Irish software company Pharmapod has secured CAD$3million in investment from the Canadian Pharmacists Association (CPhA). Pharmapod develops technology for reducing medication errors for patients and has recently won a competitive tender to implement a medication error reporting system across over 4,300 pharmacies in Ontario.
Already with offices in Ireland, the UK and Canada, further expansion of Pharmapod’s Canadian and international operations will be driven by the CPhA investment. It will also be used to drive further growth in the hospital and care home sectors.
The cost associated with medication errors has been estimated at US$42 billion annually or almost 1 per cent of total global health expenditure. The issue has now become a key focus for the World Health Organisation – announcing its Global Patient Safety Challenge, it aims to reduce severe, avoidable medication-associated harm in all countries by 50 per cent over the next 5 years.
Founder and CEO Leonora O’Brien commented: “Medication errors are a huge problem across the entire healthcare system, not just pharmacy. Here in Ireland for example, medication errors are responsible for around 25 per cent of litigation cases against GPs. The solution can also help with the waiting times in hospitals. Between 5 per cent and 8 per cent of all hospital admissions are due to medication errors, and these are preventable. Medication errors also increase the length of stay in hospital. Addressed effectively, costs can be significantly reduced for payors such as the HSE and the public.”
Pictured above: Leonora O’Brien, Founder and CEO, Pharmapod