GREENWOOD VILLAGE, Colo., Oct. 3, 2017 /PRNewswire/ -- Secure Medication Systems LLC, the parent company of Safe Rx LLC, today announced its 1st place win at the TiE Rockies Pitch Competition during Denver Startup Week.
"This award is a testament to the hard work of all our employees, who are committed to a future in which caps & closures have security standards that adequately reflect product safety risk, as opposed to the single child resistant standard we have today," said Milton Cohen, President & CEO. "Our award-winning Safe Rx® locking prescription vials (LPVs™) are the first of many product category applications for our patented technology," he added.
In August, the Company formally launched its Safe Rx® line of LPVs™, which won the pharmacy industry's annual award for innovation in their product category, and is raising capital to support the scaling of its operations and new customer growth.
Physician-designed Safe Rx® LPVs™ prevent pilfering, the number one source for teen drug abuse, and according to company estimates would prevent almost 6 million teens from initiating abuse over ten years if implemented nationwide. In 2015, the Johns Hopkins University Bloomberg School of Public Health published an extensive opioid report recommending research into the effectiveness of more secure packaging, while the U.S. FDA has taken a series of steps since 2013 exploring the use of innovative packaging as a response to the opioid epidemic.
The Company plans additional product launches across a number of different categories over the next several years, and expects to have a similar impact in solving other complex public health problems caused by inadequate cap & closure security. By specification, child resistant cap & closure standards, established almost 50 years ago in 1970, only prevent access by 5-year-olds and younger, and cover an overly broad universe of products with a very wide variance in product safety risk. With the first material innovation since then, the Company's solutions target packaging for products prone to abuse by minors or that have pediatric fatality risk from accidental ingestion.
About Safe Rx® LPVs™
Safe Rx® LPVs™ are physician-developed, child resistant certified locking prescription vials that are tamper-evident and pilfer-resistant. Designed for use in high volume dispensing, Safe Rx® LPVs™ are engineered for extremely low incremental fill time and easy workflow adaptation. For more information visit www.safe-rx.com.