Brisbane-based real-time precision dosing software company DoseMe has gone from strength to strength in its company growth and success since it was founded in April 2014, following two years of prototype development.
The company, which aims to improve patient care through proper dosing using a tool built on the principles of Bayesian dose forecasting, is an ANDHealth+ alumnus, having received both funding and support from the Australian digital health business accelerator.
Bayesian dose forecasting involves the analysis of patient data and laboratory results to gauge a patient's metabolism rate in relation to how they process a drug in their system.
In operation for two years, ANDHealth aims to help mid-stage digital health companies prepare for investment and international market entry through its ANDHealth+ program.
The organisation said that since October 2017, ANDHealth+ cohorts have raised more than $14 million, generated over $2.4 million in revenue, undertaken new market launches, created new jobs, commenced multiple clinical trials and studies, secured new customers and served new patients.
DoseMe Founder and Chief Scientific Officer Robert McLeay told HITNA that the ANDHealth+ program exposed the company to more customers and professional relationships that enabled it to beef up its operations.
“We went from being an early-stage business pushing product through to scaling the company,” he said.
“The program not only helped us in terms of funding, but we also received in-kind support across a range of business areas from the additional members of the program. A lot of people underestimate the value of this but for us, it proved to be very valuable.
“For example, that included legal support around strategies that we could take to protect and continually develop our intellectual property.”
DoseMe’s solution involves digitally constructing a virtual model of a patient’s individual pharmacokinetics, then analysing and comparing it with thousands of data points from clinically validated pharmacokinetic drug models.
A virtual patient model is built, followed by the solution calculating an individualised dose specific to the patient, using the Bayesian dose forecasting method.
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Using this model, it aims to simulate potential outcomes of different dosing regimens to ensure that a clinician can provide the best possible advice for every patient. The company also claims that the platform can, over time, learn and refine its dose recommendations.
The solution also integrates into EHR platforms and patient management software and supports a wide range of users.
The move towards acquisition
DoseMe was recently acquired by US-based Tabula Rasa HealthCare for up to US$30 million. Since joining the program, the company has gone from having about a handful of US customers to now having more than 95 customers in the region.
“The US is the world’s largest healthcare market. It’s complicated, but a very critical one for our company to get right. Today, the US makes up more than 80 per cent of our customer base,” McLeay said.
“ANDHealth gave us a lot of support for this move in terms of intellectual property – enabling us to make sure that we are well protected – and have a future strategy in place to continually grow our product portfolio.
“It moved us from not having the ability to get into the US market to rapidly expanding, and make sure that as we do so, we globally protected our IP. These were all critical milestones for our company to reach.”
Following the acquisition, McLeay said the company will work towards expanding its solution set and integrating its synergies with Tabula Rasa HealthCare.
“We expect our growth to continue, particularly in the US, and this is an excellent opportunity to accelerate that further across more geographic locations. We’re looking forward to putting DoseMe in every hospital around the world to more effectively dose patients,” he said.
Renewed backing for digital health commercialisation
Following the success of previous cohorts like DoseMe, not-for-profit medical technologies and pharmaceuticals growth centre, MTPConnect, has again awarded ANDHealth with a new round of funding.
It has invested $250,000 towards the delivery of digital health market success bootcamps for up to 40 Australian digital health companies.
MTPConnect was formed in November 2015 as part of the Federal Government’s $248 million Industry Growth Centres Initiative and aims to accelerate the rate of growth of the medical technologies, biotechnologies and pharmaceuticals.
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MTPConnect CEO Dr Dan Grant said ANDHealth’s focus is on equipping digital health innovators with the skills needed to turn ideas into commercially successful products.
“Through ANDHealth’s curriculum, representatives from digital health companies will take a deep dive into clinical evidence, regulation, business models, intellectual property, partnering, attracting investment and exploring new international markets,” he said.
“These are the real-world skills that underpin successful companies, allowing them to build the capital they need to continue innovating, market their products to the world and employ more Australians.”
According to ANDHealth Managing Director Bronwyn Le Grice, the funding will boost the business acumen of digital health companies.
“ANDHealth [supports] digital health companies prepare for investment and international market entry. With this renewed support from MTPConnect, we will be able to expand the impact across a greater number of companies, from earlier in their evolution,” she said.
“The funding will allow us to leverage our existing skills and programs and the capabilities of our members, partners and global networks to continue building a evidence-based digital health industry in Australia.”
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McLeay supported the move, saying that it helps accelerate a health technology company’s business strategy.
“If you’re at that inflection point in your business where your product is clinically validated and has reached commercial viability, the ANDHealth+ program will help you move away from just thinking about the technology to getting the business aspect of it right.
“Businesses should be aware of the markets that they want to move into, have an idea of the strategy required and have a team that’s able to execute on this strategy before joining the program, which then ties it all together and builds growth possibilities around it,” he added.