Icelandic startup Prescriby has secured €2 million in funding to innovate at the root of the opioid crisis. As opioid-related deaths reach record highs across the US, Canada, and the EU, the spotlight intensifies on the critical need for preemptive solutions in managing prescription opioids.
Unlike conventional strategies that emphasize addiction treatment, Prescriby focuses on early intervention. Their approach aims to prevent addiction before it starts, fundamentally altering how addictive medications are prescribed and managed. The investment round, spearheaded by Nordic venture capital firm Crowberry Capital, also includes contributions from stakeholders in Canada, Denmark, and Iceland.
Hekla Arnardóttir, a partner at Crowberry Capital, highlighted: “Prescriby is tackling a significant and serious issue with a solution that can prevent addiction from developing in the first place. Most competitors focus on treating addiction, but Prescriby aims to stop it before it starts.”
Prescriby positions itself as a crucial link in patient care, bridging the gap between initial prescription and potential addiction therapy. The company’s software supports safer management of essential opioid prescriptions from the outset and offers clinicians new pathways for tapering treatments for patients who develop physical tolerance and dependence.
Building on its proactive approach, Prescriby has partnered with the Icelandic Ministry of Health to launch a nationwide implementation project in Iceland. They are also expanding into Canada with a commercialization project and planning a controlled cohort clinical trial in Denmark later this year. The fresh capital will help scale operations in Canada and introduce Prescriby’s clinical decision support tools to the US market.
Dr. Kjartan Thorsson, CEO and co-founder of Prescriby, brings firsthand experience from his time at the University Hospital of Iceland. “I was discharging about 30 patients on prescription opioids every week, and roughly one in ten developed some level of addiction. It became apparent that prescribers lacked the tools to offer safer treatments from the start, which is essential for reducing harm from the opioid crisis,” he explained.
As the crisis evolves with substances like Fentanyl replacing Oxycontin as the most used illicit opioid, the need for early intervention becomes more urgent. Prescriby aims to redefine the landscape of prescription management, offering hope for a proactive containment of the opioid epidemic. With a dedicated team based in Iceland and Newfoundland, Prescriby is poised for further expansion in North America in the upcoming months.
Read the orginal article: https://www.eu-startups.com/2024/04/icelandic-startup-prescriby-secures-e2-million-in-funding-to-innovate-at-the-root-of-the-opioid-crisis/
