Tabula Rasa HealthCare has executed a definitive agreement to acquire Brisbane, Australia based DoseMe — the developer of DoseMeRx, an advanced precision dosing tool to help physicians and pharmacists accurately dose patients' high-risk parenteral medications based on individual needs.
Already available in over 100 hospitals and infusion providers around the world, DoseMeRx's precision dosing capabilities will now be combined with TRHC's proprietary Medication Risk Mitigation (MRM) technologies in order to enhance and accelerate medication safety solutions available in the hospital setting.
"With DoseMe's state-of-the-art decision support tool combined with our ability to predict and prevent harmful drug interactions through tools such as the MRM Matrix, we are now able to offer hospitals a broader range of protection against adverse drug events, the fourth leading cause of death in the US," TRHC Chairman and CEO, Calvin H. Knowlton, Ph.D, said in a statement. "Together, we can power the shift to precision prescribing, tailoring medication to meet individual needs and tolerances, which will have a profound impact on safety, quality, and costs, such as medication-related increased hospital length-of-stay."
Every year, over 2 million serious adverse drug events occur in hospitals in the US alone, costing an estimated $177 billion — more than the total cost of cardiovascular or diabetic care across the US.
DoseMeRx is designed to solve this problem by creating a virtual model of each patient based on their specific pharmacokinetics, such as the patient's ability to absorb, metabolize, distribute and eliminate a therapeutic drug. The software then uses this model to simulate potential outcomes of different dosing regimens to ensure the optimal dose is achieved.
"By joining Tabula Rasa HealthCare, we are able to more effectively combat the growing problem of adverse drug events, most of which can be prevented through better medication monitoring and dosing," added Charles Cornish, CEO of DoseMe. "We look forward to working with TRHC to provide clinicians with the tools they need to optimize medication therapy and improve patients' quality of life."
TRHC expects the acquisition to close in the first quarter of 2019, subject to customary closing conditions. The company will fund the acquisition through cash on hand and cash from operations, and from the use of its existing credit facility. Following the completion of the acquisition DoseMe will become part of TRHC's CareVention HealthCare technology and service division, which offers advanced data analytics, an integrated technology platform and consulting services.