Overview
The COVID-19 global pandemic shook traditional healthcare structures on a global scale in 2020. There has been an urgent need for integrated systems to manage the influx of patients and new social distancing measures, which forced many to delay seeking in-person medical attention. In identifying this gap in the healthcare system, digitally driven telemedicine companies are leading the way to innovate and improve healthcare for all in this increasingly digital age.
By 2022, the global healthcare market is forecasted to grow to US$11.9 trillion, with the digital healthcare sector to grow by a projected compound annual growth rate (CAGR) of 38 percent by 2026. In dealing with the aftermath of this pandemic, investing in healthcare and wellness technology is investing in the healthcare systems we’ve needed for a long time.
Cloud DX (TSXV:CDX, OTCQB:CDXFF) is a digital health company focused on providing sophisticated solutions for advanced healthcare providers through its precision vital sign monitoring platform, software and mobile apps. The company’s commitment is to the improved accessibility of healthcare through virtual care and digital medicine across Canada and the United States.
The company combines core competencies in biomedical hardware engineering, cloud-based medical device architecture, algorithm-based result generation, regulatory approval experience and internationally ISO certified quality management. This combination has helped Cloud DX develop optimized medical devices and software for a more value-added patient experience. This level of innovation in telehealth technology strategically positions Cloud DX as a leader in vital sign data monitoring and integration.
Unlike many other telemedicine companies, Cloud DX works to invent new medical devices and get them cleared by regulators. This invention aspect allows the company to create more intuitive and innovative devices at potentially lower costs for its users. “Because we control that entire customer experience, we can optimize it and make it better for everybody. That, in fact, is our mission,” Cloud DX CEO Robert Kaul stated.
Cloud DX has partnered with healthcare providers like the Blessing Health System and virtual care companies like Curatio Inc, co-creator of the Stronger Together app, to provide remote patient monitoring and telehealth solutions to COVID-19’s short term symptoms and its long term complications. This new wave of virtual care technology addresses limitations to existing healthcare structures and helps meets the demand for medical aid in light of strained traditional healthcare systems and broad social distancing measures throughout North America.
In August 2014, Team Cloud DX was confirmed as a top 10 finalist in the Qualcomm Tricorder XPRIZE out of 330 entrants. This three-year global competition offered a US$10 million prize purse to be distributed among the top 3 teams who could develop an autonomous vital sign data collection and remote diagnostic platform inspired by the famous medical “Tricorder” from the TV show Star Trek. Cloud DX’s entry, the VITALITI platform, was successful at diagnosing up to 19 separate health conditions, all by itself. The company, which was the only competitor representing Canada, received the first XPRIZE Bold Epic Innovator Award in April 2017. All the winning XPRIZE Teams share access to a multi-million dollar pool of grant funding provided by the Qualcomm Life Foundation and the Roddenberry Foundation to bring their inventions to market, administered by the University of California San Diego.
XPRIZE winning VITALITI Tricorder by Cloud DX
Cloud DX is commercializing three inventions based on their XPRIZE winning Tricorder. The Pulsewave 2.0 wrist cuff monitor can uniquely measure accurate blood pressure and average breathing rate simultaneously. The wearable VITALITI continuous vital sign monitor streams all the main vital signs including multi-lead ECG and non-invasive blood pressure to the cloud in real time, while their AcuScreen CA cough analysis smartphone application can detect respiratory disease based on the sound of a person coughing, and is in clinical trials to screen for tuberculosis, expected to be completed by 2022.
Immediate plans for the company include an intended public listing on the Toronto Venture Stock Exchange in early 2021 and the advancement of its innovation pipeline. Its strong patent portfolio strategically positions the company for significant investor potential and technological expansion.
Cloud DX’s management team combines years of experience in medical care, finance, risk management and web-based engineering. This dedicated team primes the company for significant telehealth advancement, product development and revenue growth.
Cloud DX’s Company Highlights
- Cloud DX is a virtual care and digital medicine company focused on providing innovative medical solutions to healthcare providers and patients alike. The company is committed to meeting the demands of patients while addressing the limitations of traditional healthcare structures.
- The company works to invent fully connected and cloud-based medical devices that monitor vitals and health data at competitive costs. Cloud DX works directly with doctors, healthcare providers, regulatory bodies and patients
- Cloud DX has received over a dozen awards for innovation, including Bold Epic Innovator in the Qualcomm Tricorder XPRIZE, “World Changing Idea” from Fast Company and most recently, finalist in the 2021 Edison Awards.
- Cloud DX is certified in Quality Management under ISO 13485, licensed to develop medical devices and software by Health Canada and registered (with 510k clearances) with the US FDA.
- Cloud DX entered into a new partnership with the Lung Health Foundation to supply remote patient monitoring (RPM) kits and services in Ontario and to deploy Cloud DX Connected Health.
- Cloud DX also joins Maxwell Telecare to bring round-the-clock virtual care and real-time vital sign monitoring to residents living in long term care (LTC) facilities.