Custom Health brings telemonitoring to pharmacy patients
January 10, 2024
VANCOUVER – Pharmacy technology innovator Custom Health Inc. is aiming to launch on the New York Stock Exchange through Berenson Acquisition Corp., a special purpose acquisitions company. Custom Health provides a tech-enabled medication management and healthcare solution, claiming 98% medication adherence for its patients across Canada.
“Guessing with medication must stop,” asserts Shane Bishop (pictured), chief executive officer of Custom Health. “We have the expertise, technology, and comprehensive data to help people who take medication achieve the best possible health outcome.”
Custom Health makes use of a number of technologies to improve medication adherence, including remote monitoring and video-visits between pharmacists and patients.
The Canadian company is focused on serving poly-med patients with chronic conditions – an estimated market of 78 million adults in North America – who often struggle to adhere to prescription regimens, presenting a challenge and cost to the North American healthcare system estimated to be $550 billion per year.
According to the Custom Health website, the company begins with a comprehensive med review, and will then customize a schedule, introduce connected technology and remote monitoring, and take action when things don’t seem right.
“Our in-home med dispenser makes it easy for people to take their meds on time, and gives us the opportunity to ask personalized questions, closely monitoring unwanted side-effects. Bluetooth-enabled blood pressure cuffs, glucose monitors, weight scales and other devices share real-time data with our clinicians, pharmacists and doctors – and loved ones. A two-way camera enables user-friendly telehealth visits,” the website says.
Mohammed Ansari, CEO of NYSE’s BACA, said Custom Health offers a “novel approach to managing high-risk patients’ medication and improving their health outcomes.”
“We believe that Custom Health will be a first-of-its-kind public company within the healthcare sector,” added BACA officer of finance Amir Hegazy, “utilizing a vertically integrated business model that leverages proprietary technology at its owned and network pharmacies to manage the full cycle of a patient’s medication and care journey.”
“We are very excited to work closely with the BACA team to enable us to better transform the care experience for people at home,” stated Bishop, who operates Custom Health from his base in the Okanagan. “We believe that their deep mergers and acquisitions expertise coupled with our shared commitment to impact patient lives will accelerate our path to market.”
Founded in 2012, Custom Health will this year combine with BACA and become a publicly listed entity trading on the NYSE under its existing name.