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This is part of an ongoing series on the recipients of the MetroConnect Prize, presented by JPMorgan Chase, a grant awarded to 15 companies looking to expand into new foreign markets.
The wireless broadband industry contributed more than $146 billion to the U.S. GDP in 2011. It was responsible for 2.8 percent of all U.S. employment – 3.8 million jobs, directly and indirectly. When ranked among the largest industries in the world, wireless broadband would rank 46th, as measured by GDP – larger than publishing, agriculture, and motor vehicle manufacturing.
San Diego’s longstanding strength in the wireless and information technologies makes it the ideal place for the convergence of the healthcare and wireless industries. Aventyn, a digital health company specializing in cloud connected clinical information, is a company that represents this convergence. Its technology provides many solutions through medical imaging, analytics and genome reporting for health providers, pharma-life sciences, pharmacogenetics, and population health management.
“San Diego has been at the forefront of innovations in wireless technology, genomics, and biotech for decades,” said Michael LoVullo, vice president of integrated health solutions at Aventyn. “With the convergence of these significant industries, expertise and knowledge, in collaboration with our health systems, we are able to accelerate the innovation cycle in personalized medicine.”
It is because of small- and medium-sized companies that San Diego’s life sciences industry ranks fourth in the U.S. The success of these firms is critical to the region’s future, and increasing their global reach is crucial to that success. Through the MetroConnect Prize, companies such as Aventyn received $10,000 grants to assist with their next step in going global.
Aventyn plans to target the European market for its international expansion – specifically Germany, Sweden, and the United Kingdom. These are important markets for the wireless health industry since, according to Recon Analytics, the European Union (EU) “…wireless penetration continues to outpace the U.S., with the EU reaching 126.2 percent at the end of 2009 and the U.S. reaching 102.4 percent penetration in June 2011.”
“Currently, our remote monitoring and integrated disease management platform serves several thousands of patients in the U.S., Sweden, and India,” said LoVullo. “We continue to expand in Europe and the Middle East with strategic regional health system partners and globally recognized distributors.”