Icelandic digital health company Sidekick Health is acquiring German prescription digital therapeutics (PDT) company aidhere in a strategic move that places the business directly into the digital prescription space.
PDTs are an emerging technology area that are expected to exponentially grow in the future as clinicians look for solutions to support chronic disease management. The software-based treatments are highly regulated and delivered on mobile devices that address the behavioral dimensions of several diseases and conditions.
Aidhere’s weight management app Zanadio is one of the top-performing digital health products within Germany's regulated nationwide DiGA (Digitale Gesundheitsanwendungen) formulary for prescribable digital apps. As a permanently approved DIGA, the app is reimbursed by all statutory health insurers in Germany and has fulfilled more than 50,000 prescriptions.
At the HLTH 2023 conference, Sidekick Health CEO, Dr. Tryggvi Thorgeirsson, told Medical Device Network that the addition of aidhere marked an exciting time for the future of digital therapeutics.
“As a physician I've always believed that a lot of growth eventually would be fueled and powered through the PDT market,” said Thorgeisson. “It just makes so much sense to have that same infrastructure as with medication. We've been waiting for the market to mature and be ready and in my view, now, the German market is showing that it's quite healthy, mature and growing fast. With aidhere being the biggest company in the market and close to 60,000 activated and reimbursed prescriptions, it is a super exciting time and we are thrilled about this acquisition.”
In 2022, Sidekick Health raised $55 million in Series B funding. The round was led by London-based venture capital firm Novator Ventures, with additional participation from Wellington Partners, Asabys Partners, and Frumtak Ventures. Financial terms of the aidhere deal were not disclosed.
