By Leslie Swanson, president and CEO, eXalt Solutions.
We are quickly moving to a patient-centric world in healthcare where treatment is coming to the patient, the patient is treated more like a customer, and medical facilities of all types must use technology from the business sector. Business sector software designed to improve the customer experience can now be used to improve the patient experience. No technology is driving this shift faster than artificial intelligence (AI). AI is propelling us into an increasingly digital medical experience where patients expect personalized experiences that take into account their individual needs and values, and empower them to get information fast and accurately.
Prescription drugs are ground zero for AI innovation
Although AI has been touted for everything from diagnosis to automating medical imaging to drug discovery, we believe that ground zero for AI innovation in patient-centric healthcare is prescription medicine. Prescribers and patients are suffering in countless ways from the complexity and associated errors in prescriptions.
A single drug has hundreds of factors that must be considered by a doctor or a pharmacist when prescribing or dispensing a drug to a patient. We examined 50 of the most popular drugs and found that the average number of considerations for a single drug is enormous:
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Ivenix, Inc., a medical technology company with a vision to eliminate infusion-related patient harm, was founded in 2012 to develop innovative solutions that transform infusion delivery. Designed from the ground up to streamline medication delivery and bring legacy technology into the digital age, the Ivenix Infusion System includes a large-volume infusion pump supported by a robust infusion management system designed to set new standards in usability, medication precision and interoperability.
Founders’ story
Today’s IV smart pumps rely on technology developed more than a decade ago and continue to put patients at risk. At Ivenix, we believe it’s more important than ever to empower clinicians with the most effective infusion equipment, training and processes to ensure they do no harm. No hospital wants to wonder: “Are we doing enough? Are we making every effort to prevent infusion mistakes?” We are all patients. And Ivenix is dedicated to the belief that infusion technology should put patients first with enhanced outcomes and a better patient experience, while dramatically improving clinical workflow and efficiency. It’s what inspires us, motivates us, and brings us together for the shared purpose of delivering groundbreaking infusion innovation to healthcare.
Marketing/promotion strategy
Ivenix is generating awareness through a number of channels, and has partnered with industry associations, such as HIMSS, IHE and AAMI, which has an Infusion Safety Therapy Coalition, to address current market issues in infusion safety, interoperability and innovation. Ivenix is also testing its infusion pump system with a number of integration partners, including leading EMR, alarms management and clinical communication vendors to provide interoperability solutions.
Market opportunity
Ivenix is addressing the $9 billion global infusion pump market, with first targeted efforts on the U.S. large volume pump market, a $2..6 billion market segment that represents the majority of infusion pumps used in the U.S. hospital and ancillary clinic market.
Who are your competitors?
Braun, BD, ICU Medical, Baxter
How your company differentiates itself from the competition and what differentiates Ivenix?
Ivenix has developed an infusion platform to address an industry fraught with medication errors. Infusion-related errors account for more than 50 percent of the 1.5 million adverse drug events reported annually to the U.S. Food and Drug Administration (FDA). Between 2015 and 2017, more than 23,000 pump malfunctions, including subsequent injuries, were reported to the FDA. With today’s pumps, infusion errors are attributed to error-prone programming tasks, usability issues and clinical use, inaccurate flow, hardware failures and outdated designs with limited information. Currently, less than 1 percent of IV pumps are fully integrated with electronic medical records. Ivenix is rethinking infusion delivery to set new standards in safety, simplicity, and interoperability, Ivenix designed its infusion system on three fundamental dimensions:
- Patient-centered design: Intuitive design enables faster bedside setup and lowers risk of programming errors, benefiting patients because clinicians spend less time troubleshooting pumps or resolving nuisance alarms.
- Integrated data-driven insights: Advanced IT platform integrates with the EMR and other hospital information systems, securely manages data and connects clinicians with patient-specific knowledge to be better informed – and therefore make better decisions – at the bedside.
- Adaptive fluid delivery: Advanced pump technology reduces clinical variability of medication delivery to help improve patient outcomes.
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