Albion Ventures has invested up to GBP2m in MyMeds&Me, a healthcare software as a service (SaaS) company which provides a web-based solution for the capture of adverse event, product complaint and targeted medical information for pharmaceutical companies.
The pharmaceutical industry processed around six million such events last year and the volume has grown at 10 to 15 per cent p.a. over the last five years.
MyMeds&Me was established in 2011 by three senior pharmaceutical industry executives, Stephen Powell, Andrew Rut and Trevor Gibbs, who identified the need to capture important information on medicines at source.
The MyMeds&Me platform simplifies the process of data capture direct from patients and healthcare professionals in a proactive, structured manner that provides consistent, complete and coded data. This data is exported immediately into Pharma company safety systems facilitating rapid evaluation and prompt regulatory reporting.
Andrew Elder, partner and head of healthcare at Albion Ventures, says: “We are excited about partnering with Andrew, Stephen and Trevor through our investment in MyMeds&Me. This transaction is the culmination of an extensive amount of research, which identified patient engagement as a particularly high growth area within the healthcare IT sector. Given the increasing shift towards patient-centric healthcare we believe the MyMeds&Me platform presents a highly attractive investment opportunity.”
Andrew Rut, chief executive officer and founder of MyMeds&Me, says: “We are delighted to partner with such an experienced healthcare investor as Albion. They bring real depth of understanding of healthcare IT and we believe their strategic support will help us achieve our ambitious growth plans. A key part of that plan is a shared commitment to provide the Pharma industry with a game-changing solution that will deliver better quality data, improved compliance with regulations and the potential for significant cost savings.”
