Dear , 

The market opportunity for the technology is that there are significant issues with non-compliance with medical regimens. They arise first in terms of the cost to the healthcare service providers, through the ‘waste’ of initial consultation and treatment time, the need for further consultation and subsequent, potentially more serious, intervention and the medicine wastage. Secondly non-compliance tends to lead to a decrease in positive patient outcomes, with implications for long term health. In the medium to longer term there is clearly an opportunity for healthcare providers, including primary care and pharmacies, to use a mobile app to communicate information and to promote other services with their patients/customers.

The Technology
The company exploits existing technology in the form of QR codes, which are applied to the prescription and can be scanned by the patient, and the bespoke mobile application, which takes the information from the QR code and reminds the patient to take the medication. It can also inform the pharmacist if the medication is not being taken.

The app potentially opens a channel between the patient and the pharmacist and other healthcare providers, allowing them to communicate further information about the prescription and/or other services. It will utilise behaviour science to personalise the reminders to patients. From the pharmacist’s perspective, the app integrates with all dispensing solutions, helping on inventory control for example, and automates the input of prescription data. The company’s IP will be in the form of copyrighted software.

The Market Opportunity
The company’s model will be to give the app to patients for free and to provide basic features to pharmacies for free. Full features will be sold to pharmacies on a SaaS basis with the opportunity to sell data analytic packages as an extra option.

The technology has application in markets such as pharmacy booking, remote reminders and consultations, and remote monitoring. In the UK these markets are currently worth £12m, £541m and £818m respectively, so there is an overall market of £1.4bn. The company is signing a contract with Cegedim RX as direct distribution partner (5000 UK pharmacies). It has also signed a development contract with NHS England in the first year of its establishment. The US market is valued at £10bn overall with a similar split for the services outlined above.

The Team

Founders: Quintus Liu (CEO and Chairman), Martin Hao (Managing Director) and Jin Dai (Cofounder) are Cambridge Masters degree alumni in various fields of engineering and technology.

Martijn Veltmaat - Non-executive director, is CEO of Arxium Europe and formerly CEO of HD Medi, both pharmacy automation hardware and software companies.

Carol Roberts - Pharmaceutical advisor, is Head of Governance of NHS England and CEO of PrescQIPP, a CIC dedicated to prescription optimisation. PrescQIPP has worked with nearly all of the clinical commissioning groups who will be pivotal to Healthera’s commercialisation.

The Investment Case
Healthera can be seen as a player at the forefront of the revolution in healthcare which mobile technology can deliver. It is clear that compliance with medical regimens and the monitoring thereof is a key component of the required drive to reduce healthcare costs whilst improving patient outcomes.

Whilst Healthera is in the earlier stages of commercialisation, UCEF III takes comfort from its early traction in the UK market with the NHS and pharmacies and the simplicity of the proposition.

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