According to a new report by Grand View Research, Inc. the global injectable drug delivery market is expected to reach USD 931.1 billion by 2024. For those individuals that suffer from chronic diseases or cancer and require the use of injectable drugs, dosages are taken at home or work without medical assistance.
One startup company is addressing this increase of injectable drugs and helping patients track their usage is digital healthcare company QuiO (that’s pronounced kwee-oh). QuiO is working to develop the first real-time monitoring solution for injectable therapies. It’s another example of the medical benefits that tech advancements can provide. Today the company announced they closed a $1.05 million seed round.
The round, according to a press release, was “led by undisclosed investors with expertise in the health insurance, pharmaceutical and clinical research industries.”
What Are Smart Injection Devices?
The company’s devices are a response to a clearly defined problem: Those who need injectable therapies don’t yet have access to the same IoT network that many other medical processes can now take advantage of. QuiO fixes that:
“With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution,” says Alex Dahmani, co-founder and CEO of QuiO. “Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline. These are amazing therapies, and our technology is designed to help them reach their full potential. We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home.”
What the Seed Will Build
The $1.05 million investment round will go towards building out its lead “Smartinjector” device which leverages a propriety design for accepting all of the most common syringes and delivering even the most sensitive and viscous biologics. How big a deal is that? According to the company, they’ll be addressing a significant problem: “Poor adherence to injectable therapies results in over $14 billion in avoidable medical costs and $22 billion in lost pharmaceutical revenue each year in the United States alone,” they explain.