Innovate UK invests £900k into cloud-based pharmacy dispensary software

Innovate UK has invested a further £900k of funding into Titan, a cloud-based medicine dispensary software for pharmacies

Innovate UK has announced £900k of funding to help Invatech Health develop new features for Titan, their cloud-based system that makes dispensing medicines less-time consuming and safer.

It brings the total investment in the company to £2.1 million.

The cutting-edge dispensary software uses fully digitised workflow and barcode technology to give pharmacies greater control and improve the experience for both customers and practice owners.

Since the coronavirus pandemic, the system has enabled independent pharmacists to work remotely and freed up more of their time to support GPS and the wider NHS.

It was first accredited by the NHS in 2019 and has since processed over 1.5 million prescriptions per month.

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.”

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.”