wellteq Digital Health Inc. Licenses Global Anxiety Program with Cognitive Behavioural Therapy (eCBT)
Sep 8th, 2022 7:35 EST
- wellteq Digital Health Inc (wellteq) has commenced its five-year global license of a top-performing electronic Cognitive Behavioural Therapy (eCBT) program from a world-leading anxiety organisation and mental health provider.
- wellteq will launch the comprehensive eCBT solutions for commercialisation, projected for initial release in the first quarter of 2023, to its existing clients across APAC, Canada and the EU/UK following the integration of biometric scans from Advanced Human Imaging (ASX: AHI) (NASDAQ: AHI) ahead of the proposed acquisition in November 2022.
- wellteq's new eCBT solution will supplement wellteq's existing mental health programs, as well as deepen the digital coaching offering across the four pillars of behavioural health: physical activity, sleep, nutrition, and mental health.
- wellteq will soon offer its client applications, wellteq API and baseline B2B virtual care platform, including the wellteq (IoMT) HealthHub and the wellteq Coaching App, as a stand-alone service or combined for clients and partners to integrate with their own applications, services and solutions.
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2022) - wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF), (the "Company" or "wellteq"), is pleased to announce the commencement of a five-year license of a globally-recognized virtual Cognitive Behavioural Therapy (eCBT) program. Designed by a world-leading anxiety organisation and mental health provider, the eCBT program further expands the Company's comprehensive and scalable suite of digital coaching programs that can be delivered worldwide.
Scott Montgomery, Wellteq CEO states: "Chronic health conditions are all multifactorial. Exercise alone does not resolve diabetes. Diet alone does not resolve cardiovascular disease. Meditation alone does not resolve stress disorders. But what is undeniable, is that a balanced regime of healthy nutrition, physical activity, sleep, and mindset practices improves all of these chronic conditions. These coordinated regimes at scale can dramatically reduce the incidence and impact of an estimated US$8 trillion of preventable healthcare costs globally. Wellteq, through algorithms and not people, coaches all four of these pillars at scale and with this new eCBT capability we're able to support the mindset pillar more deeply. Very exciting."
Cognitive Behavioural Therapy is the leading evidence-based, non-pharmacological modality for mental health management and care. Mental health is the largest growth subsector of healthcare and is estimated by the World Health Organisation, to cost more than USD $1 trillion per year globally, with a Lancet Commission report predicting that cost will rise to USD $6 trillion by 2030.
The benefits of eCBT extend far beyond primary condition treatment. People living with chronic physical conditions often experience emotional stress and chronic pain, which are both associated with the development of depression and anxiety. wellteq's new eCBT solution will supplement the Company's existing mental health programs, as well as deepen the Company's digital coaching offering across the four pillars of behavioural health: mind, activity, sleep, and nutrition.
wellteq offers a complete experience that spans the continuum of care by expanding into eCBT programs, machine intelligence and personalised virtual coaching. From connected wellness to integrated healthcare, the Company is continuously improving by securing gold-standard partnerships, acquisitions, and licensing agreements. This includes the acquisition of a sleep chronotype profiling perpetual licence, and the Company's partnership with Monash University to commercialise sleep assessment technology and coaching solutions to combat fatigue, insomnia and burnout in shift worker employees.
The digital health industry is experiencing rapid growth and is projected to continue to do so with a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028. On average, 64% of healthcare leaders are already investing in telehealth. The adoption of digital healthcare solutions has been accelerated by the global COVID-19 pandemic and virtual care is being increasingly integrated into healthcare systems globally. Experts predict that within just three years, 45% of care outside the hospital will occur in the home - up from 19% in 2021.
Strategic digital transformation partnerships and predictive healthcare technologies look to be powerful enablers for the advancement of digital healthcare and future delivery of value-based care. As such, wellteq is taking a multifaceted approach to its expansion into virtual care.
wellteq will soon offer its client applications, wellteqAPI and baseline B2B virtual care platform and the wellteq Virtual Care Coaching APP, as combined or stand-alone services for clients and partners to integrate with their own applications, services, and solutions.
1. The Lancet Commission on global mental health and sustainable development. Patel et al.; 2018. The Lancet, Vol. 392, No. 10157. https://www.thelancet.com/commissions/global-mental-health.
2. The Relationship between Mental Health, Mental Illness and Chronic Physical Conditions. Canadian Mental Health Association. https://ontario.cmha.ca/documents/the-relationship-between-mental-health-mental-illness-and-chronic-physical-conditions.
3. Digital Health Market Size, Share & Trends Analysis Report by Technology (Healthcare Analytics, mHealth), By Component (Software, Services), By Region, And Segment Forecasts, 2021 - 2028.
4. Future Health Index 2021: A Resilient Future. Phillips; 2021. https://www.philips.com/a-w/about/news/future-health-index/reports/2021/healthcare-leaders-look-beyond-the-crisis.html.
About Wellteq Digital Health Inc.
Wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. Recently, the Company announced its acquisition by Advanced Human Imaging (AHI.ASX, AHI.NASDAQ). To learn more, visit https://wellteq.co/.
Download the wellteq Corporate Presentation: https://wellteq.co/about/investors/
For more information, please contact:
Scott Montgomery, CEO of wellteq Digital Health Inc. at (604) 639-4529.
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This news release contains information or statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Wellteq, and includes statements about, among other things, future developments and the future operations, strengths and strategies of Wellteq. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Wellteq's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
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