CEO Comment April 2021- Building & Maintaining Momentum
Spring has arrived. The transition from winter to spring is always a positive and welcome change. We are making some changes too. This month’s CEO letter might look a little different than past newsletters as we have decided from now on to send our CEO newsletter out via Cision. We are committed to regular communication with all of our stakeholders, via our CEO newsletter and through all of Brighter’s other communication channels.
We are actively looking to add talent and team members who will bring expertise and create value for our customers, shareholders and other stakeholders. Our CEO search is ongoing and progressing as we look for the right person to bring Brighter into the company’s next chapter and beyond. Our competence strategy remains, to build an organization based mostly of employees and work with consultants as support in projects and competence fill up.
We continue to focus our sales efforts for Actiste® and Actiste® Mini in all our key markets. Our teams are on track with the roll-out plans in Qatar, Nigeria and Ghana. In the African countries, we are focused on working together with our partner distributors on the registration process for our portfolio and to identify and connect with potential influencers, medical professionals and end users directly.
In Indonesia, approval and registrations have unfortunately been delayed due to requested additions to our application. We are working continuously to achieve final registration of the product portfolio and exploring exciting new opportunities to speed our way to market. When it comes to our West Jawa project things are moving ahead and we will soon publish a separate story on the activities in this area.
We recently announced that Actiste® Mini received market approval from the Ministry of Health & Prevention in the UAE at the end of March 2021, another significant milestone in the commercialization of the Actiste® portfolio. We still have local regulations and technical requirements to solve before launch, but these market approvals add to our momentum in the region, allowing us to move forward with our plans. We remain dedicated in our effort to secure contracts during the year. Our teams are also actively engaged in ongoing discussions with various players in the UAE and we will be able to communicate more on the progress and engagement of contracted distributors in the region as things develop.
Rules imposing local data storage requirements in the UAE affect many types of healthcare businesses, including insurance providers, hospitals, clinics, medical professionals and manufacturers of devices that involve collection, storage and processing of health data, such as wearables and health monitoring apps. There remains a great deal of uncertainty in the UAE among such businesses and the extent to which any given solution may be compliant, because detailed implementing regulations of the law have yet to be issued. We continue to monitor the regulatory environment in the UAE and understand that detailed implementing regulations are in train, which will clarify the application of the law. We are also monitoring and evaluating new technical solutions that the global data storage providers are offering in the UAE in order to meet the challenges facing their customers in the UAE.
Naturally, we are also closely monitoring other countries’ legislation regarding data management at the regional, national, and local levels as this varies for different markets. For instance in Thailand and Indonesia, other countries' rules for data security are accepted as long as EU GDPR is followed. In Qatar no medical registration is needed, but we are working on submitting the registration of our product as a telecommunication device. We will continue to update the market on relevant developments related to data storage and other approvals. However, I want to emphasize that our sales efforts are progressing with full focus also in regions where we await receipt of approvals or finalisation of technical solutions.
As communicated regarding our two subsidiaries Nectarine Health and Camanio, we are evaluating various financing solutions. This work started in February and has been one of our focus areas. We have made some progress, but as a listed company we must follow strict rules when communicating. I kindly ask for your patience and trust that we will provide detailed information as soon as we decide on a solution. However, I look forward to sharing more about the potential of our two subsidiaries, Nectarine Health and Camanio.
As you know, Nectarine Health aims to address the growing issue of home care for seniors who want to live independently in their own homes for as long as possible. In the US, our initial target market, 76% of people aged 50 and over say that they want to do so. However they don’t have the tools to keep them safe. For example, falls in the home are the leading cause of fatal injury among seniors, and the most frequent cause of non-fatal trauma. The estimated economic cost of treating injuries sustained in the USA was $50bn in 2015 ($28bn paid by Medicare). The Nectarine Health Home system is for the consumer market and can be a safe and economical way to help manage and lower the risk of aging at home. The company is moving forward according to plan with its trial in the US. Nectarine Health is also talking to PERS (personal emergency response system) providers about technology integrations and to other interested parties, such as elderly care providers, who could benefit from the NectariNe Health Home solution as a remote monitoring solution.
Camanio SmartCare offers clever and user-friendly social welfare technology and a host of products and services, focusing on improving the quality of home care services, thus also improving quality of life. Market potential in Sweden is primarily driven by demographic trends and the underlying need for digitalization. Home care demand will grow by approximately 25-30% over the next 10 years, while the workforce to accommodate this will grow by only 5%. Technology and the digitization of home care can help fill the gap, and the Swedish government is actively investing in streamlining elderly care and atomizing where possible, to ensure sufficient resources to meet future needs. Government grants to push for the digitalization of elderly care have amounted to approximately SEK 600m since 2015.
Please keep your questions coming to IR@brighter.se so that we can address your inquiries via our planned communication activities.
As a reminder, Brighter is unable to discuss events and activities directly with individuals through informal channels. As a public company, we need to share important information with all stakeholders at the same time. Depending on their nature, some questions may be answered directly, while some may be addressed indirectly through communications such as this one. We compile all the questions we receive from the outside world and do our best to answer them, here, in the company's recurring CEO letters and other channels as far as we can.
Acting CEO and board member of Brighter AB (publ)
For further information, please contact:
Christer Trägårdh, Acting CEO
Brighter’s Certified Adviser is Eminova Fondkommission AB, +46 (0)8 – 684 211 10, email@example.com, www.eminova.se.
About Brighter AB (publ)
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is key to provide smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter is certified under ISO 13485. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.
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