Today we’d like to share with you a very cool piece of press that AdhereTech received a short while ago: Tablets & Capsules magazine is a publication that focuses on production and packaging within the pharmaceutical industry. This popular monthly magazine is read by research scientists, packaging professionals, and many others in the pharmaceutical and supplement fields. AdhereTech was proudly featured in their cover story titled, "Packaging’s Contribution to Patient Adherence and Cost Containment" (the article begins on page 8, with AdhereTech featured on page 12 - all accessed via this link). It reads:
This article documents how… innovative packaging can increase adherence, improve patient outcomes, and reduce expenses.
The report discusses how the ideal adherence solution must be quite versatile yet nuanced:
While improving adherence offers huge rewards, success requires combining packaging research with behavioral research.
And this is exactly where AdhereTech fits in:
A bottle-based approach is available from AdhereTech, New York, NY. These bottles automatically measure [when patients take their medication]. If a dose is missed, the AdhereTech bottle reminds the patient by placing a telephone call or sending a text message. The bottle also lights up and sounds a chime. AdhereTech’s device is in a clinical trial at Walter Reed, and this summer, the company will begin pilot programs with Boehringer Ingelheim, another large pharmaceutical company, and a leading pharmacy-benefit management company. AdhereTech has also formed a partnership with GE.
AdhereTech certainly agrees with the main conclusion of the article:
The role of packaging in solving the problem of patient adherence is destined to attract more interest from insurance companies, government-administered outpatient healthcare, the Veterans Administration, and private co-ops as they scrutinize costs and seek to improve outcomes. The potential return on wide implementation of these systems is enormous.
If we are serious about reducing healthcare costs, we must change how we deliver medications.
Thankfully, industry trends are facilitating the adoption of AdhereTech’s innovative packing technology:
It is indeed possible that using these systems may become mandatory as a way to reduce healthcare costs.
As you know, AdhereTech recently announced our Series A financing. What you might not know is just how supportive the healthcare and technology communities have been to our firm, especially since last week’s news. We received many congratulations from old friends and multiple inquiries from potential new clients. Much of this outreach occurred because our Series A financing was reported by numerous popular media outlets. Please read below to see our favorite coverage from last week’s announcement.
TechCrunch touched on the use of AdhereTech’s Series A funding:
The company will use the new funding to further scale its healthcare services, as well as to develop a second generation of smart pill bottles, which it said will be smaller, cheaper and easier to mass manufacture.
And they also mentioned our newly-awarded second patent:
AdhereTech, along with the University of Alabama, also recently received a second patent for their smart pill bottle, allowing for improvements to the transmission system and to further secure the intellectual property of the product.
MobiHealthNews discussed our unique approach to the issue of medication adherence:
“A lot of other devices aren’t as cognizant of the patient population they’re working with, and they expect patients to do a lot of work to use their device,” said [AdhereTech CEO, Josh Stein]. “Our number one rule is ‘Don’t make the patient do anything different.’ Don’t make them set it up. Don’t make them use it in any specific way. Don’t make them pay for it.”
MedCity News mentioned how AdhereTech’s solution is being adopted at an impressively quick pace:
AdhereTech’s pill-bottle technology has caught the attention of companies seeking to test its effectiveness in changing behavior.
Sara Salkind, the project coordinator for [AdhereTech’s Walter Reed pilot]… said the medical center is actively exploring more opportunities to partner with the company.
AdhereTech also received great coverage in Reuters PE Hub, HIStalk, and many other outlets. Thanks again to all of our supporters!
Today, AdhereTech is announcing our initial closing of $1.75 million in Series A financing. We are incredibly excited - please feel free to read on if you would like more details.
The round was led by undisclosed investors with a focus in healthcare. They are a great fit for AdhereTech, and we couldn’t be happier! We will use the investment to scale our service and meet the ever-growing demand for our adherence solution.
“We’ve already received tremendous interest from pharmaceutical companies, contract research organizations, and research institutions. This affirms our view that there’s a large unmet need for this technology,” says AdhereTech CEO, Josh Stein. “To accommodate this growing demand, we are scaling up. A sizable percentage of our Series A funding will go toward designing and building our Generation 2 smart pill bottles. The functionality and technology will remain very similar to our Gen 1 bottles, but the Gen 2 bottles will be smaller, cheaper, and easier to mass manufacture – with some additional enhancements, too.”
As you know, last year AdhereTech began a pilot with The Walter Reed National Military Medical Center to test our connected pill bottles with patients receiving study medications from the hospital’s investigational pharmacy. Sara Salkind, the project coordinator for this study, is extremely pleased with AdhereTech’s innovative solution. “The wireless pill bottles are working very well for our patients, and Walter Reed is actively exploring more opportunities to partner with AdhereTech,” she said.
We will continue to share Series A press and updates on our Twitter and blog. Stay tuned!
Last week, the United States Patent and Trademark Office granted AdhereTech a second patent for our innovative smart pill bottle. This is a fantastic accomplishment for our growing company! The University of Alabama at Huntsville (UAH), our co-inventor of this second patent, reports:
The new patent involves the bottle’s adherence notification and transmission system and further secures the intellectual property of the product, according to co-inventor Dr. Emil Jovanov, associate professor in UAH’s Electrical and Computer Engineering Dept. Joining Jovanov as inventors named in the patent are Josh Stein, CEO of AdhereTech; John Langhauser, the company’s chief technology officer; and Michael Morena, its chief operations officer.
Kannan Grant, the director of UAH’s Office of Technology Commercialization, shares his thoughts on this exciting accomplishment:
“From the beginning, UAH’s and AdhereTech’s goals were aligned. This made it possible for us to come to an appropriate agreement that was forward leaning and in the best interest of UAH, AdhereTech and its shareholders, and most importantly, consumers.”
AdhereTech CEO Josh Stein also explains how this newly secured intellectual property will allow AdhereTech to charge forward on its promising path:
“This recently granted patent allows AdhereTech to continue developing innovative solutions to improve the health and wellbeing of patients, especially within the area of medication adherence,” Stein says. “This is AdhereTech’s second patent, and it helps to define the company’s scope and vision, as a growing connected medical device firm. In fact, we have more demand for our product than we can accommodate at the moment, so we are scaling up.”
Stein also discusses how the versatility of AdhereTech’s bottles allows for many applications:
“The devices can be used to both monitor patient activity or to increase adherence in trials. AdhereTech is ideal for specialty medication, clinical trials, and areas where adherence is crucial.”
AdhereTech is based in New York, but our smart pill bottle solution receives recognition from innovators all around the world. Last week, our product was given a fantastic endorsement at the Connected Conference in Paris, France:
The Connected Conference gathers international technology innovators and visionaries to discuss subjects including the future of connected hardware, the internet of things, open source hardware, 3D printing, and hardware-enabled software.
The legendary Pascal Cagni was a keynote speaker at the conference. Here is a bit about his background, from his Wikipedia page:
Pascal Cagni is a French business leader best known for his highly successful management of Apple’s European business from 2000 to 2012. In 2000, Steve Jobs personally hired Pascal as General Manager and Vice President of Apple Europe, Middle East and Africa (EMEA). Under Pascal’s leadership, Apple’s EMEA region consistently delivered the highest quarterly growth rates within the company for several years. Revenue increased from $1.3B in 2000 to nearly $40B in 2012.
It’s safe to say that Pascal is an expert in all things tech and hardware. That’s why we are especially honored that he featured AdhereTech’s wireless pill bottle during his keynote address. Mr. Cagni, a man who has been so successful in the connected hardware space, understands that AdhereTech is the ideal example of an Internet of Things solution to disrupt medication adherence. Please take a look at the image below, taken during his speech: