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:
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.
