HealthBeacon is to triple its workforce after signing a new multimillion dollar partnership with North American home appliances distributor Hamilton Beach Brands.
The Irish digital therapeutics company has developed a solution that helps patients adhere to their medication schedule. It said it intends to create 100 new roles over the next two years in Dublin and the US, largely as a result of the new deal.
HealthBeacon, which employs 50 people at the moment, is to roll out its smart injection care management system across the US and Canada later this year under the Hamilton Beach Health brand name.
The company’s flagship product is an FDA-approved smart sharps bin for use by patients who inject medication at home. The bin is digitally connected to an individual’s smartphone and is used for the disposal of injector pens and syringes as well as to track individual patients’ adherence to medication regimes and to remind them to stay on track if necessary. The technology is available in 15 countries.
Founded in 1910, Hamilton Beach is one of the largest distributors of small home appliances such as indoor grills, slow cookers, coffee grinders, bread makers and food processors in the US. Its brands include Proctor Silex, Weston, TrueAir and Brightline. Headquartered in Virginia, the company sells more than 34 million appliances a year. It reported revenues of $603.7 million (€494m) for 2020.
"Our goal is to build upon the success of this system that has been established in several global markets. We look forward to making it easier for patients in the US and Canada to manage their injectable medications, stay on track with their treatment schedule and safely manage the disposal of their used sharps," said Greg Trepp, president and chief executive of Hamilton Beach Brands.
HealthBeacon chief executive Jim Joyce said the partnership would accelerate the company's expansion in North America.
“Today as many as one in two patients will fail on their medication regime in their first year of treatment due to the lack of the right support and smart tools. According to the FDA, seven billion hazardous sharps and injections end up in household trash. We can solve those health, safety and environmental challenges,” said Mr Joyce.
Founded in 2013, HealthBeacon has raised €18million to date, with backers including SGInnovate, a private company owned by the Singapore government. Other investors include Manatt Health, BVP, Elkstone Partners and Bill McCabe's Oyster Capital.