Halifax-based Health QR, a digital medication management start-up, today announced Innovacorp’s investment of $250,000 in the company.
Health QR will use the investment from Nova Scotia’s early stage venture capital organization to bring its product to market.
The company is developing solutions for medication non-adherence. An estimated 50 per cent 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.
"The investment from Innovacorp will take us to the next level," said Patricia Ryan, president and CEO of Health QR. "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."
Health QR’s 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 application 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.
In development are new features that will allow prescription customers to be reminded when to take their medication and track their medication adherence on a dashboard. Health QR is also working on workflow efficiencies to support pharmacies adopting new services.
The company’s system currently interfaces with Kroll Computer Systems’ pharmacy software platform, which supports about half of Canadian pharmacies and houses all of the sensitive customer prescription information. Health QR is developing the agnostic solution to integrate with other pharmacy software programs including McKesson’s PharmaClik Rx. With access to prescription data, Health QR’s technology can relay accurate instructions to prescription customers, without requiring them to manually input critical medical directions.
“Non-adherence to medication impacts all levels of the healthcare system from big pharma to the individual patient. Health QR is developing marketable medication adherence solutions by collaborating with industry stakeholders and patient groups,” said Gregory Phipps, managing director of investment at Innovacorp. “Health QR is well positioned to help solve what’s arguably the single biggest issue facing the pharmaceutical industry and Innovacorp is excited to support them in their future success."
About Health QR
Health QR is a health information technology company developing medication management solutions that improve health outcomes and pharmacy workflow. Health QR’s unique application helps prescription customers manage medications by allowing 24/7 access to prescription information with features that include refill ordering, co-management capabilities and the ability to receive notifications when it is time to take medications. Health QR is headquartered in Halifax, Nova Scotia, with operations also in Hamilton, Ontario. For information visit www.healthqr.com or connect with us on Twitter @HealthQR or Facebook www.facebook.com/healthqr.
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Halifax, Nova Scotia, May 18, 2016