The article explores the growing trend of physicians transitioning into chief medical officer (CMO) roles within the burgeoning health tech industry. It delves into the factors driving this shift, including physician burnout, the increasing demand for clinical expertise in digital health, and the desire for greater impact and influence. The article also examines the evolving role of the CMO, particularly in ensuring trust and legitimacy within the health tech sector, citing Theranos as a cautionary tale.
Lisa Shah started expressing her desire to become a doctor at the tender age of 6. Her journey was a direct path, progressing from premed studies straight into medical school and subsequently a residency at the prestigious University of Chicago. Despite her deep passion for patient care, Shah found herself emotionally drained after connecting with countless individuals each day. The loss of patients also profoundly affected her.
Now, Shah serves as the first chief medical officer at Twin Health, a groundbreaking startup that leverages wearables and artificial intelligence to monitor people's metabolism and prevent or treat conditions like diabetes and obesity. Far removed from the bustling hospital environment, Shah's new role overseeing the company's clinical operations and innovation allows her to address the health needs of populations rather than individuals.Healthcare organizations have traditionally employed chief medical officers or chief health officers to manage clinical settings. However, in the wake of the COVID-19 pandemic and the explosive growth of the health tech market, health tech companies, and even tech giants like Google and Salesforce, have been actively recruiting physicians for CMO positions. This trend reflects a growing need for clinical expertise and medical legitimacy within the rapidly evolving digital health landscape. Chris Myers, an associate professor of management and medicine at Johns Hopkins University, observes that the influx of CMOs into health tech companies is driven by a desire to 'grant that clinical, medical legitimacy to whatever products people are developing.' He further notes that this surge is partly fueled by an increasing number of MDs seeking alternative career paths outside of traditional clinical roles.The COVID-19 pandemic had a devastating impact on the healthcare workforce, leaving doctors overworked, underappreciated, and exposed to new workplace hazards. The World Health Organization estimated that tens of thousands of health workers died globally in 2020 and 2021. A study published in the JAMA Health Forum revealed a significant increase in clinicians considering leaving their positions, jumping from 30% in 2019 to over 40% in 2021. A 2022 survey by the consulting firm Bain & Company found that one in four clinicians were contemplating a career switch, often due to burnout. Myers suggests that the pandemic has 'pushed' physicians to explore different options, with the booming digital health industry presenting a particularly attractive alternative. This sector is projected to reach $1.5 trillion by 2032, experiencing annual growth of nearly 19%.For many doctors, the calling to medicine outweighs the years of rigorous schooling, often incurring substantial debt, and the demanding on-call hours. 'No one gets into medicine to be an administrator,' states Dr. Guy Maytal. However, the often-flawed and inequitable healthcare system sometimes left him feeling helpless. He recounts patients expressing their inability to afford both medication and food. Ultimately, Maytal decided to take action rather than passively complain. In 2023, after nearly two decades of practicing psychiatry at Massachusetts General Hospital and Weill Cornell Medicine, he joined Forge Health, a startup providing mental health and substance use treatments both in-person and via telehealth. Maytal now believes he can make a more significant impact and influence change at a faster pace compared to his time as a practicing physician.The evolving role of the CMO has become increasingly important as scrutiny surrounding the health tech industry intensifies. Theranos, a cautionary tale in the biotech world, lacked a board with adequate medical expertise. While a dermatologist who had treated Theranos' president, Ramesh 'Sunny' Balwani, was appointed as the company's lab director in 2014, he lacked board certification in pathology or laboratory science. It wasn't until The Wall Street Journal exposed flaws in the company's blood-testing method in 2015 that Theranos established a medical and scientific advisory board. Myers emphasizes that companies striving to build trust and avoid a similar fate to Theranos 'might certainly consider hiring a CMO to give a trusted voice to their product.' He adds that people tend to trust their doctors to have their best interests at heart more than a CEO.Quantifying the rise of the CMO remains challenging. Major medical associations in the US lack data on the number of individuals holding these positions. However, data from ZipRecruiter reveals a significant increase in job postings seeking chief medical officers, jumping from 767 in 2019 to over 5,000 in 2021. In 2024, there were 2,154 such job postings. In 2022, Emory University launched a pioneering executive program to train chief medical officers for leadership roles in healthcare. Dr. Jonathan Jaffery, the chief of health care affairs at the Association of American Medical Colleges, notes that individuals rarely transition directly from medical school to administrative roles but gradually incorporate administrative tasks throughout their careers before making a full switch. For the most part, doctors aren't abruptly leaving emergency rooms for startups; the decision to utilize their medical expertise in roles beyond direct patient care happens gradually
HEALTH TECH CMO PHYSICIANS DIGITAL HEALTH BURN OUT THERANOS TRUST LEGITIMACY
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