What You Should Know:
– French digital health startup Synapse Medicine raises $8M in funding led by insurance provider for healthcare professionals MACSF.
– The Synapse Medicine medication intelligence platform supports companies and healthcare institutions in their decision-making processes to ensure the safety of prescriptions.
– Synapse Medicine currently works together with telemedicine companies, public and private insurance providers, hospitals and care facilities, as well as pharmacy associations on the topic of appropriate drug use.
Synapse Medicine, a French-based medical intelligence platform announced that it has raised 8 million dollars, spearheaded by the MACSF, a leading insurance provider for healthcare professionals, and with the support of XAnge, BNP Paribas, BPI, and Nicolas Dessaigne, co-founder of Algolia. The company plans to utilize the latest round of funding to scale development of its leading-edge medication intelligence platform, which is already being used by thousands of healthcare professionals and patients daily. The company has now raised $11 million dollars over a 14-month period and tripled the size of its staff.
Taking medication comes with certain risks: the recent controversy surrounding hydroxychloroquine has made this clear once again. More generally, drugs are responsible for 130,000 hospitalizations and 30,000 deaths annually in countries such as France. That is the equivalent to the death toll and hospitalization numbers of the COVID-19 epidemic occurring every year in the country.
Independent Drug Information
Founded in 2017 by two medical doctors and an engineer, Synapse Medicine is on a mission to provide everyone who needs it with easy access to reliable and up-to-date medical information. Via its SaaS platform, Synapse Medicine offers healthcare professionals such as doctors and pharmacists an easy way to look up reliable, up-to-date information about medications, to analyze prescriptions in real-time, and to ensure the safety of drug therapies. Key benefits include a guarantee that the information provided is free of fake news, as well as increased safety and time savings for healthcare professionals. The company, which has set itself the mission to provide reliable and up-to-date medical information to everyone who needs it, has also developed a dedicated version of its offering for the general public. This solution has already been directly integrated into other services such as telemedicine platforms.
The Synapse app gives consumers free and easy access to reliable, up-to-date information about their medication and helps them to better understand the treatments they are on. With just a few clicks, users can look up the risks of self-medicating with a particular drug and communicate more effectively with their doctor and pharmacist.
The telemedicine sector is growing fast. According to a recent study by the consultancy McKinsey & Company, 20% of healthcare services will be provided virtually in the United States in 2020 which is expected to reach 250 billion dollars. These figures show that telemedicine is being widely adopted everywhere in the world, which means that the ability for those stakeholders to warrant the safety of prescriptions has now become essential.
With this new funding round, Synapse Medicine intends to strengthen its leadership position in the field of prescription aids for telemedicine platforms globally. Its solution allows telemedicine companies to enhance their platforms with the integration of a turnkey prescription solution that ensures the safety of prescriptions, thereby helping them to attract and retain both physicians and patients.
“Since the creation of Synapse Medicine, our mission has always been to provide everyone, everywhere in the world, with easy access to reliable and up-to-date medical information. This new funding round will allow us to move faster going forward and to bring Synapse within reach of anyone who needs it. 2020 has been marked by an unprecedented health crisis. However, hundreds of millions of people need our technology not just now, but every year that goes by. Time is of the essence here,” commented Dr. Clement Goehrs, CEO and co-founder of Synapse Medicine.