Proteus has raised about $400 million. Swedish shall be on the board throughout a interval of development on the firm, as it really works to achieve “more patients, more products, and more partners,” stated Proteus CEO and co-founder Andrew Thompson. “We will develop and build more products ourselves and with partners, which means we’ll have more pharmaceutical companies embracing this idea.”
Thompson tapped Swedish for the board publish partly as a result of of his deep expertise in healthcare. Swedish has spent a long time within the business. Recently, from 2013 to 2017, he was CEO of Anthem. He stays govt chairman of the well being insurer, the nation’s second largest. He’ll retire from the publish in May 2018, although he’ll keep on as a senior adviser till May 2020.
“Proteus can do for medicine what Amazon did for digital retail and what Tesla is doing for the auto industry,” Swedish stated. “Proteus has the potential to have that kind of impact in the pharmaceutical administration industry. I’m not one to exaggerate.”
Proteus sensors are utilized in Abilify Mycite, the first FDA-approved digital pill. The sensors are half of a drug-tracking system, Proteus Discover, that additionally features a wearable sensor patch, a cell app, and a supplier portal. When a affected person takes a tablet, abdomen acid initiates the sensor, which indicators by way of Bluetooth to the patch that it has been activated.
Estimates put the fee of remedy noncompliance at nearly $300 billion yearly. “If Proteus can put a dent in that, it’s going to significantly improve the outcomes associated with administering medications,” Swedish stated. “As a former payer, what excites me is that it has the clear potential to be a driver and have great influence on the creation of value-based payer contracts that can be verifiable.”
Before becoming a member of Anthem, Swedish was CEO of Livonia, Mich.-based Catholic hospital system Trinity Health. Swedish presently serves on the boards of IBM and IT services firm CDW.
“He has a deep understanding of what it’s like to deliver care and what it’s like to pay for it,” Thompson stated. “He is one of the most influential and capable people you could possibly wish for on a board.”