Medisafe’s 2023 Achievements & Setting the Stage for 2024
Revolutionizing care by delving into the intricacies of patient behavior
In 2023, the healthcare industry continued to advance toward widespread digital transformation and a new era of patient care. It was particularly notable for the incredible surge of excitement around the potential of generative AI to revolutionize nearly every aspect of healthcare delivery.
Despite periods of economic uncertainty, the industry saw many inspiring and exciting examples of innovation, adaptability, resilience, and forward-thinking. While many companies faced financial challenges, Medisafe embraced the opportunity to refine our strategy and focus on measured and sustainable growth. This approach not only helped us navigate through but solidified our position as the leaders in our field.
“Our vision at Medisafe is to adapt our platform and products to drive even more impact and value to our pharma partners, providers, and patients through a seamlessly-integrated connected health ecosystem,” said Omri Shor, CEO at Medisafe. “We revolutionize care by delving into the intricacies of patient behavior and are leading the way towards a more informed and patient-centric future for pharma brands.”
For Medisafe, 2023 was a busy year that included several major initiatives, including embarking on our new partnership with Amazon Web Services (AWS). By combining Medisafe’s 10+ years of experience and healthcare data and AWS’s artificial intelligence (AI) capabilities, we are building the future of connected health with technology advancements and regulatory achievements – all to progress the field of digital health and better support our current and future clients, including:
- Formalizing and scaling our White Label, Software Development Kit, and Custom-Branded Solution offerings, designed to put organizations in complete control of their patients’ digital support experiences, including customizing with look and feel, language, milestones, notifications, and content.
- Expanding our business solutions to support Software as a Medical Device (SaMD) while ensuring quality and security. Specifically, we achieved ISO 13485:2016 certification, which is recognized for excellence in medical device quality management systems, and ISO 27001:2013 certification, demonstrating robust IT security management.
- Launching Rapid Release, an accelerated offering that launches a configurable and scalable Digital Companion on our Connected Health Platform in 90 days or less. The quick-to-market digital health solution not only delivers an easily-deployable solution but also provides the agility to exceed brand goals and measurability to demonstrate value.
Impact By the Numbers
In 2023, Medisafe’s solutions also continued to demonstrate their value, impact, and stickiness, including delivering considerable savings for our pharma partners. For example, results from across eight of our top-tier pharma companies validate that:
- 72% of patients using Medisafe are still active at 90 days in the program vs. a 34% industry average
- There was a 40% lift in program retention for users who utilize Medisafe’s Health Tracker capabilities
Furthermore, another recent analysis showed that Medisafe provided significant savings for patients
and reduction in burden on the entire healthcare system, including:
- $6,280 average annual cost reduction per patient with MS, along with a 63% decrease in emergency room visits and a 34% reduction in outpatient visits
- $4,600 average annual cost savings per patient with epilepsy, along with a 36% reduction in emergency room visits and a 45% decrease in outpatient visits for these patients
Setting the Stage for 2024
As we jump into 2024, here are the market trends we’re following and believe will be key factors in reshaping pharma digital health next year.
- Generative AI will continue to propel a digital-first approach in healthcare, complementing, rather than replacing, human involvement. Although a shift toward a digital-first approach is imperative, including prioritizing digital interactions as the first point of contact, we will always maintain a human element. Instead, the industry will have to continue to find ways to strike a balance of efficiency and personalized care, reducing the strain on human resources while streamlining care delivery.
- Digital health is finally moving out of its initial proof-of-concept phase – a sign of market maturity. Digital patient support is quickly moving from “nice to have” to “need to have” – especially for big pharma brands – and as a result many pharma and healthcare organizations will invest less time and effort in pilot programs, and instead move right to implementing proven solutions to make a significant impact faster.
- The pharma industry will increasingly embrace a ‘buy over build’ strategy due to ongoing talent and workforce challenges. As a result, pharmaceutical companies are more frequently turning to established vendors to set their strategic direction and oversee the execution – not only saving them on costs, but also allowing them to tap into the specialized expertise and innovative technologies that these vendors offer.