UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2023
Commission File Number: 001-41089
Advanced Health Intelligence Ltd
(Translation of registrant’s name into English)
71-73 South Perth Esplanade, Unit 5
South Perth, WA 6151
Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 to this Report on Form 6-K is a copy of the
press release of Advanced Health Intelligence Ltd, dated December 6, 2023: “AHI completes Formal Agreements with UAE-based E-Script
medicine management company Pharmak Direct.”
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ADVANCED HEALTH INTELLIGENCE LTD |
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| Date: December 6, 2023 |
By: |
/s/ Scott Montgomery |
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Name: |
Scott Montgomery |
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Title: |
Chief Executive Officer |
2
Exhibit 99.1
ASX Announcement
6 December 2023
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AHI completes
Formal Agreements with UAE-based
E-Script medicine
management company Pharmak Direct
Highlights
| ● | AHI has executed formal agreements with Pharmak
Direct. |
| ● | AHI Technology will be embedded in the e-script
process, allowing patient screening. |
| ● | Pharmak has a prominent stake in the e-script
market throughout the MENA region. |
| ● | First-of-its-kind e-script and mobile screening
point-of-sale offering. |
| ● | Following integration, it has been agreed
that AHI will receive 1.6% of the e-script value on e-script partners using AHI’s e-screening. |
| ● | AHI now has three strategic partnerships in
the UAE. |
Advanced Health Intelligence Ltd (ASX/NASDAQ:
AHI) (“AHI” or “the Company”) is pleased to inform shareholders that, the Company has executed a Master Services
Agreement (“MSA”) with Pharmak Direct, which sets out the terms and conditions of AHI’s partnership with Pharmak
Direct.
Further to AHI’s strategic partnerships with IntelliGen
(see AHI’s announcement dated 14 August 2023) and Bin Farhood (see AHI’s announcement dated 12 September 2023), the signing
of the Pharmak MSA in the UAE is a testament to AHI’s establishment of a robust presence within the MENA region. AHI sets the stage
for a transformative healthcare ecosystem by constructing an end-to-end care management platform. This platform is designed to encompass
a suite of services, including AHI’s proprietary risk identification screening with telehealth, e-scripting, pharmaceutical delivery,
medication management, fraud detection, and medication waste management. The collaborative efforts with these key industry partners are
meticulously designed to align with AHI’s goals.
Dubai-based Pharmak Direct is a prominent
stakeholder in the Middle Eastern e-script market, providing innovative digital home and workplace delivery prescription solutions. The
company offers a comprehensive platform that enables payers, doctors, and patients to manage prescription compliance seamlessly, delivery
and adherence electronically, enhancing the overall healthcare experience.
Pharmak represents a transformative shift in the
prescription landscape with its e-script dispensing and packaging system (ESPS), enabling the company’s unique 3-minute e-script-to-packaged
capability. By leveraging technology to digitise and streamline the end-to-end prescription process, Pharmak Direct enhances efficiency,
accuracy, and patient safety, ultimately improving the overall healthcare experience.
Under the terms of the MSA, with the assistance
of AHI, Pharmak will integrate the AHI Biometric Health Assessment capabilities, enhancing the e-script patient experience and
facilitating cost-effective medication and health management solutions with the Pharmak Direct ESPS. Once integrated, Pharmak is committed
to delivering the e-script and screening solution to all current and future Pharmak partners. This is intended to seamlessly provide health
data directly into the joint AHI / Pharmak ESPS, further providing Health insurers, government, and healthcare professionals with valuable
insights into the patient’s overall health status. The parties are targeting Q2-2024 as the initial launch of the combined solution.
Pharmak partners utilising the transformative
e-script screening solution will experience the remarkable advantages of enriched patient data, made possible through integrating AHI
technology. The AHI capability is seamlessly incorporated within the comprehensive e-script package at no additional cost to the Pharmak
valued partners.
Upon completing the integration process, it has
been agreed that AHI will receive 1.6% of the gross e-script value. This mutually beneficial arrangement ensures that Pharmak partners
can harness the power of advanced patient data while fostering a sustainable ecosystem of innovation and collaboration. Pharmak expects
to achieve a minimum e-script order volume in 2024 of 100,000 e-scripts per month in the UAE and a further 100,000 e-scripts per month
in Saudi Arabia.
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
6 December 2023
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The average e-script value in the UAE is AED550.00
(USD$150.00); in Saudi, the average e-script value is SAR350.00 (USD$93.40). By including the AHI screening in the e-script cost, AHI
is not exposed to the utilisation risk within the process. To further enhance the process, AHI intends to develop a medication management
system within the AHI platform, delivering more profound value, partner retention and revenue to the partnership.
The collaboration between Pharmak and AHI introduces
a pioneering approach to medication management in the MENA region by incorporating biometric assessments into the e-scripting process.
This integration aims to leverage individual biometric data to enhance care and medication management precision. It signifies a strategic
shift towards more personalised healthcare, enabling care providers to deliver tailored therapeutic outcomes through advanced biometric
technology. This initiative responds to the evolving role of care providers working to address the need for comprehensive evaluation of
pharmaceutical care’s clinical, economic, and humanistic impacts. Embracing such innovation is crucial for managing the region’s high
chronic disease prevalence and improving overall healthcare outcomes.
Several factors underscore the need for
medication management in the MENA regioni ii. Firstly, pharmaceutical care services (PCs) have evolved to focus on
patient safety and effectiveness, with varied adoption across different nations in the region. The roles of pharmacists have
expanded beyond dispensing medications to include working with healthcare professionals and the community, which has proven
beneficial in conditions like diabetes through improved patient knowledge, adherence, and therapeutic outcomes.
In the Middle East, the pharmacy profession has
been developing, which has led to some improved patient outcomes and therapy management.
However, there is a need for a holistic evaluation of the impact of pharmaceutical care services through clinical, economic, and humanistic
assessments to facilitate intervention and ensure sustainability across disconnected systems.
Furthermore, the concept of pharmaceutical care
is still new in many Middle Eastern countries and is often confused with clinical pharmacy, but rapid transitions in pharmacy education
and the introduction of PharmD degrees (Doctor of Pharmacy) are expected to enhance the understanding and implementation of pharmaceutical
care and medication management services.
The pharmacy should play a crucial role in the
early detection of chronic diseases and in providing prevention counselling,
managing cardiovascular and chronic kidney diseases, and counselling to
improve patients’ quality of life and medication adherence. Studies have
shown that pharmaceutical care services can reduce hospitalisation rates and mortality,
affect drug therapy costs, and highlight the importance of pharmacoeconomic evaluation studies.
Patient satisfaction with pharmaceutical care services is vital, and pharmacists face challenges like time constraints and access to patient
medical information.
These aspects illustrate the complex and growing
need for robust medication management systems in the MENA region to improve healthcare outcomes and manage the high prevalence of chronic
diseases.
While focused on patient safety and effectiveness,
the MENA region’s medication management landscape faces fragmentation with too many systems that fail to interact effectively, hindering
optimal health outcomes. AHI addresses this gap by developing an enterprise platform to consolidate these disparate elements into a unified,
outcome-driven care model.
The AHI Enterprise Care Platform is positioned
to revolutionise healthcare management by introducing interoperability across multiple critical domains, risk assessment screening, telehealth,
e-scripting, medication management, Pharmaceutical Benefit Management, phenotypical profiling, and epidemiological predictive screening
at a population scale.
Designed to streamline the complexity of contemporary
medication management, this platform will seamlessly merge pharmaceutical care with multifaceted evaluations, ensuring that Clinical Services
are both comprehensive and sustainable. This transformative approach is set to deliver integrated, patient-centred care throughout the
MENA region, responding adeptly to the urgent needs arising from the high prevalence of chronic diseases.
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
6 December 2023
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The partnership comes at a time when the MENA
region is extremely vocal about investing heavily in the digitisation of healthcare and population screening. In Saudi alone, the Kingdom
has allocated USD$50.3 billion to healthcare and social development.iii Much of this budget is directed toward digital health
initiatives to enhance accessibility, efficiency, and transparency within the healthcare system.
Over the past few years, the e-script industry
has experienced significant developments, highlighted by notable acquisitions such as Cigna’s acquisition of Express Scripts for
a staggering USD$54 ivbillion and Wesfarmers’ recent acquisition of IntantScripts for $135 millionv after
just 5 years of operations. Amidst this dynamic landscape, Pharmak stands out with its pioneering approach to e-script management, showcasing
its innovative capabilities in the industry. Pharmak is taking innovation to new heights by integrating AHI technology, forging a ground-breaking
system that combines screening, e-script, and health management like never before.
Among these initiatives was creating a unified
national electronic health record system, which acts as a comprehensive database to ensure patient data is accessible to medical professionals
nationwide, enabling seamless cooperation and swift decision-making.
AHI’s BHA delivers 61 outputs, with 41 biometrics,
across 5 health categories so patients can better understand their well-being and proactively address any concerns. The phenotypical data
derived from the AHI BHA is unparalleled in the market.
Further investment in telemedicine platforms is
prioritised, ensuring healthcare access even in remote areas.vi
Under Vision 2030, the Saudi government has also
been working toward privatising the healthcare industry, focusing on 290 government hospitals and 2,300 primary health centres in the
Kingdom.vii
AHI – Enterprise Care Platform
Vlado Bosanac, Head of Strategy at AHI, said:
“AHI has made significant progress throughout
2023, successfully expanding its footprint across the MENA region. The strategic entry of AHI into the UAE market is guided by a set of
clear objectives that align with the region’s healthcare goals. AHI is committed to enhancing patient care by raising awareness of health
risks and integrating closely with medication management systems across the UAE. By pinpointing the at-risk populations, AHI aims to channel
individuals into suitable care pathways through collaboration with regional partners.
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
6 December 2023
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AHI is dedicated to supporting the government
in addressing the challenge posed by one of the highest rates of chronic diseases globally. This initiative reflects AHI’s dedication
to contributing to the health sector’s advancement and improving patient health outcomes in the UAE.
Now in active collaboration with multiple insurers,
government bodies, and care provider networks, AHI has reached a pivotal moment with integrating our state-of-the-art scanning technology
into the Pharmak Direct e-script procurement system. This significant advancement is a cornerstone of our evolving health management ecosystem
and cements our commitment to revolutionising healthcare provision.
The integration enables insurers and healthcare
professionals to seamlessly access biometric data, transforming their approach to policyholder and patient care. It facilitates the delivery
of personalised medical guidance, precise medication adjustments, and lifestyle modifications tailored to individual health requirements.
By introducing biometric health screenings (BHA)
within the Pharmak Direct e-script system, we usher in an unprecedented era of preventive healthcare and early detection of health issues.
Regular monitoring of biometric data empowers patients to notice and act upon any changes from their normal health patterns, allowing
for early medical intervention. This proactive approach is instrumental in reducing health risks and enhancing patient health outcomes”.
Leo Doyle, Founder and CEO of Pharmak Direct,
said:
“Over the past six months, our partnership
with AHI has profoundly enhanced our understanding of how the biometric assessments can not only improve the e-scripting, but it has also
revealed new avenues for solidifying our presence and further enhancing Pharmak’s presence in this highly needed segment. Integrating
biometric health assessments into our e-scripting services, in conjunction with our insurance collaborations, will fortify our market
position and highlight the limitations of other script fulfilment options.
Pharmak is a clear market leader throughout the
region, as we are dedicated to progressing and enhancing patient care by both building and partnering with state-of-the-art technologies
like AHI. We provide insurers, healthcare providers and individuals with sophisticated solutions that revolutionise pharmaceutical management
and overall health stewardship, paving the way for improved decision-making, preventative strategies, and timely interventions. Collectively,
with AHI, we are sculpting the future of healthcare by harnessing cutting-edge technology to foster a more individualised, efficient,
and patient-oriented approach.
This innovative integration marks a significant
shift in medication management and promotes a cooperative environment where patients are empowered to engage with their health. By granting
patients easy access to their biometric data, we enable them to make knowledgeable choices and take pre-emptive actions for better health
outcomes”.
The material terms of the formal agreements
are as follows:
| ● | This Agreement becomes effective from the Effective Date
and initially spans a period of one (1) year known as the “Initial Term.” |
| ● | The Initial Term automatically extends on the anniversary
of the effective date every year for a further year. |
| ● | Either party may terminate this agreement by providing written
notice at least thirty (30) calendar days, or before the expiry of the Initial Term or any ongoing Renewal Term. |
Termination - Material Breach:
The Agreement may be promptly terminated by either
party through written notice with immediate effect under the following circumstances.
| ● | If either party commits a material breach of this Agreement. |
| ● | If either party engages in fraud, dishonesty, serious misconduct, or severe
negligence. |
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
6 December 2023
|
|
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Fees and Screening:
| ● | AHI will provide the following scanning solutions, BodyScan, FaceScan and Biometric Health Assessment,
to Pharmak Direct on a 1.6% of e-script value as outlined. |
| ● | AHI will receive 1.6% of the net script value (net of discount) received by Pharmak by customers who agree
to integrate the AHI technology for its members. |
| ● | The exception to the e-script payment is the DermaScan and AF-Scan, which the parties will mutually agree
upon if implemented. |
| ● | Pharmak will pay fees in relation to ongoing support services provided by AHI with respect to the integration
and, on completion of the integration, the integrated product. |
| ● | AHI confirms that it considers the fees payable to be market standard and comparable to fees payable for
similar arrangements between similar companies in the same industry, and in any event, not material for disclosure in the context of AHI’s
business as a whole. |
License and Data
| ● | The technology license is a restricted, non-exclusive, and non-transferable license to use their software
service and related documentation. |
| ● | This license is exclusively for establishing and maintaining a connection and making the AHI Application
accessible to Pharmak customers. |
| ● | Pharmak is prohibited from sublicensing this license to others except its affiliates unless explicitly
agreed by AHI. |
| ● | Under the agreement, Pharmak must comply with international quality standards. AHI, as the provider of
the technology, will work in collaboration with Pharmak to ensure adherence to all relevant regulatory requirements. The agreement may
be terminated if the integrated product fails to meet any relevant regulatory requirements. |
| ● | AHI is authorised to produce duplicates for the purposes of testing and development within the permitted
boundaries. |
| ● | Pharmak is obligated to implement the feedback given by AHI. When personal data is processed, AHI will
act as the controller, and Pharmak will function as the processor. |
| ● | Both parties must adhere to data protection laws under the region. |
| ● | AHI does not expect to yield immediate revenue from this agreement. AHI expects more consistent revenue
generation following the commercial deployment of the integrated product, which is estimated to occur in Q2 2024. |
About Pharmak Direct
Pharmak Direct is a user-friendly interface that
simplifies the prescription packing and delivery workflow. Doctors submit electronic prescriptions directly to the Health Authority Pharmacy
Benefit Management (PBM) portal after consultation with the patient, the patient then sends the e-script number directly to Pharmak Direct,
eliminating the need for paper-based prescriptions and reducing the risk of errors. This streamlined process saves time and enhances patient
safety by minimising the possibility of misinterpretation or lost prescriptions.
Furthermore, Pharmak Direct has been selected
as the partner of choice by health insurers that provide healthcare coverage for government health agencies both in the United Arab Emirates
and Saudi Arabia, allowing them to receive e-scripts, process orders, and dispense medication to patients efficiently. Pharmak receives
all script details digitally, ensuring accurate dispensing and reducing the chance of medication errors. This digital integration fosters
better collaboration between healthcare providers, improving patient care, adherence to medication consumption plans, and retention.
Pharmak Direct’s impact extends beyond the prescription
process itself. The platform offers features such as medication reminders, drug interaction alerts, and digital health records, empowering
patients to manage their health actively. Patients can stay informed and compliant with their treatment plans with convenient access to
their prescription history and medication information.
*The board of Advanced Health Intelligence Ltd
has approved this announcement.
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
ASX Announcement
6 December 2023
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For more information, contact:
|
Vlado Bosanac
Founder/Head of Strategy
Advanced Health Intelligence Ltd
E: admin@ahi.tech |
Leo Doyle
Founder/CEO
Pharmak Direct
https://pharmakdirect.com/contact-us/ |
About Advanced Health Intelligence Ltd
Advanced Health Intelligence Ltd (‘AHI’)
delivers scalable health assessment, risk stratification and digital triage capabilities to healthcare providers, insurers, employers,
and government agencies worldwide via our proprietary technology and processes.
Since 2014, AHI has been delivering Health-tech
innovation via a smartphone, starting with the world’s first on-device body dimensioning capability. AHI has developed a patented technology,
showcasing the next frontier in digitising healthcare with a suite of componentised solutions, culminating in:
| ● | Body dimension and composition assessment to identify the comorbidities of obesity, such as diabetes risk
estimates. |
| ● | Blood biomarker prediction, including HbA1C, HDL, LDL, and 10-year mortality risk. |
| ● | Transdermal Optical Imaging to return vital signs and cardiovascular disease risk estimates. |
| ● | On-device dermatological skin identification across 588 skin conditions across 133 categories (Inc. Melanoma);
and |
| ● | Assisting partners in delivering personalised therapeutic and non-therapeutic health coaching to improve
daily habits and build health literacy. |
Our world-class team of subject matter experts
in machine learning, AI, computer vision, and medically trained data scientists ensure that AHI’s technology is at the forefront
of innovation and the needs of our consumers.
With a focus on impact at scale, AHI is proud
to showcase this milestone in digital healthcare transformation, delivering a biometrically derived triage solution accessible on and
via a smartphone. With these advanced technologies, AHI helps its partners identify risks across their consumers and triage them into
right-care pathways for proactive health management at a population scale.
For more information, please visit: www.ahi.tech
References
| i | https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-023-16199-1 |
| ii | https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-023-16199-1 |
| iii | https://www.arabnews.com/node/2311421/business-economy |
| iv | https://www.reuters.com/article/us-express-scripts-m-a-cigna-idUSKCN1OJ2AO/ |
| v |
https://www.businessnewsaustralia.com/articles/wesfarmers--api-acquires-telehealth-giant-instantscripts-for--135m--bailador-technology-bags--52m.html |
| vi | https://www.arabnews.com/node/2311421/business-economy |
| vii | https://www.arabnews.com/node/2311421/business-economy |
Advanced Health Intelligence Ltd
ACN 602 111 115
Postal Address: PO Box 190, South Perth WA 6951
Email: investors@ahi.tech
6
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