Chia-Lin Simmons, CEO of LogicMark LGMK, was recently a guest on Benzinga's All-Access.
LogicMark is a leading provider of personal emergency response systems (PERS), health communications devices and IoT technologies to create a connected care platform. Its products help keep at-risk populations – young and old – safe.
The company is incorporating AI technologies to help analyze patterns and anticipate needs, increasing the efficacy of its products.
LogicMark is a leading provider of personal emergency response systems (PERS), health communications devices and IoT technologies to create a connected care platform. Its products help keep at-risk populations – young and old – safe.
The company is incorporating AI technologies to help analyze patterns and anticipate needs, increasing the efficacy of its products.
Category
🗞
NewsTranscript
00:00Shailene, good morning and welcome to the show.
00:07Good morning. Thanks for inviting me.
00:09Absolutely. You know, there's so much for us to talk about.
00:12We've had many different conversations in the past.
00:14I'm excited to see what new things are coming up.
00:16But for the folks at home that might not be familiar with your company,
00:19can you give us a quick, brief overview?
00:20Sure. Logic Mark has been around since 2006.
00:25And we have been actually actively serving
00:28in what folks have been calling the eye-falling-I-can't-get-up business,
00:31which is the medical arts business,
00:33and an industry called PERS.
00:36But we've actually expanded upon that
00:38to try to provide more personal safety for everyone.
00:40You know, one of the benefits that I feel of having a PERS device
00:44is efficiency in terms of how quickly you can get help.
00:48That's like one of the biggest benchmarks, KPIs, I would assume.
00:52So how much of a difference can a PERS device make?
00:55Like, how critical is it in terms of, let's say, time saved
00:58and any other metrics that you can give us insight on?
01:00Sure. So let's just talk a little bit about size of the market.
01:03So by 2040, one in four Americans will be 65 and over.
01:08And for those 65 and over, one in four will fall.
01:11So that's a huge market.
01:12This isn't a niche market issue, right?
01:14So when we talk about getting help as soon as possible, that is huge.
01:18There's actually literally a term that's called golden hour in the medical community,
01:22which means that if you don't get help within the first hour of when you have an incident,
01:27then your health outcome is much worse, like 80% or something like that worse.
01:31And so getting help is really important.
01:34But actually also finding out whether or not, in fact, something is a fall or not a fall,
01:38totally important because that really stops people from wanting to wear these devices.
01:43Yeah. Now, are there any PERS solutions that have become like standard on, let's say, smartphones or Alexa?
01:49Or, you know, how do you kind of incorporate these technology advances
01:53outside of what I think we've all seen in infomercials of pressing a button
01:56that's with a necklace wrapped around your neck?
01:58Like, what are some innovations in that space?
02:00Sure. So, and I think that's really the issue and why we're here today.
02:04We haven't really seen a lot of those innovations.
02:06And so Alexa and some of these devices stand alone
02:09and they're really great for like ordering groceries and getting your weather.
02:12And that's awesome.
02:14But that connectivity between the wearable devices and the connected home hasn't happened
02:19at the speed that we think it should be in a world where everything is IoT, right?
02:23And so that's sort of where we come into play.
02:25I mean, we are very excited to try to bring some of that IoT innovation
02:28into what's pretty much an old school business.
02:32And by the way, we do have your deck of those as well.
02:34So if you'd like some slides to be shown, let us know
02:36and we'll have a producer go ahead and put that up there.
02:39What are the, what are the, Aster is designed to address, right?
02:42And what can we kind of see impacts on and solutions that are being addressed in that area?
02:47Sure. So we talked a lot about sort of the aging population, which is huge.
02:51It's called the silver tsunami, right?
02:53We're not going to see this many elderly people for a really long time, huge market.
02:57But what we're really excited about is also extending personal safety into a market for everyone.
03:04And when we talk about sort of personal safety for everyone,
03:06that's really like 66% of Americans are afraid to do outdoor activities
03:11because they're worried about personal safety.
03:13And so what Aster does is it really actually has a lot of different sort of aspects to it
03:18that's different than other personal safety apps.
03:20You know, today, who has the time when you're being attacked,
03:22if you're running to basically put your phone in front of your face,
03:26usually huge and unlock your phone and then start the personal safety app, right?
03:30Or you maybe have to clutch this really big phone
03:33and try to press it like seven times when somebody is attacking you
03:36or you're trying to, you know, fight off something in emergency.
03:39Our product actually is tied to a button that allows you to sort of easily push the button
03:45and get help when you need it, even when the phone is not actively running,
03:49that the app is not actively running on the phone, right?
03:51And for people who are interested in sort of technology,
03:54that's huge because that's actually a harder thing to do,
03:57but it allows you to actually have that personal safety when you need it.
04:00And, you know, the app is not actively running when you don't need it.
04:05So it's not draining your phone when you need it the most, right?
04:07And that's a huge thing to do.
04:09I'm glad you mentioned, because even for me, like if I'm out,
04:12if I have friends that are out and, you know, they're coming back from a late night
04:15or just a walk in the park, whatever the case is,
04:17I think what you mentioned is huge where, especially let's just take an iPhone, for example.
04:21iPhone has so many different buttons that are new and hey,
04:23different things that they can do now,
04:24where I don't even necessarily remember how to turn off my iPhone.
04:28Nonetheless, where it's like, hey, if I'm under pressure,
04:30if I'm being attacked and I need to contact my emergency contact number, right?
04:35And I don't know what the buttons are.
04:36I don't know what the three buttons are.
04:37By the time you do it, there's a lot of steps I feel like still to where
04:41if you need to get in touch with someone to let them know that, hey, you may not be OK.
04:46Time is everything like we discussed at the top.
04:49So I'm glad you kind of addressed those same concerns that I think not just me,
04:52but many Americans that are watching and, you know, around the country deal with as well.
04:58What else is kind of in the pipeline?
05:00What are some things that folks can kind of get excited for that you're kind of working on
05:03that we can possibly look forward to in, let's say, the next six to 12 months or maybe even more?
05:09So we're a public company.
05:11We do actually have something that's launching very soon.
05:13I can't tell you exactly, but let's just call it very soon.
05:17That's really going to change how we think about and use PERS and medical alert products, right?
05:22To your point, these devices are either like a garage opener with one button,
05:27which is really nice because they're easy to use and you see a button and you just push it.
05:32But we also know that there's extended uses.
05:35There's opportunities to bring more features and services.
05:38I mean, today we actually have fall detection that's better than other people's, you know, patent protected.
05:44We actually have geofencing for those with memory care issues, and that's really a new feature.
05:48But imagine actually having a device that doesn't just do those two things,
05:52but actually when new features come up like medicine reminder.
05:56A lot of us have elderly loved ones who can't remember what kind of meds they're taking.
05:59And so that sort of capability to have those features rolled in when you need it the most.
06:03I mean, today our expectations for cars is that when a new feature comes up, kind of like the Tesla,
06:08a new feature will just sort of show up, right, on your device.
06:11And so you can opt to basically try it for a little bit and then opt to pay for it.
06:15That really doesn't exist in a PERS industry because it hasn't really caught up to the IoT standards
06:20that we're all used to living with now.
06:23And so imagine being able to do that.
06:25And so that's all I can tell you.
06:28We're really excited about the technology.
06:30Again, you know, as a sandwich generation caretaker, that's one in three millennials and more than half of Gen Xers.
06:36I think it's a really big deal.
06:38Now, you know, for me, I'm like 34 years old.
06:41I think I'm relatively healthy.
06:42And even I have to say, hey, Siri, set an alarm for this because I have this event, right?
06:47Like the calendar is what runs my life.
06:49And so I think it's very key to note that, hey, whether you're, you know, a young person
06:54or someone who's lived a little bit of a longer life, that you need to be reminded to take certain things,
06:59whether it's, hey, I have an interview with Shailene or, hey, I need to take my meds, right?
07:03So completely understand on that.
07:05Is there anything else that you want to talk about that I didn't get a chance to bring up
07:09that you feel like our viewers should be, you know, informed about here today?
07:13Sure.
07:14I know that we spend a lot of time in a role today talking about AI.
07:17And so I always jokingly laugh, you know, with people like, hey, look, I love to create my own journey.
07:23Like, you know, picture with a cat on my Sunday, right?
07:27That's fun, but that's really not what AI should be used for.
07:30AI should be applied to basically category areas where we think it's going to make a huge difference.
07:34And this is a category that's no different than that.
07:36We spend a lot of time actually filing patents.
07:38I mean, in the three and a half years I've been here, we filed 14 plus patents, some of which are in AI.
07:43And the reason why we do AI is because, you know, we talked a lot about reactive technology.
07:48How do we be faster, better at getting responses to people?
07:52So because it makes a health difference, right?
07:54But let's talk a little bit about just preventing those darn things, because if you have a fall,
07:58your likelihood of falling again is higher.
08:00So we've really focused on trying to basically get ourselves to a predictive technology.
08:05So you'll see us basically building a lot of technology that's actually helping to get to know who you are.
08:12And then actually then looking at your patterns and differentiation in patterns to say, hey, there's something off here.
08:19And sharing that with your caretakers and say, like, this may give you a probability for fall.
08:23So your digital twin compared to an aggregation of other people's digital twins, when they had that pattern, three to six months later, they had a fall.
08:30That is how we should be looking at AI in the world that we live in today.
08:34And that's the type of work that we're doing here.
08:36I think, yeah, I think you nailed it because I'm an avid user of chat.
08:40You see more so today than I was back in the day.
08:42Not just like, hey, tell me 10 knock knock jokes that are funny, but more so of, hey, like the AI has kind of picked up.
08:48Like you kind of mentioned my habits and my tendency.
08:50So the point where I asked a question on a brand new prompt and it went ahead and answer the question based on.
08:57The 50th question I may have asked two months ago based on, oh, hey, you mentioned this or hey, this is your lifestyle.
09:02Hey, you're in the stock market, so maybe this will be more effective for you for this trip or whatever the case is.
09:07And I think that's what's key is where they recognize that pattern is where, hey, the last time you dealt with this, this is what happened.
09:13So keeping that in mind, maybe you should think about this as well, because our bodies, our life is all interconnected, intertwined, whether we recognize it or not.
09:20So I'm really glad you kind of brought that up.
09:22And thank you so much for your time here today.
09:24I appreciate it.
09:25And I know whenever those announcements come ahead, I'd love to talk to you again about it.
09:29Thank you so much. Appreciate it.