Scott opened with: “Global Medicines in Crisis”,$500 billion is wasted globally in suboptimal use of medicines at NOAH16 an investment pitch in London.
Dr Scott Crae MRCVS co-founder of Talking Medicines presented today to MedTech investors at NOAH16 opening with the statement “Global Medicines in Crisis”. $500 billion is wasted globally in suboptimal use of medicines. With 50% of people on a prescription medicines at any time, this is an everyday problem. He presented the fact that 50% of people on medicines are not taking them as directed by their healthcare professional. This combined with a stretched health system creates a key problem to address.
Talking Medicines have a big data analytics solution that pushes trusted information out to consumers about their medicines, initially via a mobile App, whilst collecting back real world data about how medicines are actually used for healthcare stakeholders to access via a customised data portal. This enables all stakeholders to more effectively manage and understand medicines.
The consumer solution allows the consumer to be in control of their health, particularly when they are on multiple medicines. They can access interactive, audiovisual content about how medicines work and how best to take them. They can load medicines into a single view, bookmark them & use smart reminders to take them.
This model is designed for Global markets starting with the UK. The commercial, subscription, model is to allow access to the data portal for Pharma Co brand managers and R&D Managers on a per medicine basis, before rolling out to other stakeholders. Text mining and big data analytics play a fundamental role in processing data at an aggregate level to understand patterns of usage to make medicines more effective.
Jo Halliday and Elizabeth Fairley, Directors at Talking Medicines were pleased to be at NOAH16 with Scott & be able to talk directly with investors about creating European partners to rapidly gain global market share.
We look forward to the future ahead.