We are talking about investing in a first mover advantage company with an evidenced product moat in future. PainChek was confirmed as a De Novo classification as there is no other similar regulated medical device in the US market. Traditional pain assessment tools have been there for >10 years and they are often subjective, manual based, observation on knowing the person and understanding the behaviour changes over a period of time. PainChek eases the process in real-time and updates the records in the cloud. Below are a few key endorsements:
1. Dr Liz Sampson, a professor of Dementia mentioned that PainChek has been very effective in picking up signs of pain in people with dementia (21min onwards: https://www.youtube.com/watch?v=Edms71JX9qQ)
2. Anita Astle MBE, owner of Wren Hall Nursing Home:“Eventhough we’ve only been using PainChek for a week, we find that the trackerregisters pain from facial recognition that we wouldn’t notice in the same way.Normally our staffs are very good at picking up on nonverbal cues when peopleare in pain. However, normally by the time we’re responding to their pain ortheir behaviors, their pain is such that it has stimulated additional behaviorsthat actually we wouldn’t want to have stimulated. Then the person started toeither become agitated or distressed. However, with pain trackers it seems likewe’re starting to get indications that people are in pain before that, andtherefore, we’re responding with appropriate pain relief more quickly”https://painchek.com/webinars/the-benefits-risks-of-digital-transformation-in-care/
3. A carer using PainChek (5:30min onwards https://www.youtube.com/watch?v=q8y27FB5cuQ)
I am sharing only 3 key endorsement from different perspectives and there are more quality examples shared by a few great investors in this thread, do check them out.
There will be competition and new technological advancement. However, it will take years for them to innovate the technical know-how, to accumulate the experiences and assessments, and to obtain FDA approval. PainChek has started since 2012 and the appointment of Dr Jennifer Abbey as the Clinical Advisory Board further enhanced the effectiveness of the app.
There is no deterioration on the company's fundamental. The brand of PainChek improves every day and we are seeing this from the improvement of download rankings and the support of the Australian government funding.
