HealthBeacon PLC (EURONEXT:HBCN, OTCQX:HBCNF) has announced the launch of its Global Patient Safety Platform, a new proprietary software platform designed to help cancer patients take their medication more safely.
The company, which provides devices and software to manage critical and chronic medications, has developed its platform over the last two years in collaboration with the pharmaceutical industry.
It was recently approved by regulators in the UK and Ireland, and, is scheduled to launch in Australia and New Zealand.
The platform is designed to replace a paper-based systems and is designed to ensure the right people get access to the right drugs whilst, for treatment providers, it is intended to drive down the cost of administration.
“The Patient Safety Platform is a natural progression for HealthBeacon,” said chief technical officer Kieran Daly.
“Our digital therapeutics systems are designed to boost health outcomes for patients. Our Smart Sharps Bin has been designed to ensure patients take their injectable medication in the most effective way.
“Now we are using our expertise to design a new software platform ensuring the best outcomes for cancer patients from their medication.”
For HealthBeacon, the new platform creates a new recurring revenue stream in which pharmaceutical manufacturers pay a licensing fee to use the system, helping them meet regulatory requirements.
More than 800 pharmacies have to date adopted the system across Ireland and the UK, and 12 pharmaceutical companies have bought licenses to replace their paper-based system with HealthBeacon’s streamlined software.
The company noted that the first drug to prescribed via the platform is cancer drug Lenalidomide, which if taken during pregnancy poses a risk of birth defects. Using the platform ensures that the medication cannot be dispensed until agreed safety protocols have been validated.
Its aim is to reduce the potential for human error associated with traditional prescription methods as well as streamlining the prescription process for doctors, pharmacists, and pharmaceutical manufacturers, and easing while also making it easier for them to comply with regulatory requirements.