Biotricity Inc. (OTCQB: BTCY) is developing remote patient monitoring solutions with a focus on the cardiovascular market. As an Internet of Things play in the healthcare industry, the company is bringing innovative new technologies to an established industry controlled by only a handful of companies. Management’s focus on a market with existing billing codes provides a clear pathway to revenue, while its collaborations with researchers could open new doors.
SECFilings.com’s Mike Elliott recently sat down with Biotricity CEO Waqaas Al-Siddiq to discuss the company’s unique approach and technology:
In this article, we’ll take a look at how the Internet of Things is changing healthcare, potential new areas for innovation, and what sets the company apart from its competitors.
IoT is Changing Healthcare
The Internet of Things has become more than just a buzzword over the past decade. Google Inc.’s (NASDAQ: GOOG) Nest thermostat has become a common fixture in houses across the United States, while FitBit Inc.’s (NYSE: FIT) activity monitor has helped consumers stay active.
According to MarketResearch.com, the healthcare segment of the market is expected to hit $117 billion by 2020. There are many potential applications for these kinds of technologies in the medical world. For example, wearables could help capture and share health data with healthcare professionals and connected devices could help keep tabs on electrocardiograms, blood glucose levels, or blood pressure without the need for face-to-face doctors’ office visits.
These devices could be tremendously beneficial to consumers and physicians, but there are some potential roadblocks that industry could face moving forward. Regulators are taking an increased interest in the space, since the data provided is used to make medical decisions. Security could also become a concern as a growing amount of healthcare data is transmitted over the Internet – a notoriously unsecure medium of information sharing.
Crystal Ball for Health
Biotricity is leveraging the power of Internet of Things for remote patient monitoring in the cardiovascular space.
The bioflux device is equipped with electrocardiogram (ECG) technology that connects to the internet for real-time data transmission. When an arrhythmia is detected, the device sends the data from a minute before to a minute after the event to a remote monitoring center. ECG technicians at the remote monitoring center will call the patient and act based on the guidance of the physician – either by calling the patient directly or calling the physician.
Interestingly, the same technology could have big implications beyond simple ECG monitoring. Researchers at the Rockyview General Hospital are using the device to provide heart rate readings that could reduce the frequency of post-surgery complications. Dr. David Leipert, the hospital’s director of medicine, believes that a lack of variability in the heart rate could be an indicator of medical stress and warrant an immediate intervention.
The four-month study will wrap up later this year and final results should be ready within two or three years. If successful, the bioflux device could become an invaluable tool to quickly detect problems in patients that recently underwent surgery.
Clear Path to Revenue
Biotricity’s clear pathway to commercialization sets it apart from many other wearable device companies. Many medical device companies assume that, if they obtain FDA approval, they can bill insurance companies to cover the costs. But, that might not be the case at all. Companies that don’t establish billing codes or use pre-established billing codes don’t have any clear pathway to revenue and risk running out of capital to run the business.
Biotricity is focused on innovating within an established industry with existing billing codes. The company is targeting a monopolized business – ECG monitoring – with a device that’s more complete and accessible than entrenched competition. Its model enables physicians to use the bioflux on every cardiac patient. Existing billing codes make it easy to sell into the market, while healthcare analysts will likely appreciate the clearer pathway to revenue.
Cardiovascular disease ranks as one of the leading causes of death worldwide, making it an enormous market that’s ripe for innovation. By leveraging IoT concepts, the company offers a unique approach to a monopolized industry that could see near-term traction.
There are many different companies innovating within the medical device space. BioTelemetry Inc. (NASDAQ: BEAT) provides wireless event monitoring solutions; Cardiovascular Systems Inc. (NASDAQ: CSII) treats plaque in arteries; and, CryoLife Inc. (NYSE: CRY) processes human tissue for transplants. But, Biotricity represents a compelling opportunity in the IoT space that’s targeting a monopolized industry with existing billing codes with an innovative technology.
For more information, visit the company’s website at www.biotricity.com.