With a vision to revolutionize the pregnancy ecosystem HeraMED Limited (ASX: HMD) - an innovative medical technology startup, provides smart pregnancy monitoring solutions for home use, against the problems associated with the reliability of pre-natal analysis.
The company offers end-to-end medical grade solutions using smartphone-based fetal heartbeat monitoring devices, cloud-based platforms and AI capabilities, in turn, delivering medically accurate, scientifically optimized, safe and cost-effective solutions.
Developing the world’s most advanced digital prenatal care solutions
Since its listing in December 2018, HeraMED has made outstanding progress during its journey and accomplished numerous vital strategic achievements and milestones. Excelling in the area of technology driven product development and distribution, HeraMED has established medical and professional collaborations and distribution network with most qualified alliances and continues to build further alliances on an ongoing basis to underpin its HeraCARE as well as HeraBEAT pregnancy management platform.
HeraMED is eyeing to establish HeraBEAT- fetal heart rate monitoring device to the market, empowering pregnant mothers to monitor their fetus’ heartbeat at their convenience and flexibility.
HeraBEAT, integrating professional accuracy and state of the art technology with a simplified user interface, has cleared multiple clinical trials and obtained several approvals including TGA (Australia), CE (Europe) and AMAR (Israel).
HeraMED has forged collaboration with Mayo Clinic to co-develop HeraCARE, a SaaS based pregnancy monitoring platform based on the Mayo Clinic’s successful OB Nest platform – a service model that offers a tailored approach to in-home monitoring and was developed in collaboration with the Centre for The Science of Health Care Delivery and Mayo Clinic Department of Obstetrics & Gynaecology.
HeraCARE, deploying AI powered algorithms, aims to assist expecting mothers as well as healthcare professionals with enhanced pregnancy management, home measurements, lifestyle guidance, mid-wife support and community sharing.
HeraMED Foresees Large, Addressable and Recurring Market
As per McKinsey & Company, 70 per cent of users monitor their health metrics relying on a digital solution at home. According to Harvard Business Review, “Personalized Technology will upend the Doctor Parent Relationship”.
Below are some of the key metrics suggesting immense market opportunity in the pre-natal healthcare space-
- Global Digital Health Market Expected to reach US$423.1 billion by 2024 (Source: Zion Research, July 2018)
- Al healthcare market Predicted to reach US$36.1 billion by 2025. (Source: Markets & Markets, Dec 2018)
- Worldwide Pregnancies Estimated at 213 Million/annum
- Aggregate costs of childbirth Estimated at well over US$50 billion/annum in the U.S. alone. (Source: The New York Times, June 2013)
HeraMED aiming to disrupt global industry via digital transformation
Pertaining to its smart fetal heart rate monitor devise, HeraBEAT and its associated smartphone app, the Company provided an update on its progress in international markets and developments. Key Highlights are –
HeraMED Collaborates with Mayo Clinic to develop the HeraCARE platform
HeraMED has teamed up with world’s number one hospital Mayo Clinic - America’s non-profit academic medical centre, to co-develop a new a digitally enhanced platform based on Mayo Clinic revolutionary OB Nest project and HeraMED’s HeraCARE platform that will transform pregnancy homecare.
The Mayo Clinic has been the provider of comprehensive medical services to Americans for more than 150 years with more than 4,500 physicians and scientists, 54,000 administrative and allied health staff employed across 19 hospitals in five US states.
OB Nest, a service model that offers a customized approach to in-home monitoring, was developed in collaboration with Mayo Clinic Department of Obstetrics & Gynaecology, and the Centre for The Science of Health Care Delivery.
While the development of this platform is currently underway, soft launch is anticipated in 2020.
Both parties are also developing the ‘Hera’ app, which will leverage AI based algorithms to diversify pregnancy solutions.
Creating a plausible association with such a renowned medical centre in short span of time is a remarkable accomplishment.
Integration of HeraCARE into Hapvida’s Electronic Medical Records (EMR)
Following a four months process, the integration of HeraCARE PRO software solution into Hapvida Saude’s IT system - one of Brazil’s largest healthcare providers and hospital owners, marks another pivotal achievement for HeraMED. This development is marked as the first successful commercial integration of the platform into a leading medical organisation.
Following a successful integration, the customised HeraCARE platform now supports immediate data upload to Hapvida’s infrastructure. This enables Hapvida’s team to view data analytics in real time, across multiple locations in its hospital network.
Recently, the company provided an update on the trial of its HeraBEAT and HeraCARE Pro solution at Hapvida Saude.
- Fully installed HeraBEAT Smart Fetal monitors support by cloud and is now being used in 15 hospitals and clinics throughout Brazil.
- Devices are being used and trialled with ~750 pregnant women.
- Progressing discussion on ROI for scaled Phase II via broadened agreement to include HeraCare.
HeraMED Expands European Footprint; Deal with Duttenhoffer Group
An agreement was signed between HeraMED and Duttenhoffer- leading European distributor of wellbeing and digital imaging products, for the distribution of the Company’s smart fetal heart rate monitor HeraBEAT within Germany, Austria and Switzerland. It was also supported by ~€30k purchase order.
Duttenhoffer has a robust and trustworthy presence in the European market including MediaMarkt, one of Europe’s largest consumer electronics merchants. HeraMED will aim to leverage Duttenhoffer’s connections for the potential trial and rollout of HeraCARE in the region, drive potential product uptake and brand awareness.
HeraMED Progresses on IIA government grant to fund HeraCARE development
Successfully passing the first stage of approvals process, HeraMED secured its place in the final list of the Israel Innovation Authority (IIA) for financial non-dilutive grant which would be utlilised to fund development and integration of its HeraCARE including R&D, production modification, regulatory approvals and establishing beta programs.
The grant is being issued as a collaboration between the Mayo Clinic and the Israeli government to boost collaborations between Mayo Clinic innovators and promising local firms.
Subject to approval, HeraMED would receive approximately 50% of the project costs for a period of two years. The decision on the same is expected by Q1 2020 end.
Collaboration agreement with IntMED Software
To accelerate co-development, geographical adaptation, optimisation and advancement of HeraCARE product uptake in the market, HeraMED has signed an agreement with Brazilian software and technology provider IntMED Software Ltd ME.
Stepping into the Indian Market, HeraMED makes a significant progress for HeraBEAT and HeraCARE
HeraMED received its second order for the use of HeraBEAT devices in hospitals and clinics across India.
The order marks HMD’s first reorder - follows rigorous clinical evaluation from healthcare professionals in India and provides validation of HMD’s top down strategy.
With a potential for further geographic expansion applying its innovative technologies, HeraMED is well-positioned to rise as a star in digital health solution space.
HMD’s shares traded at $0.215 on 15 November 2019 (2:10 PM AEST). The stock has soared by 43% in the last five days.
Disclaimer: HeraBEAT is protected under company's trademark right
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