While it may seem common to hear how technology is being applied to the healthcare sector within the United States, many may not be aware that health groups from other countries are attempting to do the same. One recent example would be the news that the Irish digital health group HealthBeacon has received a large investment of funds to help in creating smart tools that assists patients with managing their medication.
Investment Firm BVP Announces Large Investment to Irish Health Group
The Sunday edition of The Irish Times reported that the investment firm BVP announced they would be investing 1 million Euros (1,137,533 in U.S. dollars). The health group’s main product involves a smart sharps bin that is digitally connected to the phone of a patient that is utilized for disposal of injector syringes and pens.
The product is primarily used for those patients who inject their medication at home and can be utilized in tracking a patient’s adherence toward a medication regime. Another benefit of the bin is being able to provide the patient with prompts that assists with staying on track with their medicines.
The BVP investment firm, Elliott Griffin runs it, is an investor in SME and green businesses. The firm has an impressive portfolio that features over 20 companies that includes Crowley Carbon and UrbanVolt.
Meanwhile, HealthBeacon was founded by Kieran Daly and Jim Joyce as the health group is looking to continue making smart tools as other companies are getting involved in the health care and tech market. The digital company is attempting to close out an investment round of 5 million euros, in which Elkstone Partners and Oyster Capital are investors.
Food and Drugs Administration Gives Marketing Approval
The bin has become popular with pharma companies while attempting to improve medical adherence to high-value home-inject-able medications. Earlier this year, marketing approval was granted from the US regulator, the Food and Drugs Administration.
Back on May 24th of this year, the FDA gave clearance to HealthBeacon to offer their smart sharps bin for patients that use inject-able medications within the United States. This decision would make their inject-able adherence platform for the first time available to millions of Americans who are designated for long-term, chronic inject-able care.
During this time, CEO Jim Joyce stated, “Working with the FDA over the last year, and ultimately receiving FDA clearance is a defining moment for HealthBeacon as a company. We are excited to launch in the US later this summer.” During the last year, the digital therapeutic market has achieved significant landmarks as HealthBeacon becomes a part of an elite number of organizations involved in digital therapeutic which have validated technology as they received FDA clearance.
President and CEO of MassBio, Robert K. Coughlin commented: “I am delighted to hear HealthBeacon has received FDA Clearance for their novel medical technology and has chosen Boston to launch their U.S. operations. There is no better place in the world for the life sciences, and we’re thrilled to welcome a company that will bring further value to the healthcare system and to patients.”
Fast forward to the present and HealthBeacon is well underway in establishing themselves while millions of patients will benefit from using their products.