Medical device maker Masimo Corp. is trying to stem the rise of opioid-related deaths in the United States with its non-invasive patient monitoring technology, the company’s founder, Chairman and CEO Joe Kiani told Cramer on Tuesday.
“We hope to have a solution for patients at home that are prescribed opioids, even those with illicit use,” Kiani said in the exclusive interview. “They can connect our device before they go to bed after they’ve taken their opioid, and if something’s gone wrong, hopefully they’ll either be revived by our alarms, or a loved one, or a caregiver, or even maybe the nearest police car with Narcan can be called and be dispatched to save that patient’s life.”
One of eight companies invited to the Food and Drug Administration’s Innovation Challenge to tackle and treat opioid use disorder out of 250 applicants, Masimo has created a product that not only prevents opioid-related deaths in hospitals, but also saves millions of dollars in the process, Kiani told Cramer.
“This system we have here, called the Patient Safety Net, along with either the tethered or untethered version of our product, has been used in Dartmouth-Hitchcock[‘s health-care system] for, now, 10 years,” the CEO said. “They showed … no more ‘dead in bed’ from opioid overdose [in] patients on opioids after surgery, and they saved $7 million a year. So you can save money and save lives.”
Click here to watch Kiani’s full interview.