NEW GLASGOW – Health QR CEO Patti Ryan says she’s elated with the financial boost the company is receiving for its application from Innovacorp.
The Halifax-based digital medication management start-up announced Innovacorp’s investment of $250,000 in the company.
“The investment from Innovacorp will take us to the next level,” said Ryan, who is based in New Glasgow.
“We have completed pilot product testing with Compass Pharmacies, Halifax, and are actively selling our product to Atlantic Canadian pharmacies. This investment will enable us to follow through with our commercialization plan.”
Ryan was previously employed with the former Pictou County Health Authority. She earned a community studies degree from Cape Breton University and a Masters degree in public administration from Dalhousie University.
Health QR is a health information technology company developing medication management solutions that improve health outcomes and pharmacy workflow.
It will use the investment from Nova Scotia’s early stage venture capital organization to bring its product to market.
“We’ve been working with Innovacorp for a whole year,” she said. “Innovacorp is a great opportunity for people setting up things related to technology. It’s really hard to find investment in this area.”
Ryan’s firm has set targets of 100 pharmacies by September and 500 by the end of this year.
The company is developing solutions for medication non-adherence. About half of patients in North America don’t take their medication as prescribed, with as many as one-third of patients not even getting their prescription filled. Poor adherence causes a significant amount of medication-related hospitalizations and accounts for $100 billion in annual healthcare costs, she says.
Its technology gives prescription customers secure access to their pharmacy information, letting them manage their medications or those of a loved one.
The solution provides an intuitive, interactive mobile app that makes it easy to view active prescriptions, order refills online, receive reminders when refills are due and be alerted when a prescription is about to expire.
“Non-adherence to medication impacts all levels of the healthcare system from big pharma to the individual patient,” said Gregory Phipps, managing director of investment at Innovacorp.
“Health QR is developing marketable medication adherence solutions by collaborating with industry stakeholders and patient groups.”