When Joe Kiani is not designing the next generation of medical devices for hospitals, building a new product line of health-focused products for consumers, or battling the world’s most valuable publicly traded company, Apple Inc., in a variety of legal challenges, he is often involved in trying to solve societal problems—from drug overdoses to homelessness.
Those efforts have seen success. In 2012, Kiani, co-founder of Irvine’s Masimo Corp. (Nasdaq: MASI) started the Patient Safety Movement Foundation, a nonprofit that aims to reduce the number of preventable deaths in hospitals.
The foundation has said it’s saved tens of thousands of lives, with a goal to eliminate preventable deaths at hospitals by 2030.
“We all react differently to opioids,” Kiani told the Business Journal. “If not monitored, you could make it through a difficult surgery only to be found dead in bed in the hospital recovery room due to an accidental opioid overdose.”
Presidential Connections
Former President Bill Clinton, who has often appeared at Patient Safety events, asked Kiani to make a device to help prevent deaths from opioids.
Clinton’s home state has a high rate of opioid addiction, and Clinton has family members who’ve been affected by the issue.
In April, Masimo received approval for its Opioid Halo, making it the first and only FDA-cleared monitoring solution for detecting opioid-induced respiratory depression, the leading cause of death from opioid overdoses.
“Accidental opioid overdose also happens at home,” Kiani said. “It could be a person that is taking opioids for the first time after a tonsillectomy surgery, or it could be someone with substance use disorder. We knew our technology could help.”
At the Clinton Foundation in New York City last month, Clinton praised Kiani for “breakthroughs that can prevent overdose deaths and help people on the road to recovery.”
Arkansas Facility
In May, Kiani, among OC’s more prominent supporters of Democratic causes and a big backer of President Joe Biden, joined Clinton in Arkansas to unveil a Masimo facility where researchers will develop and test products like Bridge, a device designed to be worn behind the ear as the only non-drug product available for dealing with opioid withdrawal.
By using electrodes to stimulate a patient’s nerves, Bridge can reduce withdrawal symptoms in 15 to 20 minutes, the company says. A study determined that within an hour of use, patients saw an 85% reduction in symptoms.
The Masimo Bridge “is a device that attaches to the ear, and reduces the physical symptoms of opioid withdrawal,” Kiani said.
Masimo will test trial the Bridge device in the Little Rock area and anticipates helping 1,000 people end their opioid addictions, Kiani said.
Homelessness
In 2019, Masimo paid $3.65 million to buy an apartment complex in San Clemente for the Friendship Shelter, which turned it into permanent homes for 17 residents who were previously homeless.
“When we started this, I thought maybe we’d be an example for a hundred other companies in Orange County that could do something similar. If we all give a little bit to our community, we all do better,” Kiani told the Business Journal in April.
The Friendship Shelter is scheduled to honor Kiani at an upcoming fundraising event.
Kiani’s philanthropic endeavors haven’t hurt his bottom line; he is the only health industry executive on the Business Journal’s OC’s Wealthiest list this year. He counts a fortune estimated by the Business Journal at $1.25 billion (see list, page 14).
Masimo’s stock suffered a 24% drop last week after it reported second quarter preliminary revenue that missed analysts’ consensus estimates. The company as of last week had a $5.9 billion market cap.
