Veriphi has spent 7 years and $6 million developing a patented laser analyser which scans intravenous lines and bags along with syringes to detect if the drug and the dosage is correct. Medication error is the most common cause of patient harm in hospitals, with an estimated 120 deaths a year in New Zealand while up to 15 percent of medication errors are thought to go unreported.
The start-up is beginning validation trials later this year at Auckland Hospital pharmacy after it built a commercial prototype which will include proprietary IV consumables that create recurring revenue. The trial will involve verifying 15 oncology drugs. Trials at other New Zealand hospitals and in Melbourne and New York are also planned after the Auckland trial is complete.