This funding round, led by Health Insurance Sanitas, will enable TOM Medications to further develop its medication management app. In addition to enlarging the community, the emphasis will be on incorporating gamification and motivational elements. These are intended to further improve the already above-average therapy compliance of TOM users.
Approximately 40 percent of chronically ill people in Switzerland take their medication incorrectly or even fail to take it at all. This reduces the effectiveness of their treatment and significantly increases long-term healthcare costs. This is where TOM comes into play. The app incorporates a virtual medicine cabinet that makes it easier to plan and monitor therapy. It also sends out push messages to remind the user which medication they need to take and when. Over 100,000 patients have already used TOM to take their medication and increase their compliance. “In general, compliance is normally around 60 percent, but for TOM users it is above 80 percent,” says TOM founder and CEO Sven Beichler.
To continue to grow and increase user compliance, TOM Medications has now received a total of USD 2.3 million in seed funding. The financing round was led by Sanitas Krankenversicherung, but existing and new investors from the digital health sector also participated.
Studies show that up to 40 percent of patients do not take their medication or take it incorrectly
Sanitas CEO Dr. Andreas Schönenberger comments: “Studies show that up to 40 percent of patients do not take their medication or take it incorrectly. Taking medication on time is crucial for treating high blood pressure, diabetes or epilepsy, for example. TOM Medications’ app is a customer-friendly digital solution that helps patients take their medicines on time, improving both compliance and, ultimately, recovery and quality of life. We are delighted to partner with TOM and offer this medication service to our clients.”
TOM Medications was recognised this year by HealthcareInsights.com as one of the top ten most recommended providers of digital health solutions in Europe.