Fireside chat with NJ News & the Founders at Ricovr Healthcare

New Jersey News talks with the Founders of RICOVR Healthcare, a Princeton-based innovative company. The fireside chat discusses the ffounder’sjourney, lessons from their journey, and the development of a highly sensitive point-of-care rapid diagnostics platform with broad applications, from THC detection to COVID-19.

The company’s patented biosensor technology uses saliva to provide high-quality testing results in minutes. It boasts a distinguished advisory board and management team of scientists and engineers committed to improving human health outcomes and positively impacting society.

• Dr. Himanshu Bhatia (HB), Founder and CEO, is a physician-scientist with extensive experience in clinical medicine, basic sciences, and medical devices. He has also published many scientific publications and book chapters and is a Forbes author.
• Piyush Sadana (PS), Co-founder and COO, is a Serial Entrepreneur with extensive experience in Investment Banking, Business Development, and Product Management. He has a successful track record of scaling new businesses for early-stage and Fortune 500 companies.

What’s The story behind RICOVR Healthcare?

HB: RICOVR, fitting with its name, was started to create diagnostic tools to help restore, regain, and improve health. As a scientist and physician, I saw a huge gap in innovation in diagnostics. With a background in research and some luck, I found a robust technology with huge potential. Combined with that and finding my co-founder, it was a dream team that has achieved remarkable feats in a short time.

PS: I met Dr. Himanshu Bhatia four years ago at a coworking space in Princeton and was impressed with his background in launching healthcare products. I, too, saw the need Himanshu saw for improvements in the diagnostic space and for companies and medical providers to have information faster and at a lower cost than previously available. RICOVR Healthcare was a direct response to that need.

What was the most difficult part of your experience in the early beginnings?

HB: Bringing a new technology from a lab bench to the commercial space involves many moving parts coming together. We are proud to work on a futuristic technology, but each step has challenges and a learning experience. This was particularly evident in the initial stages when the final product was unclear, and we needed investor support to move from idea to prototype. Explaining something markedly different from what exists and its potential benefits to potential investors can be difficult. Fortunately, we were successful with that task.

PS: Building hardware products is tough, and medical devices are even more difficult. It was challenging to convince early investors to support our vision. We needed to find the right people who could see where this could go and were willing to take the journey with us.

What are you most proud of regarding your business?

HB: I am immensely proud of the team and the people behind our venture. However, I am most proud of the research and science behind our technology and the ability to give shape to a concept. Seeing the work and passion everyone put into creating XALIVA and its test has been the most fulfilling part of it all.

PS: The team and advisory board we have assembled. We have achieved years of work in just a few months. Even with the setbacks of COVID shutdowns, we have seen remarkable progress. The whole team is passionate about the mission and appreciates the societal impact of our products.

What is your vision for the future of RICOVR Healthcare?

HB: We want RICOVR to be the most reliable diagnostics technology provider that delivers solutions that can benefit the masses. We want to change the testing landscape and help bring lab-quality results to the palm of every hand.

PS: We want to be the market leader in point-of-care diagnostics. We started with THC and COVID-19, but the platform is scalable to other biomarkers for infectious diseases and drugs-of-abuse testing. Our north star is to improve the quality of human health with our innovative, accurate, and easy-to-use products.

What is your advice for businesses trying to adapt to this economic climate?

HB: Starting and running a business is never easy. While these are indeed challenging times for everyone, it is not impossible to find the right opportunity and adapt to the changing world. Perseverance, patience, and passion will make the tides turn in your favor.

PS: Be focused, and do not run after every shining object. Expect that your next sale or fundraising deal will take longer to close. Therefore, keep the burn low and maintain a runway of at least 18 months.

What books do you have on your nightstand?

HB: “Dealing with the Elephant in the Room” by Mike Bechtle. I am fascinated with this book, which helps with the crucial aspect of communication, which is the key to any relationship.

PS: Apple News is a godsend for me as I like to stay abreast of current affairs. I am a voracious consumer of the WSJ and weekly magazines. I just finished Michelle Obama’s “Becoming” and picked up “Startup Land—Story of ZenDesk” by Mikkel Svane. These books about the journey in people’s lives and careers are incredibly insightful for me and my journey.