Ricovr Co-Founders Interview with Columbia Business School
Interview with Co-Founders Piyush Sadana and Himanshu Bhatia, M.D. from Ricovr Healthcare with Columbia Business School CBSACNY
Ricovr, founded by Dr. Himanshu Bhatia (HB) and Columbia Business School (CBS) 2012 alumni Piyush Sadana (PS), is transforming Point-of-Care diagnostics with a next-generation patented technology. Their first device is the most sensitive saliva-based Rapid Testing device for THC (the psychoactive component of Cannabis).
Q. Why Cannabis testing?
A. PS: Cannabis usage in the U.S. and other countries has significantly increased because of legalization. This has led to increased workplace accidents and higher drug testing & insurance costs for businesses. Employers, law authorities, and medical professionals need a device to test THC (The psychoactive component of Cannabis) on the spot.
HB: The growing application of Cannabis in various medical conditions, such as rare and severe epilepsy and chronic pain, and to reduce nausea and vomiting after chemotherapy has also increased the demand for Cannabis globally. This has also created an unmet need to test the levels of THC to find the appropriate dosing for these conditions, as well as to check for adherence to de-addiction programs.
Q. Your device seems like a breath analyzer for Alcohol. How are you different?
HB: We are using oral fluids to test drugs of abuse. THC is a complicated molecule that is difficult to detect accurately with breath. As per published research, Saliva is the best non-invasive medium for accurately measuring smoked or edible THC.
Q: Who will use this device?
PS: The device is easy to use and affordable. We are initially targeting employers in the construction, manufacturing, transportation, and retail industries, as they will immediately save significant costs related to lab-based random and on-incident drug testing and improve employee productivity.
Q: What other products are in the pipeline?
HB: We are currently focused on launching the THC testing device by Q1 2021. in the next couple of years, we plan to add other drugs of abuse and alcohol testing to the same platform. In the long term, technology has strong potential for screening heart disease, cancer, and infectious diseases, including COVID.
Q: What is the impact of COVID-19 on your business?
HB: In the last few months, there has been renewed interest in healthcare technologies, especially point-of-care diagnostics. Even the adoption of saliva as a test medium is expediting. For example, companies are looking for alternatives to breath-based testing for alcohol to avoid the spread of infection.
Q: Are you guys funded?
PS: We recently closed a $1.1M seed round, which a Silicon Valley-based VC fund led. Prominent Healthcare, Diagnostics, and Investment Banking leaders also participated in the round.
Q: Did you tap any CBS resources to scale the business?
PS: We have been incredibly lucky to have the support of the CBS ecosystem. Surya Mohapatra, CBS’s Executive-in-Residence, and Kevin Quinn, CBS’s entrepreneur-in-residence, have been great mentors and are on our Advisory Board.
Click this link for the official interview transcript with Columbia Business School NY.
Piyush Sadana, Co-Founder & COO Link
Serial Entrepreneur | Investment Banker | Product Manager | Engineer
Ex Norges Bank Investment Management, M&T Bank, Gallop.AI, Heckyl
B Tech – Civil Engineering, GB Pant University, 2000
MBA, CBS’12
Dr. Himanshu Bhatia, Co-Founder & CEO Link
Serial Entrepreneur | Scientist | Physician | Medical Device Portfolio Manager
MD, University of Pune
MS, University of Texas (Biochemistry)
MBA, University of Rochester
