Toronto, Ontario--(Newsfile Corp. - March 5, 2020) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay" or the "Company"), a developer of MedTech innovation, is pleased to announce the development of an application programing interface (API) for its Pharmatrac Medication Management System. With this development the Company is now poised for strategic integration with partners in the telemedicine and medication management markets.
The Pharmatrac API allows 3rd party mobile apps, devices and services to connect to the Medication Management System, and query for data and insights generated by Relay Medical's artificial intelligence (AI) driven algorithms. With this advancement the Company is now able to integrate its technologies with strategic partners for value added applications and the commercialization of Pharmatrac devices including the Countertop Medication Device.
The API authenticates user credentials to partners to securely access devices on their accounts. With this access, providers can control the features of the device, upload data to the system, and receive data back about the medication habits of their users. Features of the device are configurable through the API, including reminder lights and sounds, medication-taking-event lights and sounds, the colours of the lights, and other functionality. User medication data can be uploaded, including medications prescribed and individual schedules. Data sent back through the API includes all medication captured by the system processed though Relay Medical's AI algorithms, timestamps, videos, images, pill counts, and others. The API continues to be updated as development progresses.
Fig 1. Example of unprocessed and processed images available through the API
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/952/53197_figure1.jpg
Relay Medical is now ready for API integration testing with partners.
Key Markets
In both the telemedicine market and the medication adherence market, there is a need to understand and track how medication is taken at home in order to understand and improve medication adherence. Current solutions rely on the medication user to self-report when and how they take their medication. As the number of medications and supplements a person takes increases, it becomes difficult to remember what was taken when and communicating medication habits with doctors and pharmacists becomes overwhelming. Even when medication reminder apps are used, the self-reported time when the medication was actually taken may not be accurate, and as has been observed in Relay Medical's own user studies, many seniors and people with declining health find it difficult to use complicated technology solutions. The use of the Pharmatrac Medication device on the other hand, is seamless. Medication users need only to cluster their medication in the device instead of in their hand and take it as usual. The Pharmatrac Medication device solves the problem of the unreliability of self-reported medication use by automatically recording and reporting what medications are taken and when they are taken.
When connected to telemedicine solutions, doctors are automatically informed of how the patient has adhered to the protocol, so they can immediately diagnose an adherence problem and recommend solutions. Patients will no longer need to collect their medication and discuss with the doctor one by one, the doctor will already have the information to provide data driven care.
When connected through adherence apps, the medication users and their caregivers will be able to view the consumption habits and easily share the information with their doctors. The pill counter data will be used with pharmacy-connected apps to automatically refill a prescription when the medication has run out, instead of when the pharmacy thinks it should be refilled, leading to less waste and buildup of medication.
Telemedicine Market
It is expected that global telemedicine services will be in heightened demand amid the Coronavirus outbreak and through its aftereffects. In response to the crisis, an emergency healthcare bill in the U.S. was passed on March 4, 2020 increasing Medicare coverage for telemedicine to seniors, vastly expanding the coverage to patient care in their homes. This is expected to increase spending on telehealth by $500 million1.
In 2018, the telemedicine market size was valued at US $31.46 billion globally, and it is expected to reach US$108.08 billion by 20252. This growth will be driven by advances in technology, demand for better healthcare in rural areas and the increased prevalence of chronic diseases.
Medication Adherence Market
Medication non-adherence is a world-wide problem that costs payers and healthcare systems billions of dollars annually and puts consumers at significant risk. In the United States, around 50% of all prescriptions filled are taken incorrectly. "Incorrectly" is defined as incorrect timing, dosage, frequency or duration3. Annual costs of non-adherence are estimated to be US$100-US$290 billion in the US, €1.25 billion euros in the Europe and A$7 billion in Australia4.
In 2016, the global market for medication adherence was nearly $1.7 billion, and it is expected to grow to over $3.9 billion by 2021. The market consists of both hardware-based adherence systems and software-based applications. The expected growth will be driven by the strong need to improve adherence (as indicated above) and the growing number of people around the world with chronic diseases5.
References
1https://mhealthintelligence.com/news/breaking-telehealth-coverage-included-in-coronavirus-spending-bill
2https://reports.valuates.com/market-reports/QYRE-Othe-2M208/global-telemedicine-market
3https://www.cdc.gov/mmwr/volumes/66/wr/mm6645a2.htm
4https://bmjopen.bmj.com/content/8/1/e016982.full
5https://www.medgadget.com/2019/12/medication-adherence-market-2019-global-analysis-opportunities-and-forecast-to-2024.html
About Relay Medical Corp.
Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and data science sectors.
Website: www.relaymedical.com
Contact:
W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
investor.relations@relaymedical.com
Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: blanger@relaymedical.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for HemoPalm Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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