also has great potential.
One of the most
significant challenges is that most people with Type 2 diabetes test at least
once per day. Diabetics who use insulin (all Type 1 diabetes and many Type 2s)
usually test their blood sugar more often (3 to 10 times per day). Testing
methods available today require consumers to prick their finger to get a blood
sample and then test it. This is painful, inconvenient, and expensive since
test strips cost ~ $1 each.
Our product, Socrates
Companion™, is the result of scientific research and has patents pending. This
device provides a convenient, accurate and pain-free glucose reading that does
not require the collection of blood.
2. We see that you have recently launched a
fascinating medical technology device, ‘Companion’. What was your motivation or
inspiration behind developing this innovative technology?
While
I do not suffer from Diabetes, my father does and I have witnessed the personal
discomfort associated with pricking his finger five-ten times a day to manage
his disease.
In addition, I have
many close friends whose children suffer from the disease, and see the pain
that these children experience – literally transforming the parents’ lives and
prompting them to become passionate about finding a pain-free solution for
their loved ones to manage their condition.
My passion stems from
having the opportunity to improve the lives of those who have come before me
and those who will come after me.
3. This is definitely great news for many who
are afraid of blood and needles. Could you explain the basic core science
background of ‘Companion™’ to our readers?
Socrates
uses a patented, Polarimetric approach to determine glucose levels in the
blood. By passing light from one side of the top of the ear to the other, Companion™
is able to painlessly measure glucose levels as often as desired by the user –
no needles and no blood is required.
Socrates Companion™ is a patented, small,
inexpensive, non-invasive self-monitoring blood glucose monitor device. The
device is very simple to operate with a single button and an easy to ready
display connected to an ear sensor.
From
a financial perspective, diabetics who routinely test their blood spend $30-80
a month on test strips. Companion™’s total cost of ownership will be a fraction
of what is being spent today due to its highly efficient design and low
recurring associated costs. We are working with insurers to make this device a
reimbursable health-care expense.
4. As an entrepreneur, what would you say are
the top three priority assets or skill sets needed to be success in the global
healthcare industry?
We
understand the critical importance of identifying ways to greatly reduce costs
in the entire healthcare system. This transcends the continuum of care, from
patients to providers to payers – and all of the expenditures for administering
efficient care and treatment.
At
each step along the way, the goal is to improve the care that providers deliver
to their patients, and empower individuals to participate in their own care
management and improvement.
High
quality products and services must be coupled with effective care coordination
and individual care management to ultimately reduce costs for healthcare payers
– spanning employers, health plans, government and others. Concurrently, these
initiatives will drive better outcomes for consumers of healthcare services.
5. Healthcare industry is one of the most
unique fields where collaboration of service providers, researchers, and
technology providers is essential. How are you dealing with managing your
business networks successfully?
We
endeavor to maintain an open dialogue with all stakeholders and are focused on
adding value across these networks. For example, we aim to provide the deepest
and fastest access to real time data which will support providers’ decision
making at a level which has never been at their disposal. In the same context,
the real time data that is generated from Companion™ will assist researchers in
their goal to cure diabetes.
Socrates
realizes the complexities of the healthcare delivery system in the US and how
it differs dramatically from those throughout the world. In order to address
the issues of multiple healthcare industry stakeholders, the Company has
assembled a blue ribbon board of directors who have broad reach across the
entire continuum of care. Including:
Governor
Tommy Thompson Michael Gorton, healthcare entrepreneur Patrick Kinder,
healthcare delivery executive Hubert Zajicek, medical technology entrepreneur
6. Our readers are health industry leaders as
well as physicians with Korean heritage. Do you have any experience and/or
plans of collaborating with Korea or Korean industry?
Absolutely.
We are currently in dialogues with three Korean multinational businesses
regarding the transformation that Companion™ and the associated technology will
have on consumer-based health care.
We
have engaged a well-seasoned Korean healthcare consultant who has been
instrumental in guiding the Company in capitalizing on business opportunities that
may exist within the Korean healthcare business community.
Scott J. Smith
Chief Executive Officer, Founder,
Chairman of the Board of Directors
Scott is the founder, CEO and Chairman of the Board of Directors of Socrates Health Solutions. Scott brings over 20 years of healthcare technology experience to his role at Socrates, with sales and marketing leadership roles with start-up, early emerging and Fortune 100 companies. Prior to launching Socrates, Scott led Global Sales and Marketing for MDG Medical, a medication management device and software company. Scott held sales leadership roles at Curaspan Health Group, United Healthcare, McKesson and Per Se’ Technologies with consistent attainment of revenue and operational goals. At VISICU, a leading intensive care software firm, Scott was part of the team that completed a successful Initial Public Offering and eventual sale of the firm. Scott earned his Bachelor of Science degree in Business at the University of Louisiana, Lafayette. In his spare time, Scott enjoys spending time with his three children and long distance running.