Ukrainian medtech startup DrugCards, a company that aims to provide pharmaceutical companies with “unparalleled insights” into products’ safety, announced on Friday that it had secured funding from New Nordic Ventures.
While the funding amount has not been disclosed, DrugCards notes that this collaboration entails more than just financial investment. The company says it signifies a strategic partnership that promises to bring immense value to DrugCards’ overarching mission.
New Nordic Ventures boasts an extensive and influential network within the pharmaceutical sector, poised to help DrugCards expand its market reach and growth potential.
The experience and expertise of New Nordic Ventures in mergers and acquisitions is expected to provide DrugCards access to strategic insights that will prove crucial as the startup continues to evolve.
Even before the official partnership, New Nordic Ventures showed support by connecting DrugCards with key players in Latvia’s pharmaceutical scene. This not only opens doors for potential clients but also deepens DrugCards’ understanding of the market.
“We are excited to be part of Drug Card’s journey as they continue to pave the way for enhanced pharmacovigilance and contribute to the advancement of healthcare solutions across Europe,” New Nordic writes on LinkedIn.
Prior to its partnership with New Nordic Ventures, DrugCards secured €255K in funding from pharmaceutical firm Farmak and a Spanish venture capital entity Think Bigger Capital in 2021.
This funding was received through the SectorX and Demium programme, which has helped DrugCards to push the system’s progress and take it to a higher development stage.
Streamlining Drug Safety
The company aims to simplify the complexities inherent to drug safety as pharmacovigilance is one of the pivotal processes in the pharmaceutical industry.
DrugCard offers an affordable software solution that fully adheres to regulations, designed explicitly for drug safety departments to streamline the process of automated medical literature monitoring.
This company claims that this product contributes to cost reduction and streamlining of routine operations for pharmaceutical firms, all while ensuring strict adherence to regulatory standards in the field of pharmacovigilance.
The company seeks not only to automate routine tasks but also to empower professionals to apply their qualifications, skill sets and extensive experience in making crucial decisions related to drug safety protocols.
Currently, the system offers features such as continuous monitoring of medical literature and reporting on adverse drug reactions (ADRs), including analysis and communication through E2B(R2)/(R3)/CIOMS.
It also offers seamless integration with medical databases and terminology, the generation of reports for regulatory authorities and the inclusion of a compliance module that adheres to modern validation requirements.