For me this acquisition highlights how incredible challenging it can be to make a success with even the most brilliant mHealth device innovation.
To put things in context consider how Nest put WiFi in beautifully designed smoke alarms and thermostats that sold through the Apple retail stores and even though the tech turned out to be rather sketchy the company grew to a 110 strong team before being acquired by Google for $3.2B, and compare that with how Telcare managed the far more technically challenging task of embedding Mobile network connectivity into FDA Cleared and CE marked Glucometers before convincing insurers and healthcare organisations to buy these and train their staff and supply strips through pharmacies yet only managed to sell for $7M (even though the company had raised more than $60M from leading VC funds such as Sequoia Capital and Qualcomm Life).
In 2013 I was given a contract to get Telcare sales started in Europe and while I got the go ahead for a trial in a leading hospital the experience was a huge learning curve for me. One particularly memorable insight was when a NHS Consultant Endocrinologist who really wanted to give Telcare Glucometers to Patients of his with Gestational Diabetes (good blood glucose control in pregnancy greatly reduces likelihood of adverse pregnancy outcomes, miscarriages, macrosomia, operative births, pre-eclampsia, premature births, neonatal ICU admissions, etc) told me he could sooner get his hospital to build him a brand new state of the art surgical ward to treat Patients with Diabetes than he could have them buy a single Telcare Glucometer…
Let’s hope BioMetry (formerly Cardionet) can make a success with the innovative Telcare tech and team.