OrigiMed: How to Launch a Medical Startup in China
Wang Kai, founder and CEO of OrigiMed, set out on a mission to revolutionize clinical cancer treatment in China. His pioneering company analyzes the molecular makeup of cancer patients to determine the most beneficial course of treatment.
Strive to make a difference
Having studied genetics sequencing and bioinformatics around cancer research, Wang knew this concept of more targeted treatment of cancer was developing rapidly in China. He and his team analyze tissue or blood and then using an experimental platform that they designed, they make treatment recommendations based on computer algorithms developed from clinical experiences and a large patient database, he says. OrigiMed provides the written recommendation to the patient’s doctor.
Focus on teamwork
On founding OrigiMed, Wang says his greatest challenge was to learn how to slow down in his initial rush to find success. “I found that I needed to be patient and give myself and my colleagues enough time to fix important problems,” he says.
As with most medical advancements, gaining government approval and support from medical peers is critical. He also learned the value of teamwork and partners. Wang says, “If a company wants to develop, it must place emphasis on collaboration. Without the spirit of teamwork, it will be very difficult for a company to grow.”
Choose SSVB at the start
At first, OrigiMed struggled to acquire capital due to the business’ limited profit margins and need for research funding. Then they found SPD Silicon Valley Bank (SSVB). “This is a fairly new industry. SSVB has the relevant services to support and share risks with companies like ours at their early stage of development,” Wang says.
SSVB also has global connections. “We want to make contributions to this field at home and abroad. Based on all these conditions, we prefer to cooperate with the banks like SSVB,” Wang adds.
SSVB is a joint venture bank that was established by Silicon Valley Bank and its partner, Shanghai Pudong Development Bank Co., Ltd., in order to offer specialized commercial banking services specifically for innovative companies and their investors in China. SSVB has branches in Shanghai and Beijing.
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