Health-care reform inspires innovation in incubation

For life science incubators, such as BIOSTART in Cincinnati, changes in health care are inspiring changes in the way they do business as well.

Although it has primarily served medical product start-ups in the past — such as developers of new pharmaceuticals or medical devices — the incubator now is opening its doors to clients in the health-care services sector.

"Regardless what direction health-care reform goes, I think the focus will be toward developing services in a more efficient and less costly manner," says Carol Frankenstein, president of BIOSTART.

In November, Frankenstein appointed an executive-in-residence to work exclusively with health-services clients. Dan Kincaid — former vice president of First Health Services Corp. and a co-founder of Providers Synergies, which manages preferred drug lists and rebate programs for state Medicaid agencies — will recruit potential clients and mentor them.

BIOSTART also is offering loans between $5,000 and $75,000 to health-care services start-ups that enter the incubator, as well as connections to the local investment community. Frankenstein hopes to recruit up to a half-dozen new clients through the initiative.

"We’ll first focus on companies in Cincinnati and then we’ll reach out to companies outside of Ohio and try to attract them here," Frankenstein says. "This [initiative] will open up opportunities for smaller players, not just large health corporations."

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