- nib (ASX: NHF) extends wellteq's digital health solutions to all Australians through the launch of GreenPass.
- wellteq's digital health solution integrates its preferred partners, including Garmin (NASDAQ: GRMN) and other health provider partners, into the nib-customised digital wellness app to deliver several benefit pathways, from online health assessments, personalised content and rewards to expanding virtual care services.
- Digital health is projected to be a USD 295.4 billion industry by 2028 with a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028.
- Asia-Pacific (APAC) is expected to register the fastest CAGR over the forecast period due to the rising usage of tablets, smartphones, and other mobile platforms across the region, which includes Australia, Japan, China, India, South Korea and Singapore.
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2022) - wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF), (the "Company" or "wellteq"), is pleased to announce that one of Australia's largest health insurers, nib holdings limited (ASX: NHF), will now offer wellteq's digital health solution to all Australians, a population of over 25 million people.
nib Group (nib) is a trusted international health partner with over one million members across Australia. The launch of nib's GreenPass membership provides Australians with access to a range of exclusive health and wellness benefits without the need to take out a traditional health insurance product. The subscription-based service aims to empower more people to put their health and wellbeing first. Read more from nib's press release:
https://www.nib.com.au/media/2022/04/media-pages-nib-launches-unique-greenpass-health-membership
wellteq's digital health solution integrates its partners, including Garmin, Fitbit, Apple, and other health provider partners, into the nib-customised digital wellness app to help them deliver personalised content and healthy action nudges, gamification, rewards and more. nib's GreenPass membership enables non-private health insurance members to access several different benefit pathways, from personalised health plans, discounts on health and wellness services, rewards for reaching health goals through their well with nib app, an online skin check, fitness tracking and exclusive pricing with nib's network of trusted health professionals.
wellteq Chief Operating Officer, Jeames Gillett said: "wellteq has been working closely with nib for several years to evolve our shared ambition of providing personalised health and wellbeing at scale. We're incredibly excited to support nib in the launch of GreenPass as it extends access beyond private health insurance members to the wider Australian population. At a time when our health and wellbeing has been tested, access to GreenPass will provide individuals with an opportunity to have personalised support on their journey to better health."
Ed Close, nib Chief Executive Australian Residents Health Insurance said: "the GreenPass is a game-changer for the industry, designed to help more Aussies access the right tools, services and information they need to support their better health."
"By making membership as much about supporting good health as the treatment of sickness and injury we have an opportunity to play a bigger role in how we help more Australians to keep healthy and out of hospital,"
"With this in mind, we created nib GreenPass, which is intentionally created to empower people of all ages to better understand their health profile and offer health and wellness perks and services they can use every day to keep on top of their health."
This timely solution aligns with market projections1 that the global digital health industry will reach USD 295.4 billion by 2028, with a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028. Asia-Pacific (APAC) is expected to register the fastest CAGR over the forecast period due to the rising usage of tablets, smartphones, and other mobile platforms across the region, which includes Australia, Japan, China, India, South Korea and Singapore.
Scott Montgomery, wellteq's Chief Executive Officer said: "when two companies missions align the synergies can create powerful things. nib's payer to partner strategy dovetails perfectly with wellteq's mission to coach healthier habits across the full continuum of healthcare. The manifestation of this synergy is GreenPass, a fantastic opportunity for anyone to try digital health tools at no cost and hopefully inspire them on a behaviour change journey that's good for them, good for nib and good for wellteq. The ideal win-win situation and another step towards proactive, equitable virtual care."
References
1. Digital Health Market Size, Share & Trends Analysis Report by Technology (Healthcare Analytics, mHealth), By Component (Software, Services), By Region, And Segment Forecasts, 2021 - 2028.
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 https://wellteq.co/
Download the wellteq Corporate Presentation:
https://wellteq.co/about/investors/
wellteq Investor Contact:
Glen Akselrod
Bristol Investor Relations
E: glen@bristolir.com
T: (905) 326-1888
Cautionary Note Regarding Forward-Looking Statements:
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.
The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Wellteq undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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