Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company has signed a contract to begin the production of a prototype of its patented medicinal locking device technology.
The prototype will be the first ever of its kind. The design has the potential to significantly reduce preventable drug-related injuries in hospitals and in medical clinics
The contract was signed with PIA Engineering Group (Israel), which will manufacture the prototype. The prototype is expected to be completed in three months. The PIA team includes biomechanical engineers with combined experience of over 60 years, having held senior positions at Elscint and other technology companies.
The purpose of the patented device is to physically prevent medication administration errors in hospitals and in medical clinics. The device includes a syringe-locking mechanism that works in concert with a bar-code reader and database system.
The device electronically confirms whether the syringe held by a medical practitioner contains the correct medication and dosage that has been prescribed to a particular patient, before allowing that medication to be physically administered.
"Medication administration errors in hospitals cause 400,000 preventable drug-related injuries and 70,000 deaths each year," said Jacob Elhadad, Chief Executive Officer of Medisafe 1 Technologies. "The development of this patented locking-device prototype is the first step towards significantly reducing instances of such injuries."
"As the healthcare industry in the U.S. continues to mandate the usage of safer syringe technologies, including Barcoding Point of Care (BPOC) systems, Medisafe 1 Technologies are well positioned. Factoring the possibility of widespread implementation, the total potential addressable market for Medisafe's patented technologies could exceed $1 billion per year," Elhadad added.
