HealthBeacon, the fledgling Dublin-listed medical technology company that helps patients stick to injectable medications schedules, will look in time at getting into pill management, according to its chief executive.
In conversation with reporters on Thursday after HealthBeacon’s first annual general meeting (agm) since its initial public offering (IPO) last December, Jim Joyce said the company is on track to meet its target of having 100,000 patients using its smart sharp bins by the end of next year to adhere to injection programmes. The number of units deployed more than doubled last year to 10,187.
The bins, which are a little bigger than a standard toaster, are digitally connected to individuals’ smartphones and are used for the disposal of injector pens and syringes and tracking of individual patients’ adherence to medication regimes. The system will also remind people to stay on course if necessary.
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While Mr Joyce, who co-founded HealthBeacon in 2013, said the “core priority” of management is on reaching the 100,000 sharp bins target, he said the company will also look at getting into getting into digital solutions for management of pill-taking in the future.
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The company may also, in time, extend into selling weighing scales connected to mobile devices, which would help medical care providers to track the effectiveness of medications in the treatment of ailments like obesity and diabetes, he said.
HealthBeacon raised €25 million in its IPO last December, in a deal that valued the group at €98 million, to accelerate the growth of the business and reach the 100,000 units target next year. However, shares in the company have subsequently fallen by more than 30 per cent, amid a slump in global equity markets.
[ Pivotal year for HealthBeaconOpens in new window ]
The company’s main distribution channel to date has been through deals with pharmaceutical companies, including Sanofi, Novartis and Teva, who cover the cost of the devices. It has also expanded recently into selling units directly to consumers in the US through home appliances distributor Hamilton Beach Brands, and is developing a sales channel where costs are reimbursed by health insurance programmes.
Mr Joyce had hoped to increase the company’s gross profit margin from about its current 60 per cent, as it grows at scale by the end of 2023. However, he said this has been dashed by rising prices for materials, including plastic, computer chips and transport, as the global economy grapples with inflation. Still, the company has secured sufficient product to meet its target for next year, he said.
