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Wellteq Digital Health Inc. (CSE: WTEQ / OTCQB: WTEQF) has signed a Letter of Intent (LOI) to commercialise sleep technology developed by Monash University, Australia to combat fatigue, insomnia, and burnout in shift worker employees.
Global Sleep Market Size to Reach Revenues of USD 137.16 Billion by 20261
Wellteq intends to integrate this intellectual property (IP) along with its recently announced licensed sleep technology into the Company’s existing health assessment and coaching capabilities and create a market leading sleep and fatigue solution for employers and insurers globally.
Commercialisation efforts will initially focus on the aviation, healthcare, mining and construction sectors where workers are at heightened risk of excessive sleepiness at work and insomnia at home.
Monash University is a globally recognised university in Melbourne, Australia, which has researched and developed sleep IP for over seven-years and holds a patent application for this program.
VANCOUVER, British Columbia, October 26, 2021--(BUSINESS WIRE)--Wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF), (the "Company" or Wellteq"), which supplies digital health and wellness solutions to customers in 12 languages across 30 countries is pleased to announce an executed letter of intent for a Strategic Partnership to commercialize research and intellectual property for sleep assessment and coaching solutions with Monash University, Australia.
Monash University’s Turner Institute for Brain and Mental Health, Deputy Director Professor Shantha Rajaratnam said: "We are delighted to explore a partnership with Wellteq, a company committed to improving health and wellbeing through digital solutions. We will work with Wellteq to deliver sleep-related products for improving workplace mental health and wellbeing, and also productivity."
Olly Bridge, Wellteq Chief Growth Officer stated: "Like most products, the best health coaching solutions require the latest scientific research combined with industry expertise. We are delighted to work with some of the world’s leading sleep scientists and psychologists at Monash University, led by Professor Rajaratnam and his team within the Turner Institute for Brain and Mental Health."
Scott Montgomery, CEO of Wellteq, commented: "The Monash sleep technology license along with our recently announced license, are guided by our strategic focus on the four behavioural levers of health, and sleep is as important to one’s health as nutrition, exercise and mental wellbeing. Even the best exercise routine, diet and mindset cannot sustain health without proper sleep."
Poor sleep is a significant contributor to mortality and morbidity including mental health, cardiac illness, metabolic conditions and some cancers. A recent journal in the Lancet disturbingly highlighted that sleep, anxiety, and depressive disorders have increased since the onset of the COVID-19 pandemic.
In Australia, a Deloitte Access Economics report commissioned by the Sleep Health Foundation showed around 1 in 10 Australians have a sleep disorder that can substantially affect their well-being, safety and productivity, with an estimated overall cost of AUD$14.4 billion in financial costs with a further AUD$36.6 billion in non-financial costs related to poor wellbeing. A 2016 Study calculated that sleeplessness cost $411 billion per year in the US, equivalent to 2.28% of the US GDP at the time2. It’s no wonder sleep market revenues are projected to exceed US$137 billion by 20261.
Wellteq’s mission is to coach the world to better health focusing on the four health levers – activity, nutrition, mindset and sleep. Through leveraging computer science, data science and health science, Wellteq believes they are fast approaching a tipping point where personalized, prevention focused solutions will engage people in all countries with healthier lifestyles, thus reducing behaviour related healthcare spend - a major economic strain and burden on healthcare systems the world over.
The Turner Institute for Brain and Mental Health is one of Australia's largest Institutes for brain and mental health and is based at Monash University. The Turner Institute’s mission is to optimise brain and mental health through community driven, world leading research and innovative solutions.
About Monash University
Monash University is Australia’s largest university with more than 80,000 students. In the 60 years since its foundation, it has developed a reputation for world-leading high-impact research, quality teaching, and inspiring innovation. With four campuses in Australia and a presence in Malaysia, China, India, Indonesia and Italy, it is one of the most internationalised Australian universities.
As a leading international medical research university with the largest medical faculty in Australia and integration with leading Australian teaching hospitals, Monash consistently rank in the top 50 universities worldwide for clinical, pre-clinical and health sciences. To learn more, visit monash.edu
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. To learn more, visit http://www.wellteq.co.
Download the Wellteq Corporate Presentation: https://wellteq.co/about/investors/
1. Arizton Advisory & intelligence Sleep Market Report - Global Outlook and Forecast 2021-2026
2. Rand Corporation – 2016 https://www.rand.org/news/press/2016/11/30.html
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