VANCOUVER, Nov. 2, 2017 /CNW/ - Genome BC is pleased to announce a staged investment of $750,000 into CuePath Innovation (CuePath) through its Industry Innovation (I²) Program. CuePath is developing a connectivity platform for patients, their family members and professional caregivers, built around a novel form of smart medication packaging. By combining smart blister packs, cloud analytics and mobile applications, CuePath is increasing prescription adherence and providing family caregivers peace of mind.
The estimated annual cost of medication non-adherence to the Canadian healthcare system is between $7 and $9 billion, and an estimated 125,000 Americans die annually from medication mismanagement. As the prevalence of chronic diseases grows because of an expanding elderly population, ensuring that patients take their medications will be increasingly important to our society as a whole.
"CuePath has developed sensors for medication packaging and a connectivity platform that enables family members and care professionals to ensure their loved ones stay on track with medication," said Victor Lesau, CuePath CEO. "The product is simple-to-use because it converts existing medication packaging such as blister packs into smart packs, reminds patients to take medication on time, and enables caregivers, pharmacists and other trusted healthcare providers with the ability to remotely monitor a patient's adherence."
When a blister pack pill is not released within a prescribed dosing time, an SMS text message is triggered by the sensor embedded in the pack. The SMS alert can be sent to the family and/or care-giver via the cloud. The pack's sensor can also emit an audio reminder alert to the patient to take their medication. The patient is not required to use a smart phone or any computer. Installation at home simply requires plugging in CuePath's Hub. There is no change to the patient's use of the blister pack or their refilling pattern with a pharmacy or a caregiver.
"Genome BC is investing in CuePath to support marketing and sales activities, expand clinical trials and subsequent market entry into North America in 2018," says Dr. Tony Brooks, Chief Financial Officer and Vice President, Commercialization and Entrepreneurship. "Medication compliance is a huge issue and the ability to track and monitor remotely is a significant need."
Genome BC's I² Fund provides commercialization support for companies developing innovative life science technologies that address biological challenges in key economic sectors in BC: Agriculture, Energy and Mining, Environment, Fisheries and Aquaculture, Forestry, and Human Health. The I² Fund also supports digital health and other technologies that further move precision medicine into clinical practice. I² funding is repayable and is allocated to promising technologies (products, processes or services) at the early stages of commercial development. The Fund aims to provide risk capital that is concurrently matched by other public or private funding sources.
CuePath is a Vancouver-based healthcare technology company on a mission to help seniors and other vulnerable individuals stay healthy and independent with the support of their care team. We aim to provide care professionals with timely and accurate information needed to support users with their medication adherence. CuePath is a 2017 TechStars Seattle graduate, and a Top 10 finalist in the 2016 New Ventures BC competition. www.cuepath.io
About Genome British Columbia:
Genome British Columbia leads genomics innovation on Canada's West Coast and facilitates the integration of genomics into society. A recognized catalyst for government and industry, Genome BC invests in research, entrepreneurship and commercialization in life sciences to address challenges in key sectors such as health, forestry, fisheries, aquaculture, agri-food, energy, mining and environment. Genome BC partners with many national and international public and private funding organizations to drive BC's bioeconomy. www.genomebc.ca
SOURCE Genome British Columbia
For further information: Jennifer Boon, Communications Manager, Sectors, Genome BC, Mobile: 778-327-8374, Email: firstname.lastname@example.org, @genomebc, #genomebc