MyFiziq Limited (ASX:MYQ) has signed a binding term sheet with BioMorphikk Pty Ltd, an Australian based behavioural change and technology company that has developed a medical health and wellness platform.
This platform is the bridge between medical and health/wellness. It aims to reduce health costs at all levels of society from the individual, to healthcare and insurance systems, as well as governments.
BioMorphik and MyFiziq will collaborate to integrate MyFiziq’s body tracking application into all of BioMorphik’s verticals, commencing with an initial integration into its pre-emptive health platform over the coming months.
BioMorphik has created a pre-emptive health platform founded on the basis that consistent and early management of health and fitness at younger ages has a compounding effect on health later in life.
Through smaller, constant, micro-interventions BioMorphik can drastically improve lifetime health, reduce the need for medical interventions, and save costs and resources for the user and health systems.
Reduces strain on public and private health infrastructure
The goal of Biomorphik’s pre-emptive health platform is to improve user quality of life, reduce spending on medical treatment, and reduce interactions with the medical system.
With global medical facilities and personnel stretched to their limits and further compounded by a significant worldwide economic downturn and job losses as a result of COVID-19, there should be significant demand for the group’s product offering.
Biomorphik’s solution is a well-designed platform with the intention to improve health outcomes, saving individuals, insurers and governments’ substantial costs, helping to reduce the burden on the global medical facilities and supply chains.
MyFiziq will be an integral part of the BioMorphik direct to consumer offering as the primary checkpoint of identifying and tracking the markers for chronic disease, as well as dimensional and body composition change.
As outlined in the binding terms sheet, the parties will work together to deliver a market-ready integration into the BioMorphik platform by the March quarter of 2021.
In parallel, the parties have agreed to conclude all formal agreements within 60 days of signing the binding terms sheet.
Under the terms of the agreement, BioMorphik has undertaken to deliver a minimum of 100,000 active users within the first 12 months of launch.
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Commenting on this development and in particular its timing in the current environment MyFiziq chief executive Vlado Bosanac said, “Due to the COVID-19 pandemic, the world has experienced a surge in m-Health, telehealth, virtual care and preventative health investment.
‘’BioMorphik’s behavioural based program targets smaller interventions prior to current preventative healthcare solutions, which is unique and innovative in this urgently needed market segment.
‘’With medical facilities and supply chains strained worldwide as a result of current pandemic, BioMorphik has identified, developed and entered the market with a dynamic and well-resourced offering.
‘’I am pleased to be working with Nathaniel Peek (CEO BioMorphik) and the BioMorphik team to provide an urgently needed, unique behavioural based, pre-emptive health solution that focuses on reducing costs at all levels of the health, wellness and medical supply chain from the user/patient, all the way to the medical provider, insurer and even at government levels.”
Endorsing Bosanac’s comments and underlining the complementary nature of both technologies, Peek said, ‘’Through integrating MyFiziq’s technology into our platform, we now have the capability to more regularly and cost effectively understand user and patient body composition information as well as their risks of chronic disease in real time, capturing their body scans from the privacy of their own home, significantly broadening our B2B (business to business) and B2C (business to consumer) customer reach.”