Joe Kiani

Massi Joe E. Kiani (born September 16, 1964) is an Iranian-American entrepreneur who founded medical technology company Masimo in 1989.

Joe Kiani
Born
Massi Kiani

(1964-09-16) September 16, 1964
NationalityAmerican
OccupationBusinessman
EmployerMasimo
TitleFounder of Masimo
SpouseSarah Kiani

Early life

Joe Kiani was born in Shiraz, Iran, and immigrated to the United States at the age of nine.[1] [2] Kiani's father was an engineer and his mother was a nurse.[3] [2] Despite not speaking more than three words in English when he arrived in the United States, he graduated from high school at the age of 15 and, by the time he was 22, had earned both his bachelor's (B.S.E.E) and master's (M.S.E.E) degrees in electrical engineering from San Diego State University.[4] [2] SDSU later honored Kiani with the College of Engineering's 2005 Monty Award, recognizing his achievements and success.[5]

Beginning in 1989, Kiani worked at Anthem Electronics. While with the company, Kiani detected an issue with the devices, and pitched the company a solution, which they declined. Following this, Kiani established his own business while maintaining a role with Anthem Electronics until 1991. [2]

Career at Masimo

Kiani founded the medical technology company Masimo in 1989 and was later joined by partner Mohammed Diab.[4] [2] The company is publicly traded and employs more than 5,300 people worldwide.[6] Kiani holds more than 500 patents or patent applications for advanced signal processing, optical sensors, and wearable technologies. Masimo pulse oximetry is used to monitor over 200 million patients per year[7] [8] and is the primary pulse oximeter at 9 of the top 10 hospitals listed in the 2020-21 U.S. News & World Report Best Hospitals Honor Roll.[9] [10] In 2011, Forbes named Masimo to its list of top 20 public companies under a billion dollars in revenue, based on earnings growth, sales growth, and return on equity.[11]

Pulse oximetry is one of the most commonly used monitoring technologies in healthcare. Masimo makes a pulse oximetry technology known as Signal Extraction Technology (SET), which is the first pulse oximetry technology to reliably measure through motion and low perfusion conditions.[12][13]

Since its introduction in 1995, Masimo SET pulse oximetry in over 100 independent and objective studies has outperformed other pulse oximetry technologies, providing increased sensitivity and specificity.[14] Masimo SET helps clinicians reduce severe retinopathy of prematurity (ROP)[15] in neonates and improve critical congenital heart disease (CCHD) screening in newborns.[16] As of March 2021, ten published CCHD screening studies, all with positive conclusions and representing over 300,000 infants, including the largest CCHD study, have used Masimo SET.[17] In addition, when used for continuous monitoring with a patient surveillance system, Masimo SET reduces rapid response team activations, ICU transfers, and costs.[18]

In 2022, under Kiani's direction, Masimo acquired Sound United premium audio brands including Bowers & Wilkins, Polk Audio, Denon, Marantz, Definitive Technology, Classé and Boston Acoustics.[19]

Industry reform and patient safety initiatives

In 2002, Kiani was interviewed for a New York Times article titled "Medicine's Middleman" that focused on the practices of Group Purchasing Organizations (GPOs) and dominant medical suppliers.[20] The article was followed by a series of 18 additional New York Times stories on GPOs over the next two years. After the Times article appeared, The United States Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights held four hearings regarding these practices, at which Kiani testified twice.[21] Kiani's efforts led media to call Masimo "the poster child for small medical device manufacturers" and observe that Kiani "almost single-handedly galvanized the rancorous debate over the GPO industry's purported role in locking out innovative technologies from the marketplace."[22]

Kiani is active in efforts to reform U.S. health care and encourage medical innovation. In 2010, Kiani and Masimo provided $10 million in funding to create the Masimo Foundation for Ethics, Innovation, and Competition in Healthcare, which is dedicated to encouraging and promoting activities that improve patient safety and deliver advanced healthcare worldwide.[23] Masimo Foundation supports third-party research, development initiatives, and clinical studies with an emphasis on transformative projects that seek to truly enhance patient safety and outcomes; helping to forge a world free of sickness, disease and inhumanity.

In September 2013, Kiani appeared before the Senate Health, Education, Labor & Pensions Committee and laid out five steps to help eradicate preventable patient deaths. That year, he also founded the Patient Safety Movement Foundation through the support of the Masimo Foundation. More than 200,000 preventable patient deaths occur each year in U.S. hospitals.[24][25] The Patient Safety Movement is committed to reducing these deaths to zero by 2030. The foundation also convenes the action-oriented annual Patient Safety, Science & Technology summit. In 2017, at its 5th annual summit, the Patient Safety Movement Foundation announced that almost 70,000 lives had been saved and over 69 healthcare technology companies had pledged to share their data, helping to create an ecosystem for engineers to develop predictive algorithms that can help save even more lives. In 2020, the Patient Safety Movement Foundation was awarded a $5 million, five-year grant from the Masimo Foundation to help advance its mission and expedite its efforts.[26]

Honors, awards, and additional philanthropic efforts

Joe Kiani testifies at the U.S. Senate HELP Committee.

In 2012, Kiani received the Ernst & Young National Entrepreneur of the Year Award.

In 2016, Kiani was asked by then-Vice President Joe Biden to put together a team of cancer researchers and experts to assist in the “Cancer Moonshot” initiative first announced by President Obama during the January 2016 State of the Union address, with the goal of speeding cancer treatments and ultimately eradicating cancer.

In 2017, Kiani was awarded an Honorary Doctorate of Science by Chapman University.[27] This was followed by two additional honorary degrees: in 2019, Kiani was made an honorary member of the Mexican Academy of Surgery,[28] and in 2020, he was awarded an honorary Doctor of Science degree from San Diego State University (SDSU), originally due to be conferred in 2020 but delayed by the pandemic.[29]

In 2019, Kiani began serving on the Advisory Board of the University of California at Irvine (UCI) Susan and Henry Samueli College of Health Sciences.[30]

Kiani joined Chris Evans and Mark Kassen in creating A Starting Point, a video-based civic engagement platform.[31]

In 2021, Kiani began serving as a member of the Board of Trustees of the California Institute of Technology (Caltech),[32] the Board of Councilors of the Carter Center, and the Chair of the Board Quality Committee of the Children’s Hospital of Orange County (CHOC).[33]

In September 2021, Kiani was appointed to the President's Council of Advisors on Science and Technology (PCAST) by President Joe Biden.[34]

Controversies and Investigations

Joe Kiani's political contributions and subsequent appointments have come under scrutiny. He contributed over $1 million to the Biden Foundation in 2017, $750,000 to the pro-Biden super PAC Unite the Country, and $1 million to the Biden Inaugural Committee. On September 22, 2021, Kiani was appointed to the President's Council on Science and Technology (PCAST). Since January 2021, Kiani's company, Masimo, has received nearly $3 million in federal government contracts. Oversight Republicans have raised concerns over these actions, questioning whether Kiani's close ties to President Biden are benefiting him and his company, and whether political donations are influencing the administration's management of contracts and loans. The United States House of Representatives Committee on Oversight and Accountability have requested documents and information to ensure that safeguards and procedures are in place to protect taxpayers. The Office of Management and Budget's role in preventing government contracts and loans from being awarded to political donors is being investigated, and the appointment of Kiani to PCAST creates the appearance that he is benefiting from his political contributions.[35][36]

References

  1. "Masimo Ceo Joe Kiani Part 1".
  2. Dolan, Kerry A. "Meet The Iranian Immigrant Who Became A Covid MedTech Billionaire". Forbes. Retrieved 2023-03-02.
  3. "Masimo Ceo Joe Kiani Interview Part 3".
  4. Reed, Vita (26 March 2006). "Masimo's Kiani: Stared Down Tyco". AllBusiness. Archived from the original on 16 April 2009.
  5. "Distinguished Alumni". electrical.sdsu.edu. Retrieved 2020-06-03.
  6. "Masimo Corporation". Anesthesiology News. Retrieved 2020-08-26.
  7. "Archived copy" (PDF). Archived from the original (PDF) on 2014-06-04. Retrieved 2014-04-16.{{cite web}}: CS1 maint: archived copy as title (link)
  8. "Masimo's Moment". Orange County Business Journal. 2021-01-05. Retrieved 2023-03-02.
  9. "U.S. News & World Report Best Hospitals Honor Roll". Archived from the original on 2016-08-03.
  10. "Masimo's Moment". Orange County Business Journal. 2021-01-05. Retrieved 2023-03-02.
  11. Badenhausen, Kurt (19 October 2011). "The Top 20 Small Public Companies in America". Forbes.
  12. Barker, Steven J. (October 2002). "Anesthesia & Analgesia". www.anesthesia-analgesia.org. 95 (4): 967. doi:10.1213/00000539-200210000-00033. S2CID 13103745. Retrieved 2020-08-26.
  13. "Masimo to Release New Halo Index, Radical 7 Pulse Oximeter, Patient SafetyNet Monitoring System |". 14 October 2010.
  14. "Masimo - Clinical Evidence - SET® Pulse Oximetry". www.masimo.com. Retrieved 2021-05-07.
  15. Castillo, Armando; Deulofeut, Richard; Critz, Ann; Sola, Augusto (February 2011). "Prevention of retinopathy of prematurity in preterm infants through changes in clinical practice and SpO2 technology". Acta Paediatrica. 100 (2): 188–192. doi:10.1111/j.1651-2227.2010.02001.x. ISSN 0803-5253. PMC 3040295. PMID 20825604.
  16. Granelli, Anne de-Wahl; Wennergren, Margareta; Sandberg, Kenneth; Mellander, Mats; Bejlum, Carina; Inganäs, Leif; Eriksson, Monica; Segerdahl, Niklas; Ågren, Annelie; Ekman-Joelsson, Britt-Marie; Sunnegårdh, Jan (2009-01-09). "Impact of pulse oximetry screening on the detection of duct dependent congenital heart disease: a Swedish prospective screening study in 39 821 newborns". BMJ. 338: a3037. doi:10.1136/bmj.a3037. ISSN 0959-8138. PMC 2627280. PMID 19131383.
  17. "Sri Lankan Study Expands Evidence Demonstrating the Benefits of Critical Congenital Heart Disease (CCHD) Screening Using Masimo SET® Pulse Oximetry". www.businesswire.com. 2021-03-22. Retrieved 2021-05-07.
  18. McGrath, Susan P.; McGovern, Krystal M.; Perreard, Irina M.; Huang, Viola; Moss, Linzi B.; Blike, George T. (2020-03-14). "Inpatient Respiratory Arrest Associated With Sedative and Analgesic Medications: Impact of Continuous Monitoring on Patient Mortality and Severe Morbidity". Journal of Patient Safety. 17 (8): 557–561. doi:10.1097/PTS.0000000000000696. ISSN 1549-8425. PMC 8612899. PMID 32175965.
  19. "Masimo Closes Acquisition of Sound United". www.soundunited.com. Retrieved 2022-05-18.
  20. Walsh, Mary Williams; Meier, Barry (4 March 2002). "MEDICIne's MIDDLEMEN; Questions Raised of Conflicts at 2 Hospital Buying Groups". The New York Times.
  21. "Testimony of Mr. Joe Kiani". 14 September 2004.
  22. HighBeam
  23. "Masimo Foundation: Grants for Global Health". Inside Philanthropy. Retrieved 2020-08-26.
  24. Levinson, Daniel. "Adverse Events in Hospitals: National Incidence Among Medicare Beneficiaries" (PDF).
  25. "To Err is Human: Building a Safer Health System - Institute of Medicine". Archived from the original on 2013-09-09. Retrieved 2012-12-08.
  26. "Patient Safety Movement Foundation Awarded $5 Million to Help Advance Its Mission to Improve Patient Safety and Reduce Preventable Hospital Deaths". Patient Safety Movement. 2020-04-14. Retrieved 2020-04-20.
  27. "Schmid College Commencement to Feature Paul Cook, Joe Kiani, Alma Clark '78, Taylor Patti '17". Schmid College of Science and Technology. Retrieved 2019-06-05.
  28. "Joe Kiani Named Honorary Academic by Mexican Academy of Surgery". Patient Safety Movement. 2019-06-05. Retrieved 2019-06-06.
  29. "NewsCenter | SDSU | SDSU to Award Seven Honorary Degrees". newscenter.sdsu.edu. Retrieved 2022-05-18.
  30. "Leadership". UCI Health Affairs. UCI Regents. 2023. Retrieved May 17, 2023.
  31. Rufer, Jennifer (2020-11-12). "Chris Evans, Mark Kassen Launch Nonpartisan Civic Engagement Site". Spectrum News. Charter Communications. Retrieved July 24, 2023.
  32. "Trustee List | Board of Trustees". bot.caltech.edu. Retrieved 2022-05-18.
  33. Kiani, Joe (2021-04-09). "Aligned incentives and transparency are what our hospitals need, that's engineer's order". Newsweek. Retrieved 2022-05-18.
  34. "Members". The White House. Retrieved 2022-05-12.
  35. "U.S. House of Representatives Committee on Oversight and Accountability - Norman, Oversight Republicans Slam Biden for Awarding Taxpayer Money to Political Donors -". Apr 21, 2022.
  36. "U.S. House of Representatives Committee on Oversight and Accountability - Letter to the Office of Management and Budget" (PDF). Apr 21, 2022.
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