Silicon Valley executives are segueing into the healthcare industry as they see the nearly $3 trillion sector having potential in technology as well as in improving patients' lives, according to Fast Company.
Here are four points:
1. Stephanie Tilenius opted to go into the healthcare field to improve the patient experience. Her father had multiple chronic conditions and "went from doctor to doctor," according to Fast Company. Starting her career at eBay and PayPal, both based in San Jose, Calif., she later became Google's senior vice president. She is the CEO of San Francisco-based Vida, a startup that offers patients with chronic conditions virtual care.
2. Ms. Tilenius started Vida to help patients connect with virtual health coaches and promote behavioral changes that surpassed the short-term. She told Fast Company, "People didn't understand why I would leave a senior role and money on the table. In Silicon Valley, it's about hypergrowth, and if you're not doing that, then there's something wrong."
3. Othman Laraki, CEO of Burlingame, Calif.-based Color Genomics, started his company, that offers a test that screens for gene mutations associated with various cancers, after working in product management. He left his post after finding out he carried one of these mutations and learned early disease awareness can help people take the necessary preventative steps. He told Fast Company, "Color started with a simple question — Is this test something that could benefit my family as well as other families out there?"
4. Mr. Laraki priced his products in such a way that patients could pay out-of-pocket, giving the company an edge over its rivals. He said this pricing methodology was an "effective way to reach a lot of people."