Health technology company Medibio (ASX: MEB) has taken an assertive step towards commercialising its corporate health product called ‘ilumen’ after signing a commercial agreement with UK company Compass Group to begin the first of two pilot programs.
The agreement means ilumen will be deployed in supporting mental well-being for Compass’ employees in the UK and globally.
Compass is a British multinational and the world’s leading food service company with annual revenues of £23.2 billion (A$42 billion).
The company operates in around 45 countries and employs close to 600,000 people. Currently, Compass provides support services across several sectors including defence, offshore, remote, business, industry, healthcare, seniors, education, sports and leisure.
As part of the health and well-being element of its “global purpose strategy”, Compass implements various programs to support and improve the mental well-being and physical health of its workforce and its clients’ workforce.
According to Compass, Medibio’s ilumen product fits into its overarching corporate strategy by providing participants with early screening for symptoms of depression, anxiety, and stress.
To achieve its goal of improving mental well-being, Compass intends to use ilumen’s capacity to collate biometric data and subjective assessments to provide a so-called “well-being snapshot”, that is used to monitor and make improvements over time.
Compass safety and sustainability director Federico Tonetti confirmed the introduction of ilumen could potentially be followed up with “additional programs in the near future”, given the company’s firm commitment to mental health.
“Our partnership with Medibio demonstrates our commitment to supporting the mental well-being of our workforce and that of our customers. We are excited to offer employees access to ilumen through these initial programs in the United Kingdom and look forward to the possibility of additional programs in the near future,” said Federico Tonetti, group safety and sustainability director.
According to Medibio, the data collected by ilumen will also be used to provide its administrators with “de-identified aggregate data” to better support and manage the mental well-being of their workforce.
Furthermore, ilumen will provide participants with access to a mobile and web application for early screening of mental health symptoms.
“Compass’ approach to mental well-being is very progressive and needed in today’s corporate wellness environment,” said Jennifer Solitario, senior vice president of corporate health of Medibio.
“We are pleased to partner with Compass in their efforts to support both their employees and ultimately that of their client’s in improving mental well-being, said Ms Solitario.
As a result of this morning’s announcement, Medibio shares recorded a 188% gain and were trading at $0.026.