Bioinformatix’ Platform could save Korea over $3 Billion in Health Care Expenditure

Cloud-Based AI Solution

Rx&You is the world’s first cloud-based artificial intelligence solution for medication-event monitoring and real-time notifications brought to you by Bioinformatix. It solves an average of 34% of what the World Health Organization (WHO) has described as the most valuable problem in healthcare.

“For health insurers or government health services, it can mean preventing 8% of their annual outcome.  While improving clinical outcomes,” said Eric Luellen, CEO at Bioinformatix.

For healthcare providers and pharmaceutical manufacturers, it means maximizing the treatment effect.  While at the same time 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

Eric Luellen, explains that 81% of deaths in Korea come from chronic diseases. Approximately 80% of the annual health budget is spent on managing those patients and their illnesses. While 41% have cardio-related diseases and 40% have type-2 diabetes, the majority of patients doesn’t take their medication properly. The CEO states that lacking medication adherence and drug safety have caused an increase of 277% 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 healthcare 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 Korean health care system.

How Rx&You will provide solutions for healthcare 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 healthcare 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 healthcare 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 presentation at Startup Festival 2017!

Sue Nguyen

Sue is a Visual Content Creator and Social Media Manager at Startup Radar. She is a creative from Berlin and speaks 4 languages fluently. Message her in German, English, Korean or Vietnamese: sue@startupradar.asia

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