PainChek & Philips Collaboration

It's official - as per the quarterly released on the 29th April, PainChek are in collaboration with Philips... on a number of fronts. I thought it would be prudent to create a separate thread from General Discussion for Philips specific findings, thoughts etc - I mean, it is a collaboration with the biggest healthcare company in the world...

Philips Healthcare collaboration:
During this past quarter the PainChek® technology has been incorporated in one of the Philips research studies in a Netherlands based hospital. PainChek’s research and technical team have been in regular contact with Philips’s research team in order to clarify technical specifics and logistics for incorporating PainChek® into the research project run by Philips. The focus of the study is around facial assessment of pain and delirium detection. This collaboration is separate to other potential plans and collaborative opportunities that we have discussed with Philips during our HealthWorks Global Breakthrough sessions in Eindhoven.

PainChek has recently finalized and provided technical specifications. Philips’s research team has agreed on the logistics of incorporating PainChek’s technology in the study and technical specificities provided by PainChek last week are currently being discussed internally at Philips.

The collective aim of the parties’ is to finalize all documentation and agreement in relation to this study so that they are ready to jointly execute the study and the other collaborative business opportunitiesimmediately following the easing of COVID-19 related measures.

So what does this mean for PainChek?
Well let's just consider the last line, more specifically the word "immediately". COVID is a beast that is difficult to understand when we will see the easing of these measures implemented to slow the spread. It's probably most important to consider the position of Netherlands and their fight against COVID - this is best seen by their active case count below... definitely flattening which is great, but I'd suggest we may be waiting a month or two (or 6 or 7 ) for that curve to head downwards, but once it does - we will be executing these opportunities IMMEDIATELY. Just picture the announcement now - "PainChek signs X agreement(s) with Philips for $X" - that's exciting.


How big is the delirium market?
Now to understand what sort of market size delirium offers - less rampy rampy, more facty facty.

Philips already play in the delirium space, early 2019 they VitalMinds into ICU's (https://www.philips.com/a-w/about/news/archive/standard/news/press/2019/20190425-philips-introduces-vitalminds-new-non-pharmacological-approach-to-help-reduce-delirium-in-the-icu.html). They have a great infographic (below) highlighting the answer to this question...


With up to 80% of those ICU patients being affected by delirium, PainChek and Philips could play a massive part in the reduction of this - saving healthcare systems around the world a significant amount of money.

For more info on VitalMinds - https://www.philips.com/c-dam/b2bhc/master/articles/delirium-in-the-icu-vitalsky-light-therapy/supporting-delirium-prevention-with-the-patient-in-mind-brochure.pdf

How would PainChek be involved?
With the focus of the study being on facial assessment of pain and detection of delirium - you would have to assume with the wording of integrating into Philips systems, that we will become part of their patient monitoring equipment and form an early warning system for delirium, allowing ICU to intervene quicker.

What are the other opportunities?
How the hell would I know!? Kidding, the mind boggles at what could be... however I feel it there is definitely something at play where we will become a pain monitoring system and not a regular assessment tool. Philips already have products related to vital signs:
https://www.philips.com.au/healthcare/clinical-solutions/alarm-management
https://www.philips.com.au/healthcare/services/clinical-services/patients-and-alarms

I've said before that my ultimate goals for PainChek are to become effective on the entire population, not just those who are demented and be a patient monitoring system, not a system that requires regular assessments. This could ultimately be aiming to achieve both of those.

What are your thoughts around what our other Philips opportunities are/could be?

Summary
My buying of PainChek hasn't been based off the potential of a Philips deal... however I will definitely be loading up as the Netherlands' active caseload reduces - this will be a massive step in the direction of becoming a "mini Cochlear" - as PD so gracefully puts it. However it is important to remember that Philips isn't the only coal in the fire, and PD has openly stated in the past that he has no intentions of providing exclusivity to Philips - so how long before Siemens, GE, Samsung etc start approaching if this is successful.

How much easier does an international roll out become when partnered with a company like Philips. PainChek is no longer "just" a spec stock - we are going to be internationally recognised. I can't wait for PainChek to become a verb... "can we please PainChek the patient".

It's important to do your own research, but I think it is clear to see that the potential of this Philips partnership is behemoth. What would you value a company that partners with the biggest healthcare organisation in the world? Also key to remember that Philips is definitely not the only thing that makes PainChek an exciting and highly probable profit maker - the General Discussion form has some absolute legends sharing their thoughts - and if you take some time to research the company and the management team leading it... you'll find yourself asking "why shouldn't I invest", instead of "why should I?".

Do your own research, make your own informed decisions on how you invest. @rickflair once told me that we would reach $20 one day - he's never been wrong.. or right, but never wrong! Buy PCK.