HealthBeacon plc announced its Global Patient Safety Platform, a new proprietary software platform to help cancer patients take their medication more safely. This platform has been developed over the last two years in collaboration with the pharmaceutical industry and has been recently approved by regulators in both the UK and Ireland and is scheduled to launch in Australia and New Zealand. The platform is designed to replace a paper-based system to ensure the right people get access to the right drugs and drive down the cost of administration.

The platform creates a new recurring revenue stream for HealthBeacon, where pharmaceutical manufacturers pay a licensing fee for access to the system, which helps them meet their regulatory requirements and ensures access to critical medications. HealthBeacon anticipates the technology will support more than 1,000 patients by the end of 2022. The technology leverages HealthBeacon's existing patient software platform and its ability to improve clinical processes and access to medications by partnering with the pharmaceutical and healthcare providers.

To date more than 800 pharmacies have already adopted the system across Ireland and the UK and 12 pharmaceutical companies have bought licenses to replace their paper-based system with HealthBeacon's streamlined software. This project has been an example of a positive collaboration between innovators, regulators, industry associations and the manufacturers to improve access, quality of care and reduce the cost of administration. The first drug to be prescribed on the platform is Lenalidomide, used to treat certain cancers.

If Lenalidomide is taken during pregnancy, it poses a risk of birth defects. Using a series of electronic checks and balances, HealthBeacon's platform ensures the medication cannot be dispensed until a set of agreed safety protocols have been validated. Ultimately, the platform reduces the potential for human error associated with traditional prescription methods.

It reduces paperwork and streamlines the prescription process for doctors, pharmacists, and pharmaceutical manufacturers, while also making it easier for them to comply with regulatory requirements.