PERTH: MyFiziq Limited has signed a binding term sheet with Biomorphik Pty Ltd, an Australian based behavioural change and technology company, with the aim of reducing health costs at all levels of society from the individual, to healthcare and insurance systems, and governments.

Biomorphik has created a pre-emptive health platform, built on a simple idea: consistent and early management of health and fitness at younger ages has a compounding effect on health later in life. Through smaller, constant, micro-interventions Biomorphik can drastically improve lifetime health, reduce the need for medical interventions, and save cost and resources for the user and health systems.

The goal of Biomorphik’s pre-emptive health platform is to improve user quality of life, reduce user spend on medical treatment, and reduce interactions with the medical system. With medical facilities and personnel stretched to their limits globally, and further compounded by significant worldwide economic downturn and job losses as a result of the COVID-19 pandemic, Biomorphik’s solution is well designed platform, with the intention to improve health outcomes, saving individuals, insurers and governments substantial costs, and help reduce the burden on the global medical facilities and supply chains.

Biomorphik and MyFiziq will collaborate to integrate MyFiziq’s body tracking application into all of Biomorphik’s verticals, commencing with an initial integration into Biomorphik’s pre-emptive health platform over the coming months.

MyFiziq will be an integral part of the Biomorphik direct to consumer offering as the primary check point of identifying and tracking the markers for chronic disease, as well as dimensional and body composition change. Under the terms of the binding terms sheet, the parties will work together to deliver a market ready integration into the Biomorphik platform by the Q1,2021.

In parallel to this, the parties have agreed to conclude all formal agreementswithin60 days of signing the binding terms sheet. Under the terms of the agreement, Biomorphik has undertaken to deliver a minimum of 100,000 active users within the first 12 months of launch.

Consistently with other partner agreements, Biomorphik has agreed to a per user pricing model with MyFiziq.

Vlado Bosanac, Chief Executive Officer of MyFiziq, said: “Due to the COVID-19 pandemic, the world has experienced a surge in mHealth, telehealth, virtual care and preventative health investment. This week alone, we saw Teledoc acquire Livongo for USD$18.5 billion. Biomorphik’s behavioural based program targets smaller interventions prior to current preventative healthcare solutions, which is unique and innovative in this urgently needed market segment. With medical facilities and supply chains strained worldwide as a result of current pandemic. Biomorphik have identified, developed and entered the market with a dynamic and well-resourced offering. I am pleased to be working with Nathaniel and the Biomorphik team to provide an urgently needed, unique behavioural based, pre-emptive health solution that focuses on reducing costs at all levels of the health, wellness and medical supply chain from the user/patient, all the way to the medical provider, insurer and even at government levels.”

Nathaniel Peek, CEO Biomorphik said: “A key part of our behavioural change programs, and early intervention strategy involves having the capability to easily understand users and patients risks of chronic disease through body composition changes in a way that is both cost effective and non-invasive to the user/patient.

Biomorphik currently uses in facility body scanning machines, which adds additional cost to data capture, and requires users to travel to a facility. Body scanning is an instrumental part of our solution and assists Biomorphik in not only understanding our patient, but also allowing a patient to understand their own health on an individual basis. Bringing patients into our facilities with a body scanner on a regular basis to capture and track body composition information is inconvenient and time consuming. Through integrating MyFiziq’s technology into our platform, we now have the capability to more regularly and cost effectively understand user and patient body composition information as well as their risks of chronic disease in real time, , capturing their body scans from the privacy of their own home, significantly broadening our B2B and B2C customer reach.”

At their core, Biomorphik is a behavioural change company, Biomorphik’s mission is to improve the health and wellness of people at a whole-of-society level through better creation, measurement, storage, analysis, and access to data.