Investorideas.com, a leader in tech and fintech investor news issues an exclusive podcast interview with Gino Pereira – President and CEO of Nxt-ID, Inc. (NASDAQ: NXTD), a provider of healthcare devices as well as payment, credential management, and authentication platform services.
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With research indicating that the Personal Emergency Response System (PERS) market could reach $11.1 billion USD by 2025, Nxt-ID, Inc.’s (NasdaqCM: NXTD) subsidiary, LogicMark, LLC is well positioned to expand the business opportunities, according to CEO and President Gino Pereira.
Furthermore, the elderly is more prone to falls, and according to a study, 50% of seniors aged 80 years and 30% of seniors aged 65 fall every year. In addition, those suffering from diseases such as epilepsy, Alzheimer’s, Parkinson’s, multiple sclerosis, and muscular dystrophy, are at a higher risk of falling. These are major factors that are estimated to drive the market. – Grand View Research
A report last year from Grand View Research posits that as life expectancies rise and with increasing incidence of Alzheimer’s disease, standalone PERS devices are predicted to become more commonplace. Pereira emphasized how crucial response time was against data from falling incidents.
“A major factor in Personal Emergency Response is really response time,” he said. “If you look at some fall statistics, the cost of dealing with medical expenses related to adult falls is estimated to be about $55 billion USD by the year 2020. And it’s been shown that, in terms of being able to stay alive, the response time is critical. 92 percent of patients that have been found alive within an hour do well, but that drops off – if it’s one to three hours it drops all the way to 47 percent. Beyond three hours it goes from 25 percent on down, so response time is extremely important and therefore Personal Emergency Response devices are absolutely critical.”
Pereira explained how LogicMark PERS devices that integrate different and better technologies are ideal for preventing negative outcomes.
“Most of the existing PERS devices are based off of the hold wireless handset type technology which [use] radio frequency,” he said. “What we’re seeing today are versions with WiFi, BLE (Bluetooth Low Energy) and GPS to enhance tracking. We are in the process of doing R&D and coming out with products in the relative short term covering all three of those technologies.”
Pereira also elucidated the market opportunity of telemedicine, and how it works in tandem with what the company does.
“The type of telemedicine monitoring we’re doing keeps track of patient health, so it’s exactly in line with what we’re doing,” he said. “When the patient starts going downhill, or if something is wrong, we can intervene very quickly. We can call the physician’s office to let them know what’s going on, we can call the patient to tell them to get in touch with their doctor’s office and have them seek treatment sooner rather than later.”
Many of LogicMark PERS are sold through the United States Department of Veteran Affairs, and Pereira is enthusiastic about growing sales there, but he also explained the company’s plans of expanding into general retail opportunities.
“Even though we have far and away the largest market share of products being sold into the VA hospitals, we believe there’s room for significant growth still within the VA hospital,” he said. “We’re aligning our markets and sales efforts to push further and deeper into the VA to get continued growth out of there. Beyond that, we think these devices are suited to more commercial retail partnerships and so we are in the process of finalizing agreements with a couple of large big box stores. So, our product will be available to the general public in those stores as well.”
“All of these are really designed to drive down healthcare costs from the healthcare provider side,” he said. “The cost of presenting at an emergency room is extremely high and if it can be avoided by a simple visit to a doctor’s office several days beforehand, that’s a significant advantage.”
About Nxt- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, Nxt-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers’ mobile platforms, the Wocket™, a next-generation smart wallet and the Flye , a digital credit card developed in collaboration with WorldVentures.
Nxt-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems (“PERS”) sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about Nxt-ID at www.nxt-id.com. Fit Pay and the Fit Pay Payment Platform are the sole property of Fit Pay, Inc. For Nxt-ID Inc. corporate information contact: info@nxt-id.com
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