Bioinformatix's Platform Could Save Korea Over $3 Billion in Health Care Expenditure
SEOUL, South Korea, January 2, 2018 (Newswire.com) - Rx&You is the world’s first cloud-based artificial intelligence solution for medication-event monitoring and real-time notifications. Therefore, it solves an average of 34 percent of what the World Health Organization (WHO) has described as the most valuable problem in health care.
“For health insurers or government health services, it can mean preventing 8 percent of their annual outcome, while improving clinical outcomes,” said CEO, Eric Luellen. “For health care providers and pharmaceutical manufacturers, it means maximizing the treatment effect, while AI is continuously screening to detect and predict problems.” Luellen, who is an alumnus of Harvard, the Wharton School of Business, and Northwestern University, said executives at 10 global organizations representing over 100 million patients have already expressed interest in licensing the platform after viewing requested demonstrations.
Current Problems in the Korean Health Care System
Bioinformatix CEO, Eric Luellen, explains that 81 percent of deaths in Korea come from chronic diseases. Approximately 80 percent of the annual health budget is spent on managing those patients and their illnesses. While 41 percent have cardio-related diseases and 40 percent have type-2 diabetes, the majority of patients don’t take their medication properly. The CEO states that lacking medication adherence and drug safety have caused an increase of 277 percent of money spent by the Korean Government on treating their citizens in recent decades. In the past, the portion was paid by the private side but is now shifting to the public sector. The cost of health care spent by the Korean government and its citizens is slowly outgrowing the Korean economy. Luellen claims that further development will impact the long-term sustainability of the Korean health care system.
How Rx&You will provide solutions for health care issues
Implementing Rx&You into the Korean health system could save Korea approximately $3.87 billion and 217,828 lives a year. The company’s mission is “to save money for the health care system while maximizing clinical outcomes of patients.” By creating a platform that records and monitors patients’ behaviors it helps to analyze data and predict future problems. Not only does the platform teach their patients how and when to take their medications, it also facilitates the communication between patients and their health care team to detect following health issues.
Find out how the company uses AI to engage patients to stay on their treatment in Eric Luellen’s feature presentation at 2017 Korean Start-up Festival. For more information, email email@example.com.