VeriMed, a technology company that works to provide a secure, transparent and safe supply chain for controlled substances, today announced it has secured $3 million in venture funding. The financing was led by Fortis Capital Holdings, a private investment firm.
Through VeriMed's proprietary technology, stakeholders along the controlled substance supply chain – including doctors, wholesalers and pharmacists – may have access to HIPAA-compliant data in an effort to make the prescribing and dispensing of controlled substances safer and more transparent. With VeriMed's technology, physicians can evaluate a patient's propensity to abuse and/or divert controlled substances prior to writing a prescription, as well as monitor a patient's adherence to that prescription. Additionally, VeriMed pharmacists utilize this data prior to dispensing to help, among other benefits, ensure compliance with the Controlled Substances Act of 1970 and to confirm the legitimacy of prescription being filled.
Funds from this financing round will be used to commercialize VeriMed's technology, which includes the VeriPak™, a blister pack for dispensing medication which records the date and time each pill is removed, so prescribing physicians can verify that patients are using the medication as directed. Additionally, funds will be used to commercialize VeriMed's Surveillance Pharmacy, a mail-shipment pharmacy which utilizes data to help mitigate the delivery of controlled substances to patients who have the potential to abuse or divert their medication.