As we close out our first year as a publicly-traded company, your team at PanGenomic Health is busy laying the groundwork for success in the burgeoning health technology industry.
At the core of our evidence-based health platform is an architecture that puts the individual in control of their mental health. Our personalized insight system helps people identify alternative natural remedies for common conditions and optimizations for the mind and body. Users can also connect online with a circle of trusted health practitioners, such as medical doctors, naturopaths, therapists, herbalists and nutritionists.
The rise of mental health challenges from the COVID-19 pandemic cannot be overstated. In 2022, we continued to see the traditional medical community grappling to meet the growing demand for services to help individuals deal with general mood conditions, such as anxiety and depression. Pharmaceutical drugs and conventional medicine play an important role, however, there are evidence-based alternatives that are therapeutically beneficial as well. There is significant consumer interest in therapeutic healing options, such as plant-based natural remedies, psychotherapy, behavioural conditioning tools and educational self-guided programs with consumer-friendly technology.
Investments in the behavioural health industry in 2021 were at a record high, and investments this year are on track to be the second highest on record. From Amazon's $3.9 billion acquisition of One Medical to Headspace's acquisitions of Sayana and Shine, the health technology industry has demonstrated that technology-driven health solutions for the modern consumer are in demand.
While mental health conditions are on the rise, there is also increasing consumer interest in natural remedies as an alternative to pharmaceutical drug treatments. Health-conscious consumers in the West are gaining greater exposure to affordable and accessible herbal remedies used in centuries-old therapeutic practices, such as Ayurvedic Medicine and Traditional Chinese Medicine. Health regulators, such as Health Canada and the U.S. Food & Drug Administration, have eased the approval processes for natural health products and botanical drugs, as encouraged by the World Health Organization's Traditional Medicine Strategy.
Global food and drug companies continued to invest in the natural remedy industry this year, as demonstrated by Nestle’s majority stake investment in Orgain, a $2 billion plant-based nutrition supplements producer, and Jamieson Wellness' acquisition of premium supplement manufacturer Nutrawise for over $200 million.
Finding the right natural remedy treatments for mental health conditions has its challenges, given the uniqueness of each individual. The field of personalized or precision medicine seeks to tailor treatments that take into account differences in people's genes, environments, and lifestyles. While pharmacogenomics may help identify the right pharmaceutical drug to work well for a person's unique DNA, nutrigenomics can show how an individual's genetic makeup may affect whether a particular food benefits health and wellness.
With last year's acquisition by 23andMe of telehealth platform company Lemonaid Health for $400 million, we believe there will continue to be significant market opportunities for integrated genetic testing and consumer digital health solutions due to increased consumer interest and scientific evidence.
Given the rise in mental health conditions and the interest in natural and alternative treatments, we believe there is a significant market opportunity for a self-care platform that helps people find the right natural remedy for their particular mental health condition. Our PanGenomic platform has been designed to generate revenue from individual or bundled products through a combination of subscription-based pricing and one-time fees.
Our consumer app Nara and accompanying nara.care website curate natural remedies for individuals, and users will be charged subscription fees to access premium content. Our clinical decision support platform PlantGx helps track the efficacy of treatment programs using our proprietary biomarker panel, aiding health practitioners to optimize regimens for better patient outcomes. Health practitioners will be charged for access to premium content and diagnostic tests through subscription and one-time fees. Both of our Nara and PlantGx products leverage genetic test results from 23andMe and Ancestry consumer DNA tests.
With our recent acquisition of Mindleap Health and its telehealth platform, we are excited to expand our reach to consumers and health practitioners wishing to learn about psychedelic-assisted therapies for treatment of mental health conditions, such as depression and post-traumatic stress disorders.
As one of Canada's first publicly-traded benefit corporations, we believe that the reach of the capital markets can be expanded to new retail investors who want to support businesses that pursue profit and social purpose. Our focus on revenue generation in 2023 from our new suite of products for consumers and health practitioners will be guided by our mandate as a benefit corporation to improve the health and wellness of people through innovative technology.
Finally, we wish to thank all of our shareholders for their valued support of our mission to help people with their mental wellness journeys.
President & CEO
Co-Founder and CEO,
Co-Founder and Executive Chair
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