Disrupting Diagnostics: Ziad Makhzoumi, CEO, MAP Sciences
When Ziad Makhzoumi tells you that he is excited about a new project, it’s safe to say that a similar feeling would arise in you too- after all, this is someone whose illustrious career so far (with perhaps his most noteworthy stints being at Arabtec and Fakih IVF Group) has seen him be declared as everything from “the most admired CFO in the Middle East” in 2011 to “CEO of the Year in the Healthcare Sector” in 2014. So, when Makhzoumi talks about his latest role as the CEO of a new company called MAP Sciences, one almost automatically wonders what about this enterprise caught this seasoned businessman’s eye.
As it turns out, this new company is bringing forth disruptive technology to the field of medical diagnostics- MAP Sciences has developed a testing technique whereby a single drop of blood from a patient can be used to provide a quick and accurate health profile in a matter of minutes. The way it works is thus: once the sample is collected and prepared, it’s placed on a mass spectrometry reader, which then sends encrypted data to a digital database. There, it will be matched against thousands of other profiles already on the system, following which encrypted interpretations and results will be sent back to the medical facility.
All of this may sound very complex, but therein lies its USP: Makhzoumi explains that the MAP Sciences process is incredibly fast (results from the tests can be obtained in a few minutes), it’s a lot less expensive than the options that are currently available in the market (a fraction of the existing costs, Makhzoumi notes), and it’s also remarkably efficient (multiple tests can be done on a single sample)- one can essentially get detailed reports with accurate results in a matter of minutes, which is pretty apt for the times we live in today.
“The whole concept of the world is now [about] moving in the fast lane,” Makhzoumi explains. “We need to digitize, and we need to collect data- our system will help you achieve that. We have the patents, we have the machines, and we are ready to put them on the market.” In terms of a business model, MAP Sciences currently plans to lease or sell its machines that have its patented technology, and then generate revenue from its tests, whose scope will include the detection of blood disorders, diabetes/pre-diabetes, fertility and IVF embryo selection, pregnancy disorders, and cancer.
As of now though, the MAP Sciences team is looking to raise US$10 million in funds, which will primarily be used, as Makhzoumi puts it, “to get our machines in the market.” The GCC countries and the US are the targeted markets for MAP Sciences to enter in in 2017, with India and China planned for the year after. The company’s pitch deck reveals that it has got short-term, mid-term and long-term market strategies in place, and Makhzoumi believes that its roadmap will involve an exit happen, probably by 2022, with the CEO expecting “a very high substantial valuation” for the company at that point in time. It is clear that Makhzoumi’s confidence about MAP Sciences stems from the technology it has in place- it is something that is not hardware-dependent, and one can certainly expect more tests to be added to its portfolio very soon, given the qualified scientific team the company has on board. Makhzoumi believes that it’s only a matter of time for all this to come to fruition- and he is all set to make it happen. Stay tuned!
Aby Sam Thomas is the Editor in Chief of Entrepreneur Middle East. In this role, Aby is responsible for leading the publication on its editorial front, while also working to build the brand and grow its presence across the MENA region through the development and execution of events and other programming, as well as through representation in conferences, media, etc.
Aby has been working in journalism since 2011, prior to which he was an analyst programmer with Accenture, where he worked with J. P. Morgan Chase's investment banking arm at offices in Mumbai, London, and New York. He holds a Master's Degree in Journalism from the Columbia University Graduate School of Journalism in New York.