It’s no wonder that the health and wellness industry is worth over $4 trillion when you look at my bank statement. Perpetually on a health kick, I have been known to spend on gym memberships, protein powders, supplements, activewear and runners, and I’m not alone with many Aussies spending a serious chunk of cash on staying trim, toned and #glowing.
With the ecommerce boom and the string of lockdowns *shudder* subscription based businesses have taken off allowing you to get nearly anything on a recurring basis. From your groceries to your undies, if you want it, there’s a subscription for it. The pandemic also saw a shift in the way we access healthcare, leaving many of us with a lingering affinity for telehealth solutions.
Precision microbiome company Microba Life Sciences (ASX: MAP) is making their debut in the personalised healthcare space with the launch of a new subscription service providing custom supplements to customers. The new service, called Vidality, will be rolled out in conjunction with nibn Holdings (ASX: NHF) backed digital healthcare company Midnight Health where Midnight will promote, market and sell the service using their online platform. Microba will look after the product side of things, employing their network of pharmacists to formulate personalised supplements unique to each individual based on microbiome test results.
There is a growing body of evidence indicating that our microbiome can have serious impacts on our physical and mental health with over 100 clinical studies demonstrating the benefits of microbiome modulation on health outcomes. Until now, if you wanted to improve your microbiome health you would probably have been directed to take a probiotic. Vidality will eliminate this traditional approach, instead offering tailored pharmaceutical advice.
Midnight Health is experienced in the digital and subscription healthcare space with existing brands Youly, providing hassle-free women’s healthcare solutions, and Stagger, servicing men’s healthcare needs. The Company is also set to launch Cantro, Australia’s first online CBD oil provider. Midnight’s online platform and experience within the space will be key to building the Vidality brand and driving uptake.
An agreement between the two parties has been signed and will run for an initial period of 3 years.
“Consumers are seeking personalised, evidence-based solutions to support their gut health,” said Microba CEO, Dr Luke Reid. “Together with Midnight Health, we are excited to bring the Vidality product to consumers, a truly personalised solution by our technology.”
Midnight Health CEO, Nic Blair said: “We are experiencing strong demand for innovative online healthcare solutions aligned to an individual’s needs. We already have more than 13,000 subscribers across our existing brands with strong month-on-month growth. Many of our customers are looking for gut health solutions and we are proud to bring the Vidality product to our customers in partnership with Microba.”
With the growing popularity and consumer awareness of microbiome health, Midnight may be able to cross promote Vidality to existing health conscious customers and further grow the brand.
Microba has fared relatively well since their IPO in April where shares were listed at $0.35 each. The Company is also developing novel therapeutics with a phase 1b study planned for this year looking at a lead drug candidate for Inflammatory Bowel Disease and a cancer program with various institutes across the US and Australia.