eLucid mHealth Limited

Product: 
Life Sciences
Status: 
Open
Sector: 
Medical Technology
Aim of funding: 
Growth
HMRC Advance Assurance received: 
Yes

eLucid mHealth Limited

Description: 

eLucid mHealth is a medication technology company creating proprietary, patented automatic adherence/compliance monitoring tools as part of an integrated healthcare system.

eLucid mHealth’s solutions and devices have been specifically designed with patient feedback; they are non-invasive and simple to use. The company’s priority objective is to improve patient adherence across all different types of medication. To achieve this goal the company proposes to develop a strong, diverse portfolio of solutions.

All of the company’s products are moving towards CE accreditation within the next 12 months.           

Opportunity: 

eLucid mHealth's primary market is pharmaceutical R&D, commonly known as the clinical trial supply (CTS) industry, with ICON PLC (January 2015) suggesting that this market will be worth US$148 billion per year by 2020.

New molecules and drug compounds are tested on patients to determine the level of efficacy and performance in treating diseases. On average, CTS trials are extremely costly and time consuming –e.g. a phase 3 cancer trial can cost up to US$41 million. The efficacy of new drugs in clinical trials is dependent on patient compliance including medication adherence, which accounts up to one third of the costs of the total trial costs.

It is the intention of the eLucid mHealth team to produce through continued R&D activities ‘gold standard’ monitoring tools and data informatics that deliver a far improved ROI following sizeable drug trials for large pharma.