The tiny edible microchip records precise details of medication programmes through a monitoring "receiver" patch attached to patients’ shoulder or arm.

Costing about £50 a month, medical experts said the new "intelligent medicines" could revolutionise the way patients take drugs, which will allow them to better follow doctors’ orders.

Figures from the World Health Organisation suggest that up to half of patients do not take their medications properly, potentially placing their health at risk.

The annual cost to the NHS of unused medication is estimated to be up £400 million.

According to the pill’s manufacturer, the "sensor" can monitor when drugs are taken, how much dosage should be administered while at the same time monitoring a patient’s heart rate and body temperature.

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It also alerts a patient to when the next dose is due and records if they are getting enough sleep or exercise.

Smaller than a grain of sand, the red placebo sugar pill can also trigger the transmission of medical information from a patient's body to a smartphone or computer belonging to a relative, carer or doctor.

The patch can be worn for up to seven days. The technology is similar to electrocardiogram (ECG) skin patches that can record the electric currents within the heart.

The new pill is to be sold by Lloydspharmacy, the high street pharmacy chain, by September.

On Monday the company announced it ha signed a multi-million pound deal with Proteus Biomedical, an American digital health care provider, to distribute in Britain.

Steve Gray, health care services director of Lloydspharmacy, said the company's "drive is to improve health and outcomes".

"There is a huge problem with medicines not being taken correctly," he said.

"Anyone taking several medications knows how easy it can be to lose track of whether or not you've taken the correct tablets that day.

"Add to that complex health issues and families caring for loved ones who may not live with them and you can appreciate the benefits of an information service that helps patients get the most from their treatments and for families to help them remain well.

Andrew Thompson, chief executive of California-based Proteus, added: "In the future the goal is a fully integrated system that creates an information product that helps patients and their families with the demands of complex pharmacy.

"What we know is that we've created many pharmaceuticals with great potential but much of that potential is not realised because these drugs are not being used properly."

Neither company would discuss the commercial terms of the deal.