WEB3,NFTs,Blockchain-It’s Inevitable!

September 28, 2022 by

The Inevitability of WEB3 and NFTs

Change is inevitable, as they say, and growth is optional. This is especially true when it comes to the communication, commerce, and the internet. For decades, the only ways to talk to each other were to have face-to-face conversations, pick up the phone, or to write a letter; until mail order came along, the only means to buy something was to go to a store with cash, checks, or credit cards. The internet changed all that when it created a whole new way of communicating and buying things: we can now videochat with people around the world and pay for goods and services with virtual money.

The official birth of the internet was on January 1, 1983, when the U.S. Defense Department and Advanced Research Projects Agency Network (ARPANET) officially adopted Transfer Control Protocol/Internetwork Protocol (TCP/IP), a new communications protocol that allowed computer networks to talk to each other. In the nearly 40 years since, the internet is still changing and growing – and it is completely revolutionizing how we interact and buy things. Even Starbuck’s is brewing up a new way of interacting with consumers and rewarding their most loyal customers.

One of the best changes to the internet – and life in general – is the introduction of NFTs (non-fungible tokens). NFTs are digital assets, such as drawings or music, that you can create, buy, and sell. So far, NFTs have been especially valuable to artists, in that can help creators monetize their work in new ways. Musicians can sell NFTs of their songs or live events directly to their fans and keep more of the profits, for example, and reward fan loyalty. For digital artists, NFTs function as a certificate of authenticity that names the rightful owner of their art.

The real value of NFTs will likely emerge on the metaverse, which is an online space that uses augmented reality (AR), virtual reality (VR), and blockchain to create a simulated digital environment. These technologies will likely experience explosive and mind-blowing changes on the newest evolution of the internet – Web3.

The Inevitability of Web3

Web3 is the third iteration of the internet. Web1 (Web 1.0) was the first stage of the World Wide Web, featuring static information generated by a handful of content creators for a large group of passive readers. Originating with the Defense Advanced Research Projects Agency (DARPA), Web1 is also known as the “read only web.”

Web2 (Web 2.0) offered an interactive experience that allowed users to upload their own content. Web2 is the “participative social Web” in which users logged into centralized platforms, such as Facebook and Twitter, to interact with others and upload their own content.

Unlike Web1 and Web2, which were built on centralized servers owned by individuals or corporations, Web3 is a decentralized internet built on blockchain and decentralized autonomous organizations (DAO). The idea of Web3 is to create a more democratized internet in which the users themselves own the servers, systems, and networks that run applications and store data, and make decisions on the rules and regulations that govern the internet – at least in theory.

Web3 (Web 3.0) is the open and immersive internet of tomorrow that lets users interact, exchange information, and conduct financial transactions on decentralized platforms. Built on the blockchain, Web3 applications offer decentralized products and NFTs, and fundamentally changes how users connect, interact, work and play within a transparent ecosystem.

While Web3 is not entirely in place yet, many businesses and organizations are already testing the waters. French video game studio Ubisoft has recently adopted blockchain technology and some Web3 capabilities, for example, although the firm is still researching the potential benefits of Web3 and NFTs to its players. Others are steeping themselves into the new economy of Web3.

Starbucks Serves Up Trenta-sized Changes

Starbucks is among the first companies to integrate NFTs with an industry-leading loyalty program with its new Starbucks Odyssey. Powered by Web3 technology and slated for launch later this year, the new digital community will allow Starbucks Reward members and Starbuck employees (partners) in the United States to earn and buy digital assets that unlock access to new benefits, including immersive coffee experiences.

Starbucks opened its wait list on September 12, 2022, to partners and customers who hope to be the first to gain access to the Starbucks Odyssey experience. Once logged in, participants can engage in Starbucks Odyssey “journeys,” which are a series of activities that include interactive games and challenges that deepen the members’ knowledge of Starbucks and coffee in general.

Members who complete journeys are rewarded with a digital collectable ‘journey stamp’ (NFT). Members may also purchase limited edition stamps, also NFTs, with a credit card – no cryptocurrency or crypto wallet required. Each stamp will have a point value based on its rarity. Members can buy or sell stamps in the marketplace, with their ownership recorded on a blockchain. Collecting stamps increases members’ points, which unlocks access to exciting new benefits and experiences that could include virtual espressos, unique merchandise, martini-making classes, artist collaborations, and invitations to exclusive events at Starbucks Reserve Roasteries. Members may even use points to take a trip to the Starbucks coffee farm in Costa Rica, Starbucks Hacienda Alsacia.

It’s hard to predict exactly what the future holds for Starbucks, Web3, and NFTs, but change is inevitable and it will be as big and hot as a trenta Starbucks latte.   

ABOUT FRANK MAGLIOCHETTI

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Frank is the CEO of ClickStream, ClickStream’s business operations are focused on the development and implementation of apps that disrupt such as WinQuik™, a free to play synchronized mobile app and digital gaming platform. The platform is designed to enable WinQuik™ users to have fun, interact and compete against each other in order to win real money and prizes. Twitter at @ClickstreamC  @WinQuikApp, Nifter™, a music NFT marketplace that allows recording artists to create and sell limited edition authenticated NFTs, and their ever expanding foreign language exchange social learning app  @HeyPalApp. ClickStream is also entering the E-Learning market with Joey’s Animal Kingdom- please visit them online at wowee.world

Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.
Frank is a highly sought after multifaceted senior C level executive.

This image has an empty alt attribute; its file name is frankmagliochetti_FrankMagliochettiNews.jpg
Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com
Filed Under: Blockchain, Blockchain Technology, ClickStream, Featured, Music NFTs, News, NFT's, Nifter, WEB3 Tagged With: , , , , ,

Innovations in Genetic Testing

August 19, 2020 by

Genetic Testing Innovations

Genetic testing is quickly becoming a cornerstone of healthcare, with new medical technologies and innovations enhancing how scientists work with genetics. Gene therapy, simplified genetic tests, and analysis of fully sequenced genomes are just some of the genetic testing innovations improving healthcare today and tomorrow.

The global genetic testing market has consistently risen over the past few years. This rise is fueled by the increasing prevalence of genetic disorders and growing awareness about the benefits of genetic testing. In fact, the global genetic testing market will likely reach 22.834 billion USD in 2024, registering 11.50 percent CAGR throughout the assessment period (2019-2024), according to Market Research Future.

Genetic testing involves a set of laboratory tests that study the patient’s genetic makeup, and identify any gene mutations or alterations in the patient’s DNA that could potentially lead to the development of genetic disorders. Healthcare professionals can use genetic tests to confirm or rule out a suspected genetic disorder. Genetic testing can also help determine the probability that an individual will develop a genetic disorder or pass one down to the next generation.

Types of Genetic Testing and Innovations

As of August 2017, there were about 10,000 unique genetic test types, and approximately 75,000 genetic tests on the market including direct-to-consumer (DTC) genetic tests like 23andMe – more are under development every year. The general types of genetic tests include:

Newborn testing – used just after birth to detect genetic disorders early, when they are easiest to treat

Diagnostic testing – identifies or rules out a specific genetic condition

Carrier testing – identifies people who carry one copy of a gene mutation that, when coupled with another gene with the same mutation, causes a genetic disorder; this test can help couples determine their risk for having a child with a genetic disorder

Prenatal testing – offered during pregnancy if there is a chance that the baby will have a genetic disorder, prenatal testing detects changes in a fetus’s genes prior to birth

Pre-implantation testing – used to detect changes in embryos created through in-vitro fertilization or other assisted reproductive technology to reduce the risk of having a child with a specific genetic disorder

Predictive and presymptomatic testing – detect gene mutations associated with conditions that develop after birth or even later in life; helpful for people whose family member has a genetic condition, but who have no signs or symptoms of the condition at the time of testing

Forensic testing – uses DNA sequences to identify someone for legal purposes, such as identifying victims of a crime or catastrophe, rule out or implicate a suspect in a crime, or to establish paternity or other biological relationship

Genetic Testing Delivery Systems

Innovations in genetic testing involve new delivery systems, finding new genetic variants, and finding new uses for genetic therapies. Researchers from Fred Hutchinson Cancer Research Center recently started using gold nanoparticles as a scalable delivery vehicle for their CRISPR systems, for example, instead of the “old fashioned” approach of using electric shock or viral vectors to deliver genetic editing tools to DNA.

Another group of researchers analyzed coding genes from nearly 46,000 people to identify four genes that contained rare genetic deviations linked to type 2 diabetes. Pharmaceutical companies could use these genes and the proteins they encode as targets for new diabetes medications and treatments.

Doctors in the United States have begun using CRISPR gene-editing therapy to treat cancer patients for the first time. The University of Pennsylvania is following the first two patients in the country to undergo the new therapy – one with sarcoma and one with multiple myeloma, whose cancers did not respond to conventional treatment.

Genetic testing could even help scientists understand COVID-19; they currently use genetic testing known as RNA or PCR tests, to detect the disease.

genetic testing and innovations clinical trials

The tsunami of gene therapy clinical trials underway right now will create a flood of data, particularly in oncology. Oncology is an area that currently represents a quarter of Phase I and Phase II trials. Much of the push to expand genetic testing will come from the consumers themselves. Patients are currently pushing to expand genetic testing beyond its current confines of rare diseases to cover common conditions, such as Parkinson’s disease. In cases in which insurance does not cover the costs of these tests, patients may seek to enroll in clinical trials. When genetic testing is not affordable or accessible, consumers will turn to at-home genetic testing.

FRANK MAGLIOCHETTI

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment. Frank is also CEO of ClickStream, ClickStream’s business operations are focused on the development and implementation of WinQuik™, a free to play synchronized mobile app and digital gaming platform. The platform is designed to enable WinQuik™ users to have fun, interact and compete against each other in order to win real money and prizes. Twitter at @ClickstreamC and @WinQuikApp.

Genetic Industry

Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.

Frank Magliochetti News is developing Genetic Innovation News.com the site is devoted to genetic innovations; we encourage contributors – the site wants to broadcast your news, discoveries,and innovations.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

SOURCES:

https://www.marketresearchfuture.com/reports/genetic-testing-market-2009

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5987210

https://www.genome.gov/dna-day/15-ways/direct-to-consumer-genomic-testing

https://www.23andme.com/

https://ghr.nlm.nih.gov/primer/testing/uses

https://www.nature.com/articles/s41563-019-0385-5

https://www.nature.com/articles/s41586-019-1231-2

First U.S. Cancer Patients Treated with CRISPR Gene-Editing Therapy

https://www.the-scientist.com/news-opinion/sars-cov-2-spike-protein-shares-sequence-with-a-human-protein-67596

https://asm.org/Articles/2020/April/COVID-19-Testing-FAQs

https://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/gene-therapy-coming-of-age-opportunities-and-challenges-to-getting-ahead

Filed Under: Featured, Genetic Innovations, Genetic Screening, Healthcare Innovations, Healthcare Trends, News, Trends Tagged With: , , , , , , , ,

Hereditary Cancer Testing: Prostate Cancer

July 10, 2020 by

Prostate cancer is the second leading cause of cancer death in men in the United States, behind only lung cancer, according to the American Cancer Society. Cancer of the prostate is a serious disease, but most men diagnosed with prostate cancer do not die from it – early detection and personalized treatment saves lives. Doctors currently use tests, such as prostate-specific antigen (PSA), to detect and diagnose prostate cancer, but hereditary cancer screening may hold the key to earlier diagnosis and more effective treatment.

Hereditary Cancer Testing

Some people inherit a genetic mutation from their mother or father. This damaged gene puts them at greater risk for developing certain forms of cancer, including prostate cancer. In fact, hereditary prostate cancer accounts for 5 to 10 percent of all prostate cancer. Having a brother or father with prostate cancer more than doubles a man’s risk for having the disease. Hereditary cancer testing helps men understand their inherited risk of developing cancer within their lifetime. This type of testing can also help reduce or eliminate unnecessary prostate biopsies completely in men suspected of having prostate cancer.

Hereditary cancer testing works by looking for specific changes, or mutations, in specific genes, chromosomes, and proteins. These mutations can change the way the gene works; in some cases, gene mutations can cause the uncontrolled growth of abnormal cells that characterize cancer.

Most commonly, hereditary cancer testing for prostate cancer looks for mutations in BRCA2 and BRCA1 genes, and in other genes associated with prostate cancer.

Hereditary Cancer Testing is Gaining Traction as a Way to Provide Earlier Diagnosis and More Effective Treatment for Prostate Cancer

While hereditary cancer testing can help inform treatment and management approaches to prostate cancer, genetic testing of men for prostate cancer is relatively uncommon, largely because of inconsistent guidelines covering the testing and challenges in implementing genetic counseling services. There is a lot of confusion regarding when men should undergo hereditary testing for prostate cancer, the genes that should be tested, understanding the impact genetic results will have on personalized treatment programs, and the effect hereditary testing for prostate cancer can have for men and their families.

Healthcare professionals and genetic testing companies are working hard to change that, though, and are making advances to bring hereditary cancer testing for prostate cancer to the men who need it. A group of healthcare professionals recently published key recommendations in Journal of Clinical Oncology, for example. The group, made of oncology, urology, genetic counseling, primary care, and Veterans Affairs experts along with patient stakeholders, strongly endorsed genetic testing in men with metastatic (spreading) prostate cancer to help guide treatment and to determine the patient’s eligibility in clinical trials. They also recommended this type of testing to screen men whose family history suggests an increased risk of prostate cancer and other types of cancer.  

 The researchers also addressed the impact hereditary cancer testing can have on the treatment of prostate cancer in its early stages. The group recommended BRCA-2 testing for screening and for helping men and their doctors make decisions about treating early-stage prostate cancer.

The researchers also reviewed cancer screening strategies, such as the age men should begin screening for prostate cancer and which genes to test. The group recommended testing BRCA2 and another gene, HOXB13, for screening and early detection. Furthermore, the panel recommended that BRCA2 carriers begin PSA testing early; doctors may recommend early screenings beginning at age 40 or about 10 years prior to the youngest prostate cancer diagnosis in the patient’s family.

Because hereditary testing may uncover inherited cancer risk, the researchers also discussed genetic testing for both male and female relatives of those men who test positive for genetic mutations, depending on the patient’s family history of cancer and other factors.

Hereditary cancer testing for prostate cancer is growing increasingly common because of the important role it plays in the screening, diagnosis and treatment of prostate cancer.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment. Most recently; Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.

This image has an empty alt attribute; its file name is GRACE-HEALTH-TECHNOLOGY_Frank-MAgliochetti.jpg

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Sources

https://www.cancer.org/cancer/prostate-cancer/about/key-statistics.html#:~:text=Deaths%20from%20prostate%20cancer,do%20not%20die%20from%20it.

https://www.mskcc.org/cancer-care/risk-assessment-screening/hereditary-genetics/genetic-counseling/inherited-risk-prostate

https://www.cancer.org/cancer/prostate-cancer/causes-risks-prevention/risk-factors.html

https://ascopubs.org/doi/10.1200/JCO.20.00046

Filed Under: Featured, Genetic Screening, Healthcare Innovations, Hereditary Cancer Testing, News, Trends Tagged With: , , ,

Changes in Healthcare Expected in 2020 – 2021

February 12, 2020 by

The healthcare industry hit the ground running in 2020, and it doesn’t look like it will slow down anytime soon. In fact, healthcare is changing on so many different fronts, it might be tough to keep up this year. Here are 8 top changes in healthcare for 2020 – 2021. Frank Magliochetti will keep you up to date with the progress of all eight of these expected changes throughout the years ahead.

Top 8 Changes in Healthcare Expected for 2020 – 2021

1. Digitization

Like many other industries, healthcare is digitizing at a swift pace. Digitization of records had been the focal point for many in the healthcare industry, but that changeover is nearly complete. In fact, a 2019 report shows that 84 percent of healthcare professionals had already switched their practices over to digital health records. The report also shows that those who had digitized health records delivered better patient care, provided better individual outcomes for patients, improved workplace experience for healthcare workers, and could offer cost-effective healthcare services in comparison to those organizations that did not digitized.

2. Smart devices

 Now many in the healthcare industry are hoping to gain these benefits and more by expanding their digital transformation into other areas of their internal and external operations. The emergence of several new technologies, such as blockchain, cloud and edge capabilities, and 5G connectivity will fuel these changes in 2020 – 2021 and beyond.

Some healthcare organizations have adopted remote and self-monitoring medical chatbots, for example, in which patients use a messenger program to interact with a computer that simulates human conversation. Others are investigating the use of smart pills, which are medications equipped with electronic sensors that, once ingested, send wireless messages to devices outside the body. Personalized medicine will become increasingly common, as more life sciences and healthcare organizations begin to create smarter, more specific and more custom-tailored products and services for each patient interaction. Other advances, such as bioprinting of prosthetics, will take shape with the realization of new materials and build processes; these advances will help reduce invasiveness and increase safety of medical implants.

3. Big data and AI

2020 – 2021 will likely see greater adoption of artificial intelligence (AI) – only a third of U.S. healthcare organizations have adopted AI technology, using it to overhaul triage and streamline administration, diagnostics, and more.

Bigger, better data leads to more powerful AI, but big data and artificial intelligence leave many patients and healthcare institutions feeling vulnerable. Data privacy and accountability for insider threats will be major concerns for healthcare institutions in the upcoming years.

4. Renewed support for nurses

Advances in technology, advanced algorithms, and AI have taken some of the burden off the shoulders of nurses, especially when it comes to the monitoring and decision support of patients. No matter how sophisticated medical technology becomes, however, it will never replace the human touch and compassion that nurses bring to the bedside. Nurses bring experience, judgment and the capacity to know what patients need, even when technology suggests otherwise. In fact, the World Health Organization (WHO) has named 2020 the Year of Nurse and Midwife to highlight the need for more nurses and to advocate for increased investments in the nursing workforce.

5. Patient safety

Patient safety has been a pressing healthcare issue for decades, yet WHO reports that one in 10 patients in harmed while receiving hospital care. The Joint Commission has issued their National Patient Safety Goals Effective January 2020, in which they outline ways to improve patient safety. Safety goals include indentifying patients correctly, improving staff communication, storing and administrating medicines correctly, using alarms safely, infection prevention, identifying patient safety risks, and preventing surgical errors.

6. 5G communication technology

The implementation of 5G communication technology will allow clinicians to connect with voice, video, and data. Telehealth and remote home monitoring systems have allowed patients to receive care at home, which is especially helpful for those in rural areas, and helped doctors interface with patients or share information with specialists for years. Slow network speeds and congestion from a growing Internet of Things (IoT) can delay patient care and can even hurt outcomes; 5G technology can speed connections and resolve congestion to keep information flowing freely.

7. Human centered design

Human-centered design relies on the human perspective to solve problems; it focuses on what users, not designers, think. Unlike other approaches to healthcare in which providers assume what the patient wants, human-centered design starts by understanding the perspective of the person experiencing the problem.

8. Natural language processing

Doctors spend about half their patient time staring at computer screens, according to research. Natural language processing (NLP) can help doctors spend more time with patients. NLP products capture conversations between clinicians and patients, transcribe that discussion into a word-for-word transcript, and populate the electronic health record with information from that conversation.

The healthcare industry is at a significant turning point, with next-gen technology taking medicine into uncharted territories. While AI, 5G and other technologies will hyper-connect patients and caregivers, NLP, improved software design, and the human touch of nurses and doctors will change the face of medicine as we move through the decade.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

SOURCES:

https://www.usa.philips.com/c-dam/corporate/newscenter/global/future-health-index/fhi2019/fhi-2019-report-united-states.pdf

https://www.who.int/news-room/campaigns/year-of-the-nurse-and-the-midwife-2020

https://www.who.int/features/factfiles/patient_safety/en/

https://www.jointcommission.org/-/media/tjc/documents/standards/national-patient-safety-goals/npsg_chapter_hap_jan2020.pdf

https://www.healthaffairs.org/doi/abs/10.1377/hlthaff.2016.0811

Filed Under: Featured, Healthcare Innovations, Healthcare Trends, News Tagged With: , , , , , , , , , , , ,

Laboratory Management Systems – Level of Importance

January 8, 2020 by

Importance of Laboratory Management Systems

The need for more elaborate and accurate laboratory management systems is becoming more and more important as the scale of research and development continues to escalate.   Laboratories have been among the heaviest users of information technology since its inception more than 30 years ago. As places where questions are answered and breakthroughs begin, labs have played a defining role in defining and developing information management systems along the way.

The global laboratory information management systems (LIMS) market is growing rapidly. In fact, the research and consulting group, Acumen, anticipates the LIMS market size will around USD 2.4 billion by 2026, with 9.3% CAGR during the forecast time period. Technical advancements in pharmaceutical labs and the increasing need for laboratory automation will likely be the primary drivers behind this growth.

Biotechnological and pharma organizations are investing in research and development, which rely on sophisticated and scalable laboratory management systems for effective management and security, tracking data, patient demographics, billing, and more. To support the explosive growth of research and development, today’s laboratory management systems will need to evolve and grow.

The Evolution of Laboratory Management Systems
Information technology is the glue that holds the laboratory – and modern medicine – together. IT can compress the time and distance separating the lab from the patients and physicians. Laboratory information systems move information from place to place, seamlessly and instantaneously, to put information in the hands of doctors, patients, and interoperating businesses participating in the care, when they need it the most.

Most clinical labs once used laboratory information systems (LIS) to simplify administration and instrumentation tasks, and use laboratory information management systems to make collection, storage, and distribution of patient test results and other data easier. Many labs are now using full-service integrated systems that combine LIS and LIMS functions.

Simply combining several small lab management programs together will not be enough. Today’s LIMS must have advanced features that reduce or eliminate human error, improve real time tracking and time saving, increased revenue, and reduced workload and stress within the lab.

Tomorrow’s lab management systems will build upon today’s technologies, such as the ability to track samples in real time and unique auto-authorization feature that automatically approves reports with normal values. Modern lab solutions allow labs to manage logistics efficiently; assigning barcodes to samples at the collection station and notifying the processing center of the sample collection allows the lab to allocate resources, reagents and material even before the samples reach the processing center.

The next generation of laboratory management systems must be powerful and flexible enough to keep up with the evolving sophistication and specialization of clinical labs and their demands for advanced IT capabilities. Labs are increasing their use of molecular diagnostics, such as next-generation sequencing (NGS) systems that can create terabytes of patient data and analyses in the blink of an eye and other processes, which require a new approach to IT. Labs are also ratcheting up their ability to handle other emerging technologies, such as digital pathology, which present their own heavy-duty imaging storage and analytical processing challenges. Finally, lab management systems must evolve to handle the oncoming tsunami of data resulting from the push towards personalized medicine.

The rapid evolution of IT in healthcare creates an unparalleled opportunity to develop new, advanced laboratory management systems that can handle more data, save more money, and serve even more laboratory clients. The new systems will evolve to handle assay data management, data mining, data analysis, electronic laboratory notebook (ELN) and more.  Lab management systems that do not evolve may become outdated in their prime.

From introducing groundbreaking products to reducing waste and improving sustainability, laboratories are changing the face of research and clinical medicine. Innovations in laboratory management helps labs maintain their forward momentum in the ever-changing world of medical technology.

To View Frank Magliochetti Press Releases Please CLICK HERE

Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MBA
Managing Partner
Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com

Source: https://www.acumenresearchandconsulting.com/laboratory-information-management-system-market

Filed Under: Featured, Healthcare Innovations, Healthcare Trends, Laboratory Management Systems, News, Trends Tagged With: , , , ,

Using Blockchain Tech in Healthcare

October 1, 2019 by


Healthcare: Ready for Blockchain Technology

Healthcare requires prompt access to confidential patient information – lives can sometimes depend on it. Easy access comes at a price, though, as easily accessible information puts patient privacy and hospital data at risk. Blockchain technology has the potential to revolutionize healthcare by providing access to secure, accurate information.
Health information technology is becoming more crucial to the healthcare system, as doctors and nurses now spend more time typing than talking to patients, according to a study by Mayo Clinic. Health information technology is also important to patients who go to different practitioners and specialists who may not have access to the electronic healthcare records (EHR) system their primary physicians may use. Lack of access to health records can lead to repeat lab work, dangerous drug interactions, and more. Blockchain can help eliminate unnecessary repeat lab work, manage medications from different prescribers, and provide a patient’s vaccination history.  Access to healthcare information is also essential for insurance providers and researchers. Many are turning to blockchain.

What exactly is blockchain?
A very succinct history of the platform; An unknown person or group calling itself Satoshi Nakamoto started blockchain technology in 2009, it was started as a way to move the digital currency, bitcoin. In the years since, the uses for blockchain have expanded to exchange other types of digital assets, such as data.
Blockchain is an activity log that is tamper-proof, time-stamped and shared across a network of computers. Each transaction going into the log, or central database, is enclosed in a block and linked in chronological order to create a public chain, hence the name “blockchain.”
The blocks cannot be deleted, changed or otherwise modified, which means that blockchain creates an indelible write-once-read-only record that a transaction occurred.

Blockchain has three main components:

1.  Digital transactions – the information or digital asset stored in the blockchain
2.  Distributed network – a decentralized peer-to-peer (P2P) architecture featuring “nodes” of participants, each of whom stores a copy of the blockchain and is authorized to validate and certify any digital transactions on the network
3.  Shared ledger – the participants record ongoing transactions in a ledger shared by all the members, who verify the transactions using algorithms; the transaction is added to the record after a majority of members validate it

How Blockchain Technology can Improve Healthcare
Information management is one of the largest problems facing healthcare today. Spread across multiple and sometimes-inaccessible systems, information may not be available when needed most; unfettered access to this information can be a security risk. Blockchain could change all that by creating a decentralized system accessible to only those who hold the right keys.
The lack of a central administrator creates transparency, in that no single individual or organization can change the information, as could happen if the information were to live in the physical memory of one system. Furthermore, all of the members of the blockchain remain in control of their transactions and information.
Each member connected to the blockchain has two keys – a public key, which acts as a visible identifier, and a secret private key. One must have the private key to unlock a member’s identity and see what information on the blockchain is relevant to that member’s profile. This cryptographically links the two keys in such a way that only those who have the secret private key can identify the member.

As healthcare institutions provide services to patients, they track clinical information in their existing health IT systems. The institution then use application programming interfaces (APIs) to direct the patient’s public (non-identifiable) ID and standard data fields to the blockchain, where the blockchain stores each transaction by the patient’s public ID. Computer software processes the incoming transactions to make them searchable.
Healthcare institutions and other organizations can use APIs to query the blockchain directly to view non-identifiable patient information, such as age, gender and medical condition. Analysis of the information gained from these queries can lead to new insights into healthcare.

Patients who wish to share their identity with healthcare organizations may do so by providing their private keys, which allows the healthcare organizations to unlock patients’ data. The data remains unidentifiable to those without the private key.

Today, most healthcare organizations rely on health information exchanges (HIEs) and other methods of centralized data aggregation to gather wide scale health data. Blockchain creates a decentralized standardized method, which ensures accountability and easy access. The structure of blockchain offers a unique combination of access scalability, security, and data privacy that can facilitate the sharing and security of healthcare information. Many more uses will unfold for blockchain technology in all aspects of healthcare, research, laboratory management, record keeping, accountability, Q.A., and even insurance.

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Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Earlier this year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.

Mr. Frank Magliochetti MB
Managing Partner Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochettinews.com

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