#Proteus funds Patch#

We do exactly the opposite of what a provider would do in the US, which is make more money.вЂќ вЂњIn the United States you get paid more for doing more. This then allowed doctors and healthcare staff to monitor whether they have taken their meds.ДЄccording to Thompson, who is now focusing on his role as managing director of Spring Ridge Ventures after leaving Proteus earlier this year, the product failed to take off because of the way drugs are funded in the US, where the system effectively funds healthcare activity.ДЄbilify Mycite did the opposite of that, reducing healthcare costs but also reducing healthcare activity and income for hospitals.

#Proteus funds Patch#

ProteusвЂ™ pills contained a tiny ingestible transmitter that communicated with a bluetooth patch worn by the patient, which transmitted data to a smartphone. Together with JapanвЂ™s Otsuka Pharmaceuticals, the company produced the ground-breaking smart pill Abilify Mycite (aripiprazole).Д«ut the partnership ran into trouble after poor uptake by payers in the US and an ill-fated fundraiser.ДЄfter disappointing sales, Proteus filed for bankruptcy earlier this year and in September, Otsuka ended up buying what was left of Proteus for $20 million.ДЄlthough Novartis was reportedly also interested in the companyвЂ™s technology, it was a huge fall from grace for Proteus Digital Health which was once valued at $1.5 billion. The US healthcare systemвЂ™s focus on activity rather than value for money was behind the demise of Proteus Digital Health and its вЂњdigital pillвЂќ, which measured whether schizophrenia patients took their meds, according to the companyвЂ™s former CEO.ДЄt the Frontiers Health conference Andrew Thompson spoke to pharmaphorumвЂ™s web editor Catherine Longworth about lessons that can be learned from the companyвЂ™s troubled attempt to market the technology.