“ScriptSwitch is a rare example of a business that has developed a unique product and created its own market opportunity from scratch. With our support, we are confident that management will continue to develop the business in what is an exciting sector with significant further growth potential.”
Matthew Caffrey, Livingbridge
Prescribing the right medicine for growth
At time of investment Livingbridge partner, Matthew Caffrey, said, “ScriptSwitch is a rare example of a business that has developed a unique product and created its own market opportunity from scratch. With our support, we are confident that management will continue to develop the business in what is an exciting sector with significant further growth potential.” ScriptSwitch had first-mover advantage and it was clear that it needed a stronger platform to enable it to grow – and fast. Key senior executives were added to the team, and the capital invested by Livingbridge enabled investment in the infrastructure of the business.
- Key appointments were made in the form of financial director, sales director and chairman.
- During our three-year investment period, the number of patients with access to the ScriptSwitch service increased by more than 250%.
- Supporting infrastructure was put in place, with Mike Washburn, CEO, commenting, “Our customer base was growing very quickly so we needed to recruit more staff, and find new premises; but we also needed a partner who would not only help us in securing a financial advantage to achieve this but also provide that next level of expertise to help us in recruitment, business planning and strategic direction. Livingbridge had a great understanding of the primary care market and seemed capable of helping us grow our human capital side rather than just the financial side.”
- ScriptSwitch’s success in improving both patient safety and delivering cost-savings on prescribed drugs meant that it was used by more than 60% of UK Primary Care Organisations in 2010, a year in which annualised savings to the NHS exceeded £20 million.
“Livingbridge have supported the executive team in generating the impressive growth the business has delivered over recent years; through assisting the strategic debate at the board and helping with the recruitment of additional senior talent. I am looking forward to the next phase in the development of ScriptSwitch confident that we have built a robust and scalable business.’
Mike Washburn, CEO
ScriptSwitch founded by two Warwick University students and one pharmacist
Seed fund invests funding a two year prototyping and proving cycle
First major contracts signed
Awarded the Queen’s Award for Enterprise in Innovation
Successful realisation to UnitedHealth UK