Innovate UK has announced £900k of funding to help Invatech Health develop new features for Titan, their cutting-edge dispensary software for pharmacies.
This brings Innovate UK’s total funding to the company to £2.1 million. The latest funding comes after an initial loan in February 2018 and a grant during the coronavirus pandemic to support remote working for independent pharmacists.
Titan was first accredited by the NHS in 2019. Since then it has taken a 2% market share and processed over 1.5 million prescriptions per month across England and Wales.
Safe, fast, reliable
Titan is an innovative, cloud-based system that makes dispensing medicines safer and faster using a fully digitised workflow and barcode technology. This gives pharmacies greater control over their business activities and improves the experience for both customers and practice owners.
The system also makes dispensing medicines less time-consuming. This frees pharmacists to focus on other patient services that ease the burden on GPs and the wider NHS during the COVID-19 pandemic.
It has become the system of choice for some of the UK’s largest pharmacies, which have used its highly scalable cloud infrastructure to process as many as 60,000 prescriptions per day.
Nigel Walker, Deputy Director, Lending & Investor Partnerships at Innovate UK, said:
As a part of UKRI, Innovate UK provided innovation loans in a pilot programme to businesses to stimulate innovation where there is a clear route to commercial success, and has also supported businesses with continuity of their innovation despite the impact of the COVID-19 pandemic.
Innovate UK is pleased to support Invatech Health in its important and highly innovative development of Titan PMR for the pharmacy sector. The business has met all the objectives established during the first phase of the loan arrangement and we are delighted to provide further funding to support the company’s ongoing innovations.
Easing pandemic pressure
The improvements in safety, speed and efficiency brought by Titan have been invaluable to both pharmacists and patients during the COVID-19 pandemic. Innovate UK’s latest funding will enable Invatech Health to develop new features that will support pharmacies and address the challenges posed by COVID-19.
Tariq Muhammad, CEO of Invatech Health, said:
This crisis has highlighted the incapacity of legacy systems to scale up and adapt to dynamic situations in many business sectors.
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.
Innovate UK drives productivity and economic growth by helping businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base. They connect businesses to the partners, customers and investors that can help them turn these ideas into commercially successful products and services, and business growth.