While the demand for a better approach to diabetes control continues to be nicely established, healthcare solutions catering to such an approach has always been lacking. It’s perhaps because of this Medilync not won the best “IoT startup” award, but also the “People’s Choice” award in Nordic Startup Awards Icelandic closing this year.
Sigurjón Lydsson, CEO and Co-founder of all Medilync, has personally dealt with the effect diabetes has on the families of those affected.
“My father was under cure for type-1 diabetes and started experiencing short-term memory issues. 5 mins after injecting insulin, he’d ask, ‘Did inject?’ . This increased the anxiety levels in our loved ones, as his insulin pen didn’t store shots. As nothing relevant in the market existed, we made the concept and started working with suppliers, patients, and relatives to verify its utility.”
Medilync accomplishes this via an IoT solution by means of a device called Insulync plus a cloud storage system known as Cloudlync. Users can test their blood glucose levels, inject insulin, and have their metrics automatically synced to the cloud. Anyone they wish to share this data with can view it in real-time. The data will be visualized on a dashboard that patients and carers can participate with to keep track of their health.
“It’s important to solve as many issues as possible for diabetes sufferers,” says Sigorjón. “So many present competitors and vendors in this space only solve one or two of those many, many issues which exist. We’re solving all them that in turn provides us a competitive advantage and keeps our costs down. This also saves therapy costs for the individual.”
From testing to international markets
Medilync is currently poised to go into the Icelandic market, and it has partnered with the National University Hospital of Iceland to pilot their solution. Their next move will be the US market, where roughly $250 billion has been spent on diabetes each year, of which 70% is preventable (inpatient therapy, prescriptions for complicated ailments, and productivity costs).
Medilync has the potential to bring these costs down. By 2030, Diabetes has been anticipated to afflict over 366 million. This is more than twice that of those figures in 2000 and also the mostly affected nations would be India, China and the US.
Earlier this year, Medilync was granted a 3-year job grant from the Technology Development Fund from Iceland to bring their product to the next level.
Great chance to Medilync from the Nordic Startup Awards Finale on May 31st at Reykjavik!