MaRS Centre, Heritage Building, 101 College Street, Suite HL20-2, Toronto, ON M5G-1L7
Amos Adler
Phone: 1.877.MEMOTEXT (636.6898)
Email: memo@memotext.com
Web Address: www.memotext.com
Industry: mHealth, patient adherence
Number of Employees: 11
Type of Partnership Sought: Distribution channels,
Corporate Partnerships
Business Description: MEMOTEXT® reduces medical
costs and increases pharmaceutical revenues by
improving medication compliance and patient adherence
to treatment.We collect data, build profiles and provide
personalized reminders, education, behavior coaching
and motivation to patients based on how they need it.
Learn more about HIPAA secure, sustained, significant
(+31%) improvements in medication compliance.
Company Background: Established in 2008,
MEMOTEXT has developed adherence programs for
multiple medical conditions. A founder of the Alliance
for Adherence, our trial with John Hopkins University
showed MEMOTEXT’s method increased adherence
from 51% to 67%. We’ve launched several successful
initiatives in North America and Australia, and recently
expanded to the U.K. Located in MaRS Discovery
District, the largest innovation hub in Canada,
MEMOTEXT is currently focused on expanding our
existing partnerships and launching several new
adherence programs this year.
Management: Founder and President Amos Adler,
M.Sc. – Background in user orientated methodologies,
finance and enterprise scale technology. Amos held
multiple technology and finance related positions within
Bell Canada Holdings companies, and holds a M.Sc. in
Analysis, Design and Management of Information
Systems from the London School of Economics.
Chairman Thomas Corcoran, P.Eng, MBA, ICD.D –
Thomas has over a decade of experience in international
and domestic executive roles at IBM Canada, IBM
Corporation, Confederation Life, KMPG, Canada Life,
NexgenRx Inc., and Bridgepoint Health Centre. He also
has a prolific involvement in community service.
Director Scientific Development Bill Simpson, Ph.D
Candidate – Bill has a background in psychology,
mental health, and clinical data analytics. With nearly a
decade of data collection and analysis experience in
clinical trials and cohort studies, and 12 scientific
publications
Chief Technology Officer Alex Ostritsky B.Sc. – With
an academic focus on artificial intelligence, Alex has
extensive senior management and consulting experience,
within numerous financial and clinical settings. He has
architected and managed International Financial Systems,
Telecommunications
Systems,
Interactive
Voice
Response Systems E-commerce and Business to Business
Information Systems.
Products/Services: MEMOTEXT’s adherence solutions
go beyond simple e-mail, SMS and/or mobile messaging.
Non-adherence is caused by various factors depending on
the individual. MEMOTEXT’s self-learning algorithm
factors in each patient’s unique reasons for nonadherence and behavior in their messaging, creating an
adherence program personalized to patient behavior,
biometrics, and claims data. Through constant patient
interaction and data collection, our programs adapt to
needs in real time, factoring in mood and lifestyle into
our messaging. While our competitors focus on a broad
set of tactics, MEMOTEXT specializes in medication
adherence, behavioral change, and evidence based digital
health interventions. Our programs have additional
features depending on the condition. MEMOTEXT’s
asthma adherence program HealthNHand also provides
air quality, informing patients on air quality conditions.
MyCFCoach, an adherence program for Cystic Fibrosis,
also provides patients with information on how to live a
healthy lifestyle. With up to 30% decreases in annual
total healthcare costs from every 10% increase in
adherence, MEMOTEXT s unique solution has an over
88% retention rate and a very high ROI.
Technologies/Special
Know-how:
MEMOTEXT
technology automates and manages a patient focused and
behaviorally based healthcare conversation. Through the
administration of short timely, validated assessment
instruments over time, using multiple communication
platforms; MEMOTEXT’s self-learning system focuses
on the intersection of computer-human interface and the
healthcare conversation. Our 'Personologic' algorithm
and communications platform, creates validated
improvements in patient’s compliance to medication
regimens.
Market: Both the medical adherence and mHealth
markets forecast exponential growth in the coming years.
Non-adherence is one of the greatest costs to healthcare
systems. Costing patients $290 billion and
pharmaceutical companies $188 billion a year in North
American alone; all stakeholders have an interest in
improved adherence programs. The mHealth market is
currently valued at $6.7 billion, but its estimated to grow
to $58.8 billion by 2020. This is due to increased use of
mobile technology and the move towards decentralized
and personalized health care. The market is still in its
infancy and has mostly small players, but tech giants
Google and Apple are becoming involved, due to
mHealth’s potential.
Distribution Channels: Direct salesforce through
partnerships with wellness companies and organizations
and technology companies.