Health technology company Medibio Limited (ASX: MEB) has announced it will join forces with digital corporate wellness developer WellteQ to provide industry with a robust employee health solution which integrates mental well-being.
The companies will work towards incorporating Medibio’s ilumen digital mental well-being assessment into WellteQ’s digital wellness platform, and hope to make the new product available by year end, initially to customers in the Asia Pacific.
Both companies will collaborate on marketing activities to promote the integrated solution to new and prospective customers, and will maintain intellectual property ownership of their respective platforms, including any modifications or improvements realised through the partnership.
Medibio launched ilumen in October to provide employees and their managers with an early screening tool for symptoms of depression, anxiety and stress.
The biometric data and subjective assessments generated by ilumen provide users with a “well-being snapshot” which they can use to monitor and make improvements over time.
The information also provides managers a set of de-identified aggregate data which can be used to better-support and manage the mental well-being of their workforce.
WellteQ’s award-winning digital wellness platform focuses on personalised employee health engagement and HR data analytics and includes sleep and activity challenges, mental and financial wellness, and virtual coaching for individuals.
The product offers comprehensive data analytics for real-time engagement and can provide a customised experience comprising gamification, group projects, social interaction rewards and charity to maximise healthy behavioural changes.
Ilumen integrates with wearable devices including those developed by WellteQ.
Medibio chairman and managing director David Kaysen said the WellteQ partnership is a “big step forward” in realising the company’s objective of integrating ilumen into organisations with global distribution channels.
“We are excited to finalise this agreement with WellteQ, as we are both in complete alignment on the significant need for a robust employee health solution which integrates mental well-being,” he said.
“[Our] initial geography will be specific to the rapidly growing Asia Pacific region [however there is] potential for additional geographical areas upon mutual agreement.”
At late afternoon trade, shares in Medibio were up 41.18% to $0.024.