Smart technologies that help patients manage medication adherence have gained popularity in recent years among pharmaceutical companies, especially in developed markets. These technologies are increasingly being demanded by patients for increasing medical adherence who take medicines at homes. And spate of funding has been coming in from investment firms domiciled in developed countries, most notably the U.S.
Adoption of Smart Bin to drive Timely Clinical Intervention for Chronic Diseases
A U.S.-based investment firm Bessemer Venture Partners (BVP) has in October 2018 announced that it will be investing a whopping €1 million in HealthBeacon, a medication adherence technology company based in Ireland. The digital health group has been strengthening its portfolio of smart tools that help boost medication adherence in patients. A flagship product the digital health group has been capitalizing is smart sharps bin that is used by patients for disposing off injector pens and syringes. The bin is not just any disposable bin but equipped with a digital technology integrated with the patients’ smartphones, which will help track adherence to the required medication regimes. Patients can get access to real-time data on their prescription medication adherence and may help them get timely clinical intervention, especially for chronic illnesses.
Company leveraging Potential of Digital Platforms for Popular Healthcare Trends
The smart bin has gathered steam among the patient population as pharmaceutical companies secured marketing approval from the U.S. Food and Drugs Administration for its use in self-administered home injectable medications.
With this fresh injection, HealthBeacon plans to close the funding round totaling to €5 million investment. The company has been leveraging digital platforms to explore new revenue streams from emerging trends in the healthcare sector. The company since it was founded in 2014 has been constantly strengthening its presence across Ireland. The recent approval by the U.S. FDA for its smart bin was its foray into the U.S smart healthcare technology market. On the other hand, BVP has been increasingly investing in green technologies.