Lyfegen from Basel is on a global mission to advance value-based healthcare
Health tech, Life sciences, Digital health
Country of origin
Lyfegen was founded in 2019 by Girisha Fernando, Michel Mohler and Nico Mros. Lyfegen facilitates the shift toward value-based healthcare with their innovative software.
While new and groundbreaking treatments like cell and gene therapies are saving lives, the price of treatment can be substantial, costing millions of Swiss francs. There is an urgent need for the healthcare system’s payment models to be revised to ensure that patients can access life-saving therapies. Lyfegen was founded to facilitate the shift from volume-based and fee-for-service healthcare to value-based healthcare, having already made great strides in improving healthcare access in Switzerland and Europe.
Lyfegen has developed a software platform that helps health insurance companies, hospitals, pharmaceutical companies, and medical device manufacturers manage value-based drug pricing contracts with greater efficiency and transparency. The Lyfegen patent-pending platform uses intelligent algorithms to collect and analyze patient-level drug cost data to execute complex pay-for-performance agreements. Basel Area Business & Innovation has supported Lyfegen’s mission since its formation.
In 2021, Johnson & Johnson and a Swiss hospital both began to implement the Lyfegen platform, and Swiss health insurance company Sympany have also begun to utilize the platform in the execution and management of value and data-driven pricing models, signaling a promising future for Lyfegen and healthcare access in Switzerland.
Proximity to customers: The cornerstone of Lyfegen’s approach
Location is essential to Lyfegen. “Basel is ideally located to reach many destinations in Europe, easily allowing us to visit our customers and investors,” says Girisha Fernando, the CEO of Lyfegen. For Lyfegen, the region’s major advantage is its character as a major life sciences hub. Customers and innovative companies are in close proximity: “Being a part of this cluster allows us to collaborate with our customers at an early stage by fostering dialogue with the right individuals.” Not only is Basel an ideal location for Lyfegen’s customers, but the staff also appreciate the quality of life that the Basel region offers, including the cultural and culinary highlights and pristine natural landscapes.
While the advantage of proximity has been a blessing, Lyfegen has still had to overcome a number of challenges: “In the beginning, we struggled with the speed at which our large corporate customers operate. Things always take longer than expected.” Despite these initial challenges, Lyfegen has advanced tremendously since its formation and has shown great promise for the future of healthcare access. Lyfegen is growing rapidly: “We aim to establish Lyfegen in the US market and extend our presence in Europe.”
”From finding the right experts to finding office spaces, Basel Area Business & Innovation has always been able to help us. We were also able to find the ideal investors for Lyfegen, helping us with more than just financing but with access to their valuable business network and experience.Girisha FernandoCEO of Lyfegen