Pharmacy software gets £900k in public funding
A pharmacy software company has received a £900,000 Government-backed grant for its operating system, bringing it to a total of £2.2m in innovation funding.
Invatech Health announced on January 29 that it had received the funding award for its Titan software, a cloud-based system that aims to digitise end-to-end workflows within pharmacies.
The company claims that Titan, which currently has two per cent market share and is used by some of the UK’s largest online pharmacies, makes medicine dispensing safer through the use of barcode technology and frees up pharmacists’ time to the benefit of patients and contractors.
The grant follows an initial loan in February 2018 to develop Titan and complements further grant funding during the coronavirus pandemic to support remote working for independent pharmacists.
It was awarded by Innovate UK, a non-departmental public body that sits within national funding agency UK Research and innovation.
Invatech Health chief executive Tariq Muhammad said: “We’re delighted with the progress that Titan has made commercially and operationally over the past two years. We have taken an idea and built something which is helping independent pharmacy businesses and large scale operators alike.
“The pandemic has put pharmacies under significant pressure and there is a need for technology that can help them cope with greater volume of work as well as releasing pharmacists’ time to spend on frontline healthcare.
“This latest award from Innovate UK, for which we are extremely grateful, will enable us to develop features that have never been seen before in our sector opening up new opportunities for pharmacists.”
Innovate UK’s Nigel Walker said the loans are part of a pilot programme “to stimulate innovation where there is a clear route to commercial success”.
“Innovate UK is pleased to support Invatech Health in its important and highly innovative development of Titan PMR for the pharmacy sector. The business has met all the objectives established during the first phase of the loan arrangement and we are delighted to provide further funding to support the company’s ongoing innovations,” Mr Walker said.
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