“The path forward for Proteus is likely focusing on a smaller subset of therapeutic areas and indications to continue to prove the case for digital medicine,” Gammal says. Companies like Proteus need longer timelines than typical technology firms to gain traction. However, the strategy is the same: a timely policy change on Capitol Hill would turn things around for us and help potentially millions of patients.” The Proteus bankruptcy filing stated that the company has “had fruitful discussions with Otsuka and other interested parties regarding a potential sale transaction.”Ĭhuck Gammal, a partner at marketing and strategy firm Simon-Kucher & Partners, says the filing emphasizes the difficulty digital health care companies face in getting adequate reimbursement. “Under current government policy, the product is not reimbursed so it is not adopted at scale as a result, costs are higher and outcomes are poorer than would otherwise be the case,” said George Savage, Proteus’ chief medical officer and co-founder. Those limited markets didn’t provide the mass payments Proteus was working toward. To date, the company’s payment arrangements have mostly been value- based, in Medicaid programs for specific drugs and disease states, and in clinical trials. That product gained FDA clearance late last year. Other digital sensor tablets followed, like etectRx’s ID-Capsule, a standard hard gelatin capsule with an embedded ingestible wireless ID-Tag sensor. The drug-device combination product was comprised of Otsuka’s oral aripiprazole tablets, brand-named Abilify Mycite, and an embedded ingestible event marker sensor. clearance to pair a digital sensor with a tablet. Three years ago, the FDA gave Proteus the first ever U.S. In the end, Proteus’ mostly value-based arrangements didn’t provide the capital to pay investors back.
#Definition of proteus for health code
It doesn’t have a CPT code and doesn’t fall under CMS’s remote patient monitoring, data collection or analysis payments. Moreover, the digital pill isn’t a traditional drug or durable medical equipment that falls neatly into Part D. While the COVID-19 pandemic pushed payers like Medicare to reimburse for telemedicine and remote monitoring, the digestible sensor industry hasn’t reaped the benefits of that expansion. The move, which company executives said will pave the way for a sale, comes as smart pills struggle to get reimbursed amid financing policies that have hindered widespread uptake, despite the technology’s potential to improve adherence and overall health outcomes. Proteus Digital Health, a startup that develops ingestible sensors that communicate when medicines are taken, on June 16 filed for Chapter 11 bankruptcy protection. Article originally published by AIS Health
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