MyFiziq is helping consumers put the personal in personalised medicine
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Special Report: Personalised medicine — therapy and treatment that takes into account an individual patient’s characteristics — is one of the biggest trends in healthcare.
And the fast-growing, revenue-making Australian tech company MyFiziq (ASX:MYQ) is poised to snatch a piece of the $238 billion pie.
The idea of personalised medicine is quite simple — it’s about tailoring medical practices, treatments and care to a specific individual rather than applying a broad brush strategy that does not take into account a patient’s unique circumstances and genetic makeup.
The global market for personalised medicine is estimated to hit $238 billion by 2024, rising at a compound annual growth rate of 11 per cent.
Some experts believe that, if widely adopted across Australia, personalised medicine could save our healthcare system — already stretched at the seams — billions of dollars every year.
And Vlado Bosanac, chief and co-founder of MyFiziq, says his company’s technology can play a huge role in leading the charge by helping empower consumers and patients around the globe.
“We are an early diagnostic tool, by providing early detection capabilities through the work that we’ve done — we have conducted a systematic review of the literature and identified markers from a wide range of diseases that are currently crippling healthcare insurers and governments around the world. With 40% of populations either pre diabetic or diabetic and 90% of these people not aware of their condition until it is too late. An early detection tool will change the face of this debilitating disease.
“So for diabetes, for example, we are able to provide accurate readings of body dimensions and a range of other data points that have been proven to be early indicators, which can help you assess your risk and identify the markers for these chronic diseases early, before it takes hold.”
MyFiziq has created a revolutionary technology that can accurately capture body measurements, for a range of use cases from personal fitness to the insurance and apparel sectors.
Individuals take images of themselves on their mobile phone, which are then mapped into personalised 3D models using a proprietary machine learning algorithm with over 64,000 data points.
What this gets you are body measurements and composition of the individual including body circumference measurements across (chest, waist, hips and thighs) and body composition (total body fat percentage).
“There are so many use cases for our technology,” he told Stockhead. “We sit inside all the applications of personalised medicine.