Medisafe 1 Technologies, the developer of a series of patented technologies which use physical locking and barcodes on the patient’s armband to ensure that only the correct prescription medication is administered, reported a much-coveted endorsement from Israel’s Pharmaceuticals Administration (IPA) for the Company’s barcoded syringe locking device.
CEO of MFTH, Jacob Elhadad, explained that this endorsement was the culmination of a sequence of meetings with officials from the Israeli Health Ministry (IHM) and that CTO of the IPA was on-hand to conduct the final meeting where endorsement was conferred.
Prior to this exciting news, meetings were held with several Directors from the IHM (portfolio of which is officially held by Israeli Prime Minister Netanyahu), including IHM Deputy Minister, Yaakov Litzman, where enthusiasm for the product was high.
Indeed, IPA members held similar views, praising the device not only for its mission-critical lifesaving capabilities, but for its security parameters as well which sharply reduce the probability of incidents or theft.
Estimates for annual drug related mortality/morbidity is a staggering $177B. Statistics like this on the iatrogenic effects within the healthcare industry make a product like the MFTH device incredibly attractive, especially in the US, which represents an annual market potential of $1.4B.
The Company is already in talks with a top Israeli pharmaceuticals company following this endorsement and is skillfully shaping the production process for maximum quality/efficiency, anticipating rapid introduction of the product at Israeli Medical Centers throughout the country.
Elhadad mentioned that the pharmaceutical company has also expressed interest in adapting the system for blood transfusion bags and that the overall reception by Israel’s health system has been exceptionally positive. Elhadad underscored the cost/savings benefits to healthcare providers from reduced legal and insurance expense, clearly painting a picture of MFTH as a global provider of choice in such systems.
This is very good news for the Company’s shareholders, who stand to ride the wave generated by uptake of the devices into Israel’s vast healthcare network and likely, subsequent broader global markets.