Halifax-based Health QR, a digital medication management startup, has received $250,000 from Innovacorp, Nova Scotia’s early stage venture capital organization.
Health QR’s solutions address medication non-adherence; the company said that an estimated 50 percent 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. Its mobile app connects securely with users’ pharmacy records to view active prescriptions, order refills, and share information with caregivers. Users also receive reminders when refills are due and are alerted when a prescription is about to expire.
“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.”
The company is working on the development of new features that 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 its sensitive customer prescription information.
“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.”
The company is working on integrating its agnostic solution into other pharmacy software programs.