HealthBeacon is also seeking to raise between €3m and €5m and expects to close the new round in September.
Irish digital health company HealthBeacon has announced that it has been named as an official supplier to the National Health Service (NHS) in Britain.
Granted after a competitive process, the appointment provides the Dublin-headquartered company with direct access into the UK healthcare market, supporting patients that manage injectable medications across therapeutic areas.
The significant supply appointment will also springboard the innovative medtech firm’s expansion across the NHS UK health network.
“Our system has evolved to provide complete 360 care for patients on injectable medications”
The opportunity came about with the NHS calling on more companies to provide remote monitoring solutions to support Covid-19 patients and people suffering with long-term conditions.
Smarter treatment schedules
The HealthBeacon Injection Care Management System offers digitally enabled remote care monitoring and support service for patients managing self-injectable medications.
One of the major challenges for people self-injecting medication is adhering to treatment schedules, which if done incorrectly, can result in a significant loss to patient health and a rapidly escalating financial burden on state health care systems.
It is estimated that only 50-60 per cent of patients comply with their chronic medicine schedules, however, it is thought that 80-90 per cent compliance can be achieved when medicines are connected with adherence support solutions – which is where HealthBeacon comes in.
“The spike in demand globally for remote support services from healthcare providers in response to Covid-19 pandemic highlights the importance of empowering and supporting patients remotely”
The self-injectable market for home administered medications is estimated to be worth over €60 billion globally.
“Patient empowerment is our top priority at HealthBeacon,” said Jim Joyce, CEO of HealthBeacon. “Our system has evolved to provide complete 360 care for patients on injectable medications.
“We automated the process for adhering to medications so there is no longer the need to remember complicated schedules. This enables the user with greater equanimity and increases health outcomes for patients and providers alike.”
Adding to Mr Joyce’s comments, Malin Johansson, HealthBeacon’s vice president for Europe, said; The spike in demand globally for remote support services from healthcare providers in response to Covid-19 pandemic highlights the importance of empowering and supporting patients remotely.
“We saw an opportunity to enhance our existing platform during the pandemic as a reliable and effective alternative for suppliers and patients requiring remote care during lockdown and ‘at risk’ phases as a result of the ever-challenging current health landscape,” she concluded.
HealthBeacon was founded in 2013 by Jim Joyce and Kieran Daly, and employs 40 people in Dublin, Boston and Montreal. The company intends to take on up to 30 more employees by the end of 2021.
By Stephen Larkin
Published: 4 August, 2020