The Pharmatrac system offers sophisticated smart solutions to patients, caregivers and other stakeholders in the pharmaceutical prescription environment. The Pharmatrac’s consumer solution acts as a live assistant to help patients and their caregivers foster healthier relationships with their medication.
The first phase of commercialization will be the launch of the 1st generation consumer product that offers unprecedented benefits to patients and care givers. The 1st-gen consumer product consists of a suite of interactive trackers being developed to connect with an AI-driven analytics platform, enabled by IBM BlueMix, IBM Watson, and other SaaS modules. The consumer product is being designed to integrate with current and evolving smart home systems and enables consumers and care givers to confidently identify, track, and monitor medications by utilizing audio labels, sensors, cloud, AI and Bluetooth technology, to influence user habits.
The 1st generation Pharmatrac is planned for commercial launch in North America in 2020.
Medication non-adherence is a world-wide problem that costs payors and healthcare systems billions of dollars annually and puts consumers at significant risk. There is a growing need for assistance in the management of medications and for information related to adherence to improve efficiencies in the pharmaceutical ecosystem.
In the United States it is estimated that over 20% of Americans are on 5 or more pharmaceuticals(1), an expenditure of US $250B per annum(2) for prescription drugs. Individuals have a difficult time managing their medications which results in un-necessary hospital admissions (33%-69%)(3) and readmissions within 30 days due to adherence issues (~64%)(4).
In North America it is estimated that patient compliance and medication adherence is less than 50%(5) which means more than half of patients/consumers are likely to improperly take or skip medications, appointments, and other treatment protocols. 125,000 unnecessary deaths are estimated to occur every year in the US due to this issue(6) and adds an estimated US $290B to the US healthcare system(7).
1 Source: Mayo Clinic (2009)
2 Source: Mayo Clinic (2009)
3 Source: New England Journal of Medicine (2005)
4 Source: HIN (2010)
5 Source: The World Health Organization (2003)
6 Source: AM Pharm (1989)
7 Source: Mayo Clinic (2009)