Invatech Health secures £900,000 Innovate UK funding
Bristol-based Invatech Health has announced a further £900,000 award from Innovate UK, under a competitive programme to support game-changing innovations in the UK’s SME community.
The latest round of funding builds on the initial loan to Invatech in February 2018 for the development of Titan, its pharmacy operating system, and complements further grant funding during the coronavirus pandemic to support remote working for independent pharmacists.
Now, the completion of the £2.2m total funding marks the start of a new growth phase for Titan and will support rapid development of brand new features for the company’s platform.
Since becoming accredited by NHS in late 2019 – the first pharmacy Patient Medication Record (PMR) to do so for 15 years – Titan has taken 2% market share, processing over 1.5 million prescriptions per month across numerous customer sites in England and Wales.
The solution digitises the end-to-end workflow within pharmacies, makes medicine dispensing safer using barcode technology, helps control business activities and improves the experience for patients and practice owners alike.
Tariq Muhammad, CEO of Invatech Health, 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.
“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.
“With this additional support from Innovate UK, we plan to develop a wide range of new game-changing apps, delivered as extensions on the Titan platform. These will help address the new and immediate challenges that pharmacies are facing as a result of Covid-19 and provide innovative solutions to support their businesses and their patients in the long term.”