Via News Release
“TreeHouse Health, an innovation center designed to invest in emerging healthcare companies and help accelerate their growth, announces an investment in PharmID, Inc., a drug verification solution that effectively and efficiently improves the medication preparation process in hospitals and clinics.”
“PharmID seamlessly improves the way medications are prepared and administered. Their solution will have a positive impact with patients, pharmacists, and hospitals. We are pleased to partner with them as they bring their platform to market,” said J.D. Blank, Managing Director at TreeHouse Health.”
The PharmID platform leverages chemical verification technology to accurately and rapidly identify the chemical composition of medications in both hospital and non-acute care settings. This improves patient safety by reducing medication errors and enables a reduction in drug preparation expense in hospital pharmacies.
“We are looking to forward to our partnership with TreeHouse and leveraging their relationships with Accenture and Blue Cross and Blue Shield of Minnesota to assist in building out the value proposition with the PharmID solution in the market place,” said Tim Gibbons, President and CEO of PharmID, Inc.
Along with providing investment, TreeHouse Health also offers its portfolio companies access to its ecosystem consisting of leading healthcare organizations, professional service providers, and other emerging healthcare companies.
About TreeHouse Health LLC
TreeHouse Health, established in 2013, is an innovation center that helps emerging healthcare companies accelerate their growth by facilitating collaboration with industry leaders while providing investment, expertise and guidance around business development and strategy. To date, TreeHouse Health has invested in sixteen early-stage healthcare companies and has two Anchor Tenant relationships with Blue Cross and Blue Shield of Minnesota (BCBS), and Accenture. To learn more, visit http://www.treehouse-health.com.
About PharmID, Inc.
PharmID leverages Raman Laser Spectroscopy, a non-destructive chemical analytic technique that has been widely used in the pharmaceutical manufacturing industry for years, to verify both the medication and concentration of compounded sterile products in hospitals and compounding pharmacies, in turn lowering cost and reducing risk throughout the healthcare system. We see this technology assisting the pharmacist during final check and dispense activities initially and expanding to assist in activities such as narcotic diversion control and waste management, returns and recycling, sentinel event verification and beyond. For more information visit http://www.pharmid.com.