An end to drug errors?
"MIT alumni entrepreneurs Gauti Reynisson MBA ’10 and Ívar Helgason HS ’08 spent the early 2000s working for companies that implemented medication-safety technologies — such as electronic-prescription and pill-barcoding systems — at hospitals in their native Iceland and other European countries."
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The US health IT space is white hot. Europe lags far behind both in the number of companies and in the amount of money being invested. There have been very few (no?) exits. I was wondering if Europe will ever catch up and which companies and geographies are emerging winners. So I decided to survey a half-dozen Europe-based VC partners active in healthcare investing some of whom have taken their first tentative steps into health IT investing. Here’s what I found out..
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As you read this, more than 2.7 million people are in one of the 6,000 hospitals scattered across Europe. By this time tomorrow, healthcare workers will have administered over 40 million doses of medicine to those patients. Most of the time, it goes right.
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Mint Solutions is the company behind MedEye, a high tech medication verification system designed to tackle what has become a major problem for the medical profession – and for patients – that of the incorrect administration of medication. Describing the scale of the problem, Reynisson says: “In the next 24 hours, patients in 6000 European hospitals will be getting over 40 million dosages of medication, yet one in five of these will be given incorrectly by the hospital nurse at the bedside.”
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Mint Solutions recent round of funding makes it the largest Series A coming out of a Startup Bootcamp accelerator. Article download available here
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Mint Solutions, a hardware startup that’s developed a device designed to help hospital nurses ensure each patient gets the right medicine and the correct dosage, has pulled in a €4.425 million ($6 million) Series A funding round.
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Amsterdam , the Netherlands, July 8 2014 – Mint Solutions Holding BV (Mint Solutions) has raised EUR 4.425 million in Series A funding led by Life Sciences Partners (LSP) and co-led by Seventure Partners with participation from existing investors. As part of this investment the company will relocate headquarters to the Netherlands to further grow sales of their flagship MedEye product.
See press release for further information.
Mint Solutions was selected to join the HighTechXL program from among hundreds of companies. The HighTechXL program will help Mint Solutions expand its footprint and sales in the Netherlands.
The announcement and more details on the program can be found here.
Mint Solutions was selected by J&J from applicants across Europe to join their Master Class, a curriculum focused on growing healthcare IT businesses culminating with a demo at the Health 2.0 conference in London.
More details on the program can be found here.
NYFER has delivered a report, commissioned by ONVZ health insurances, on how IT can improve healthcare. The conclusion is that by using IT to improve quality the healthcare sector can help control the healthcare spending and save cost. Integration of IT solutions is a key factor in implementation success and medication safety is discussed as a key factor in improving healthcare. MedEye is prominently featured in discussions about medication safety.
The report can be read here
This time it was BNR Nieuwsradio with Roelof Hemmen with a short interview with ADRZ this morning. We'll post a link when we find one.
MedEye and ADRZ were the feature of a "korte inslag" in Omroep Zeeland tonight. Take a look.
ADRZ hospital in Vlissingen has now started using MedEye to verify medication administrations for patients. Over the coming two weeks, Mint Solutions and ADRZ will work together to expand the use of MedEye in the first ward, providing complete medication safety. The preparations have been ongoing for a couple of months now, with great help from ChipSoft, making sure the process is as seamless as possible for nurses.
Mint Solutions and ChipSoft have started a partnership to offer hospitals a new way to improve medication safety in hospitals. The two companies will work together to integrate MedEye technology from Mint Solutions into the ChipSoft's EHR system, making it easier than ever before for hospitals to enhance medication safety and implement bedside medication verification.
Users of ChipSoft's EHR solution will be able to use the MedEye technology for verifying the correct medication is being given to the patient, and automatically registering all relevant information. MedEye uses advanced computer vision technology and does not require medications to be provided with barcodes, which greatly simplifies implementation of this important medication safety procedure.
"This cooperation will make it possible for us to put the MedEye technology in the hands of more nurses. The ChipSoft EHR solution and MedEye fit perfectly together and will make it easier for hospitals to implement state of the art medication safety", says the CEO of Mint Solutions, Gauti Reynisson.
Hans Mulder, CEO of ChipSoft: “Patient Safety and medication safety is a number one priority and due to MedEye, nurses have an extra tool to verify the medication”.
Mint Solutions is a healthcare IT startup company, focused on developing solutions for enhancing medication safety processes in hospitals and other healthcare institutions. It's innovative technology, MedEye, provides hospitals with an new way to ensure medication safety by implementing bedside verification. MedEye does not require barcodes, thereby making the process easier and faster for nurses as well as simplifying implementation for hospitals.
ChipSoft is an innovative Dutch software company that has focused on providing ICT solutions for the healthcare sector ever since it was founded in 1986. As a PAS (Patient Administration System) and EHR (Electronic Health Record) supplier, ChipSoft has become market leader in the Netherlands. ChipSoft’s PAS / EMR is called HiX and is developed on the Microsoft.Net platform. Complete and flexible IT solutions, a high degree of configurability and overall user-friendliness are the cornerstones upon which ChipSoft has been automating healthcare organizations for over 25 years. In 2010, ChipSoft was named Microsoft innovation partner of the year in the healthcare sector.
Mint Solutions will present the MedEye Solution at the 2012 congress for the European Association of Hospital Pharmacists, EAHP.
The EAHP event is the leading European conference for medication safety. It takes place in Milan, Italy, on 21-23 March 2012.
Mint Solutions looks forward to this opportunity to present our groundbreaking new technology for bedside verification of medicine to hospital pharmacists in Europe.
We would be delighted to meet you at stand 01 at the conference. For more information, please contact Gauti Þór Reynisson at gauti@mintsolutions.eu.
Our MedEye solution was well received at the DIPS-conference in Sandefjord, Norway, this week. Visitors got to see the first glimpse of DIPS-MedEye integration and a short demo of what MedEye can do. At the closing ceremony, Tor Arne Viksjø, managing director of DIPS, announced Mint Solutions as the winner of the "best exhibitor" vote and presented the award to Gauti Reynisson, CEO Mint Solutions.
Mint Solutions and DIPS are working together to offer MedEye to Norwegian hospitals for bedside verification. MedEye, Mint Solutions' innovative bedside verification technology, will be incorporated into the DIPS hospital information system, making it easier than ever before for hospitals to enhance medication safety and implement bedside medication verification.
Through this cooperation, the MedEye technology will be seamlessly integrated to the DIPS EHR. The solution is based on computer vision technology and does not require any barcoding or other changes in the medication logistics processes, making it easy for hospitals to start implementation and see immediate results.
"We are confident that DIPS users will be happy to add MedEye to their DIPS installation. MedEye will not only help with verification of medication, but also take care of all the paperwork relating to the medication rounds, allowing nurses to work faster and safer", says the CEO of Mint Solutions, Gauti Reynisson.
"Our ambition has always been to figure out the best way to support health personel in carrying out their job, with the best information available", says Dr. Tomas Nordheim Alme, CMO of DIPS ASA. The MedEye product, through it's innovative hardware solves a key challenge for any bedside medication verification approach. The combination of DIPS Medication and MedEye allows for easy medication verification, thereby increasing patient safety, while at the same time saving time for the nurses.
Mint Solutions is a healthcare IT startup company, focused on developing solutions for enhancing medication safety processes in hospitals and other healthcare institutions. It's innovative technology, MedEye, provides hospitals with an new way to ensure medication safety by implementing bedside verification. MedEye does not require barcodes, thereby making the process easier and faster for nurses as well as simplifying implementation for hospitals.
DIPS ASA is Norway's leading provider of hospital information systems with over 70% market share. With over 150 employees, DIPS is committed to providing excellent service and state of the art clinical applications for its customers. The company is currently in the process of launching it's next generation product, DIPS Arena, which promises to provide users with even more advanced functionality and ease of use. www.dips.no
We are thrilled to announce that Bjarni Ivarsson has decided to join Mint Solutions. Bjarni's vast experience in developing and architecting medication safety solutions for hospitals will be a big asset for Mint Solutions as we continue to work on revolutionizing support for safe and efficient medication management.
