Sometimes we like to let the articles do the talking for us. Today, AdhereTech was featured in The Wall Street Journal. Please give it a read!
You can read the full press release here, and we highly suggest that you do. It details the sponsors and partners that made this incredible event a reality. We have also provided a summary below:
Developers of a pill bottle that wirelessly transmits data, measures medication and sends patient reminders have emerged as grand prize winners in the Healthcare Innovation World Cup, the international diabetes innovation challenge funded by Boehringer-Ingelheim and organized by HITLAB.
Winning team members Josh Stein, John Langhauser and Mike Morena of Team AdhereTech from the United States will receive $50,000 in prize money. They earned the top spot by demonstrating the exceptional impact, innovation, feasibility and financial sustainability of their idea, and for engaging with community members via social media.
AdhereTech received its honors at the Healthcare Innovation World Cup finals event on Friday, May 10 at the German Center for Research and Innovation in New York City.
“We are impressed with AdhereTech’s prototype and the feasibility of their business model, and believe the solution has merit in supporting medication adherence,” said Klaus Wilgenbus, SVP, PM business development and licensing strategy at Boehringer Ingelheim and Healthcare Innovation World Cup judge. “All of the finalists demonstrated outstanding quality and ingenuity in developing their solutions. It is evident that they are committed to creating innovations with the potential to make a real difference in the lives of people with diabetes and their families.”
Overall, more than 100 teams representing 20 countries around the globe submitted diabetes innovations for the Healthcare Innovation World Cup, which awarded a total $75,000 in prizes to semifinalists and finalists.
This is an incredible accomplishment for AdhereTech. Thank you to all involved!
AdhereTech has been chosen as one of ten finalists to present at the AARP and Live Pitch 2013 Health Innovation@50+ conference in Las Vegas. According to AARP Senior Vice President of Thought Leadership, Jody Holtzman, gaining entry to the competition was no easy feat:
127 excellent companies applied. This made for some tough decisions when it came time to determine the finalists… After careful consideration, we came away with 10 strong companies who we think are posed to make an impact in healthcare for those [patients] 50 and over.
The event - taking place on May 31st - will be split into two separate rounds of presentation, one half taking place in the morning and the other taking place in the afternoon:
During the first half of the day, the ten finalist companies will pitch their business to the judges and investor audience, including leading venture and angel investors. In the afternoon, AARP members join the program… [finalists] will redirect their pitches directly to the over 50 audience.
At the end of the day, two of the finalists will be chosen as grand prize winners for two separate awards. The AARP Consumer Winner will represent the best startup of the afternoon presentations, while the Judges Winner will recognize the best presenter of the morning portion.
CVS Chief Medical Officer on Adherence Technology: “We are constantly scanning the horizon for start-ups”
Prescriptions for a Healthy America is a coalition that aims to lower the rate of medication non-adherence among patients across the United States. Members of this association include Merck, GlaxoSmithKline, and CVS.
In terms of driving behavior change, the strategy is two-pronged. First, the organization looks to legislation:
Prescriptions for a Healthy America hopes to reinforce the message by lobbying for legislation and programs - some already underway because of Medicare reimbursement changes under the Affordable Healthcare act.
And these changes will have many long-lasting effects:
[The changes will] improve care coordination, push for helath IT standards to exchange patient information, and educate patients.
Outside of the legislative changes, the companies associated with Prescriptions for a Healthy America are also looking for new ways that they can stay connected with patients outside of the pharmacy:
CVS Caremark [is] exploring ways to engage their customers by using digital health technology, including devices that serve as reminders, and analytics to identify which patients are more likely not to take their meds as needed.
On the subject of searching for innovative technologies in the medication adherence space, Troyan Brennan CVS Chief Medical Officer said, “We are constantly scanning the horizon for start-ups.”