Medisafe 1 Technologies Corp. is focused on developing and commercializing a proprietary solution that effectively prevents unauthorized administration of a drug or medicinal substance by hypodermic needle. The company’s patented technology is a medical assembly with a locking mechanism designed to protect patients from receiving the wrong medication by requiring positive pre-matching between the substance and its intended patient.
According to the Institute of Medicine, medication mistakes are the most common medical errors. In addition to harmful and even deadly consequences to patients, these errors result in a conservatively estimated $3.5 billion of additional medical costs for treating drug-related injuries. Studies indicate that 400,000 preventable drug-related injuries occur each year in hospitals, another 800,000 in long-term care settings, and approximately 530,000 among Medicare recipients in outpatient clinics.
The sobering number of medication errors and preventable adverse drug events have increased market demand for an effective solution. Healthcare providers understand the importance of having the tools necessary to prescribe, dispense, and administer drugs as safely as possible. Medisafe 1’s approach to reducing these errors not only benefits healthcare organizations and federal agencies, but the industry as a whole and patients as well.
Medisafe 1 has demonstrated its commitment to building shareholder value as its business plan moves forward. In recent news, the company announced the approval of a stock repurchase program that authorizes the repurchase of up to 10 million of its outstanding shares of common stock at a price up to $0.10 per share. Medisafe 1 is also actively seeking to acquire commercial-stage technologies and revenue generating companies that augment its existing business model.
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