Prescriby, an Icelandic-Canadian company, has raised €2 million in funding led by Crowberry Capital, a Nordic VC fund, with participation from investors in Canada, Denmark, and Iceland. The company focuses on proactive intervention in the opioid crisis by providing a solution that enables safer management of necessary opioid prescriptions from the first use and offers tapering treatments to patients who have developed physical tolerance and dependence. They will use the funding to scale within Canada, introduce their solution to the US market as a clinical decision support tool for prescription opioids and other addictive medications, and further expand their team in Canada and the US.
Prescriby bridges the gap in patient care between the initial prescription and addiction therapy. By emphasizing proactive management of addictive medications, Prescriby aims to improve patient outcomes and alleviate strain on healthcare systems. Their innovative software facilitates safer opioid prescriptions from the onset and introduces new avenues for tapering treatments for patients facing physical tolerance and dependence.
As the US, Canada, and the EU grapple with escalating opioid-related mortality rates, Prescriby’s proactive intervention approach aims to reshape the narrative. Unlike traditional efforts that focus on treating addiction, Prescriby targets the very root of the crisis, prioritizing safer prescription practices. As Prescriby sets its sights on scaling within Canada and entering the US market, its team based in Iceland and Newfoundland anticipates further expansion, heralding a new era in the fight against opioid addiction.
“Prescriby is tackling a big and very serious problem that has big consequences for many. What got us interested is the proactive approach the solution has to offer where it can prevent addiction from developing in the first place. Most of the competitors are focusing on treating addiction.”, says Hekla Arnardóttir partner at Crowberry Capital.
In collaboration with the Icelandic Ministry of Health, Prescriby has initiated a nationwide implementation project in Iceland, embarked on a commercialization venture in Canada, and is set to commence a controlled cohort clinical trial in Denmark. The current funding round will fuel their expansion in Canada and mark their introduction to the US market, positioning Prescriby as a vital clinical decision support tool for prescription opioids and other addictive medications.
Dr. Kjartan Thorsson, Prescriby’s CEO and co-founder, has domain expertise in prescription opioids having been involved in prescribing and managing post-operative patients while practicing medicine at the University Hospital of Iceland, where the idea was originally created.
“I was discharging around 30 patients on prescription opioids every week where you can estimate that one out of ten patients will develop some level of addiction. It became clear to me after some research and outreach to colleagues on both sides of the Atlantic Ocean, that prescribers lacked tools and resources to be able to provide safer treatments from the first prescription as well as tapering long-term users. We should be focusing on making the treatments that are already being provided safer if we’re being serious about reducing the harm from the opioid crisis,” says Dr. Kjartan Thorsson, Prescriby’s CEO and co-founder. “With Fentanyl now having taken over Oxycontin as the most used illicit opioid and multiplying the harm to those who have developed addiction, we should do everything we can to provide early intervention and prevent people from ending up with addiction.”
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