Hamilton Beach Brands, Inc. and HealthBeacon Limited Enter Into Strategic Partnership
Hamilton Beach Brands and HealthBeacon Limited announced a strategic partnership to launch a smart Injection Care Management System (ICMS) in the U.S. and Canada, branded as Hamilton Beach Health. The system features the Smart Sharps Bin and a companion app to aid medication management and safe disposal of sharps. Hamilton Beach will exclusively market the system through direct-to-consumer and retail channels. HealthBeacon will manage manufacturing and data. This partnership aims to address the growing need for safe sharps disposal and medication adherence, tapping into a projected global biologics market worth $380 billion by 2024.
- Partnership expands Hamilton Beach's presence in the home health and wellness market.
- The ICMS addresses critical needs for medication adherence and sharps disposal.
- The global biologics medication market is expected to grow significantly, providing new opportunities.
- None.
RICHMOND, Va. and DUBLIN, June 7, 2021 /PRNewswire/ -- Hamilton Beach Brands, Inc., a wholly-owned subsidiary of Hamilton Beach Brands Holding Company (NYSE: HBB) and HealthBeacon Limited, a leading developer of smart tools for managing injectable medications at home, announced today they have entered into a strategic partnership to provide a smart Injection Care Management System (ICMS) in the U.S. and Canada under the new brand name Hamilton Beach® Health beginning in the fourth quarter of 2021.
The ICMS includes a new Smart Sharps™ Bin from Hamilton Beach® Health powered by HealthBeacon. Combined with its companion app, the system provides medication management reminders, tracks adherence, and provides for the safe and convenient disposal of used sharps through the U.S. Postal Service's approved mail-back program. In addition to providing the brand identity, Hamilton Beach Brands will be the exclusive marketer and distributor to the direct-to-consumer and retail channels in the U.S. and Canada. HealthBeacon will manufacture, activate the technology, manage data and security, and collect and replace the disposal bins.
"We are extremely pleased to partner with HealthBeacon as we expand our focus on the home health and wellness market," said Greg Trepp, president and CEO, Hamilton Beach Brands, Inc. "We have been a leading provider of small appliances for more than 100 years and Hamilton Beach is one of the most recognized and trusted brands in the U.S. and Canada. This partnership will leverage our brand equity, our leadership in marketing and distribution, and our retailer relationships. Our goal is to build upon the success of this system that has been established in several global markets. We look forward to making it easier for patients in the U.S. and Canada to manage their injectable medications, stay on track with their treatment schedule and safely manage the disposal of their used sharps."
Commenting on the partnership, HealthBeacon CEO & Co-Founder, Jim Joyce said, "We are delighted to partner with Hamilton Beach to make such an important innovation accessible to the millions of patients in the U.S. and Canada that need to take critical medications by injections in their home. Today, as many as one in two patients will fail on their medication regimen in their first year of treatment due to the lack of the right support and smart tools. According to the FDA, seven billion hazardous sharps and injections will end up in household trash. We can solve those health, safety and environmental challenges. For many people, staying on track with their injectable medications is key to managing a chronic condition, however, medication routines can be difficult to follow and disposing of used sharps must be managed carefully. Our system helps patients effortlessly stay on track with their injection schedules while safely, discretely and conveniently disposing of used sharps. We are delighted to partner with Hamilton Beach in delivering this advanced medication management system directly to patients in the U.S. and Canada. By leveraging the Hamilton Beach brand and the company's supply chain capabilities, we will be well-positioned to accelerate our plans to supply and support these large consumer markets."
HealthBeacon is the world's first and only FDA cleared Smart Sharps™ Bin that intelligently helps patients on a broad range of chronic treatments for conditions such as diabetes, rheumatoid arthritis, multiple sclerosis, asthma, obesity and migraines. It was pioneered by HealthBeacon in 2014 and is currently available in 15 global markets. This award-winning patented technology has been embraced by clinicians and patients across the EU and this partnership will accelerate the Company's expansion across the U.S. and Canada.
According to Research and Markets, the global biologics medication market is expected to be valued at
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company is a holding company for Hamilton Beach Brands, Inc., a leading designer, marketer, and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars, and hotels. The Company's consumer brands include Hamilton Beach®, Proctor Silex®, Hamilton Beach® Professional, Weston®, TrueAir®, Brightline® personal care products, and Hamilton Beach® Health. Hamilton Beach licenses the brands for Wolf Gourmet® countertop appliances, CHI® premium garment care products, and Clorox® air purifiers. Hamilton Beach markets the Bartesian® premium cocktail delivery system through an exclusive multiyear agreement. Commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. For more information about Hamilton Beach Brands Holding Company, visit the Company's website at www.hamiltonbeachbrands.com. The Company's brand websites include www.hamiltonbeach.com, www.proctorsilex.com, www.westonbrands.com, www.brightlineproducts.com, www.wolfgourmet.com, www.chisteam.com, www.bartesian.com, and www.hamiltonbeachcommercial.com.
About HealthBeacon Limited
HealthBeacon Limited is a digital health technology company which develops smart tools for managing injectable medications at home. The HealthBeacon FDA cleared Smart Sharps BinTM anchors the HealthBeacon Injection Care Management SystemTM which is proven to increase users' medication adherence and persistence by simplifying the at-home injection experience. In addition, HealthBeacon offers simplified end-to-end sharps disposal management with safe and discrete storage of used sharps, automated sharps bin replenishment and direct mail back programs. Since launching in 2014, these technologies have been adopted across 15 countries. Around the globe, HealthBeacon products are available via patient support programs of top tier pharmaceutical companies, specialty pharmacies, insurers, and governmental agencies. These technologies will be available direct to consumers in the United States and Canada through Hamilton Beach Brands, Inc. To learn more, visit www.healthbeacon.com.
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SOURCE Hamilton Beach Brands Holding Company
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