How SEMDA helped create a company preventing “accidental addicts.”
Depending upon your study of choice, medication non-adherence creates between $100 and $400 billion in wasted U.S. healthcare spending every single year. Yes, pill bottles have a child-proof lid, but that does nothing to make adults accountable when dosing medication or taking it on time. What about people who think two pills are better than one? That’s not always the case with regards to medicine, and that is almost always a step into the pitfall of addiction.
Intent SolutionsTM created a solution to help improve medication adherence and also to combat the notion that more is better when medicating. Their principal device is TADTM— “Take As Directed.” It is a smart medication dispensing device that is designed to markedly improve the monitoring and management of medication adherence.
“TADTM was born from the idea that we could invent a technology that would help people take their medicine as directed to prevent misuse, abuse, and addiction,” says Ashley Hancock, Co-founder and COO of Intent Solutions. “With this device we are tackling the broad spectrum of non-adherence as well as the misuse of prescription drugs: a market that encapsulates more than $300 billion, $72 billion of which is attributable to direct abuse or misuse.”
Hancock is a long time supporter of SEMDA. His involvement spans 10 years including service as the Executive Director from 2011 to 2013. The story of Intent SolutionsTM begins at the SEMDA conference and develops through the ongoing engagement with the experts and resources that make SEMDA a ‘must go to’ conference year after year.
Preventing the next “accidental addict”
After overcoming an addiction to prescription pain medication following a severe hip injury, Martin Mclean, Director and Co-Founder of Intent, teamed up with entrepreneurs whose relationships can be traced to SEMDA: Dr. Van Crisco and Ashley Hancock. Later, Sam Zamarripa and Lou Malice, a SEMDA regular, joined the team.
“Intent’s existence is directly attributable to our relationship with SEMDA,” Hancock acknowledges. “We continue to leverage the connections made through the conference: from relationships with seasoned advisors to the people we will contact for future investment.”
Today Intent is a company that might be able to prevent the next “accidental addict” and take a bite out of hundreds of billions of dollars in wasted healthcare spending.
“The Conference is a must-go in my opinion,” says Hancock. “SEMDA holds a wealth and depth of medtech and medical device industry knowledge. When creating a med-tech company you need advisors, consultants, and fund raisers. The conference makes it possible for an innovator to make connections with these individuals that they would not be able to make in a single event elsewhere in the region, if not the nation.”
Intent finalized a $1.5 million seed round in November 2016 and is eyeing a Series A in 2017. In addition to the current inclusion of Intent Solutions’ TADTM adherence product within an NIH study at Johns Hopkins University, Hancock says an announcement involving a study with another leading university hospital involving TADTM is eminent.
Advice from Ashley Hancock on how to make the most of SEMDA as a newly formed medical device company
- Take advantage of the partnering platform: understand who is a part of SEMDA and how you can meet them.
- Attend and pay attention during the educational programs. The panelists can become great resources for connectivity, consulting, and ultimately partnering relationships.
- As a startup you never have enough money, bandwidth, or people so once you attend SEMDA, leverage your new connections to create future success.
“Some go to the conference just for the investor forum, and some go for the educational track; we go for both,” says Hancock. “It gives you access to the advisors and consultants that may even some day be a part of your team.”
Innovation: Concept to Commercialization at SEMDA 2017
Access the southeast’s regional medtech resources, concept to commercialization, at SEMDA 2017. Registration is now open!