Medtech on the rise: Ukrainian pharma major to invest in two local startups

Ukrainian pharmaceutical major Farmak Group has announced investments in two Ukrainian MedTech startups, Bicovery and ComeBack Mobility, as part of the Sector X acceleration program.

Bicovery defines itself as “an ecosystem with web and mobile applications, which helps a person with bipolar disorder.” Relatives and doctors receive “more complete information about the dynamics of the disease as well as warnings about potential manic or depressive episodes.” The Bicovery solution is also used to “measure the efficacy of medicinal products and procedures; reduce the cost and increase the systemic treatment; and improve the quality of life of the patient and his/her relatives.”

As a result, “Bicovery reduces the cost of treating a person with bipolar disorder by 10-30%, significantly reduces the number of visits to the doctor, reduces the need for outpatient treatment and speeds up the process of selecting efficient medicinal products for a particular patient.”

Dealing with French and Ukrainian business angels

ComeBack Mobility provides “smart tips for crutches.” When walking on crutches, the data on the load on the patient’s leg and the number of steps is sent to the patient’s mobile phone. “The data are compared with the rehabilitation program, and transformed into recommendations to the patient. The patient adjusts the load on leg in accordance with the recommendations, noting the data on pain in the application at the same time. The doctor remotely monitors the gradual increase in load and the pain threshold of the patient, and may adjust the rehabilitation program as necessary.”

French businessman Frédéric Delfosse ($40,000) and Ukrainian business angels Dmytro and Oksana Tomchuk ($75,000) are also participating in Comeback Mobility’s round. A fraction of the agreed amount ($395,000) will be provided in a second stage under KPIs. 

Farmak met more than 30 startups in the course of this year, while more than 60 applications for Sector X’s MedTech program were received. “The number of interesting MedTech startups in Ukraine is pleasing,” says the company. 

Sector X Acceleration Platform operates within UNIT.City, Ukraine’s largest innovation park in Kyiv.  Among the accelerator’s other partners are L’Oréal (beauty tech) and Foxtrot (logistics). Sector X also plans to launch programs for legal tech, retail tech, agritech, and deal with electrical engineering companies.

Topics: Biomedical, Corporate venturing, Finance, Incubators & technoparks, International, News, Startups, Venture/Private equity
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