London, 30 May 2019 – Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody’s / BB+ S&P, both stable) today announced its venture capital arm Hikma Ventures has participated in an $11 million financing round for Boston-based Pillo Health.
The Series A round, led by Stanley Black & Decker’s corporate venture capital arm with participation from Samsung Ventures and existing investors BioAdvance, Hackensack Meridien Health System’s Innovation Center Fund and Civilization Ventures, will be used to drive growth and innovation as Pillo Health builds out its voice-enabled medication and care management platform for home use.
"Our investment in Pillo Health underscores our deep commitment to developing innovative healthcare technology solutions that will put better health within reach for more patients around the world,” said Lana Ghanem, Managing Director Hikma Ventures. “Non-adherence to medication is a universal issue especially for patients with comorbidities. We are excited about Pillo’s technology that helps patients adhere to their medication regimens at home and its potential outside the US, especially in the Middle East and North Africa.”
Six in ten Americans live with at least one chronic condition, a leading driver of healthcare costs across the country. In the US, patients who do not take medications as prescribed experience a higher mortality rate and contribute to approximately $289 billion in wasted healthcare costs annually.
Pillo Health offers partner organisations an engaging in-home interface and HIPAA-compliant technology platform to create customized voice-first health and wellness experiences; empowering them to deliver better care into the home, enhancing patient connections to their care teams, and aligning with the growing trend of voice-enabled technologies in the healthcare industry.
“This additional funding and ongoing investments from partners such as Hikma Ventures, will allow us to fulfil our mission of revolutionising the way that healthcare is delivered to patients at home,” commented James Wyman, Co-founder and COO of Pillo Health.