Innocap’s smart cap is “transforming the pharmaceutical packaging market” | CTech

“Our patented smart caps are designed to ensure medication safety and adherence, integrating seamlessly into production lines,” explained Innocap. “We are excited to expand our reach into new markets such as baby formula, vitamins and nutritional supplements. Our smart caps have reminders, dose calculators and quick online shopping options and more, all aimed at making health management easier for everyone.”

The company joined CTech for Startup Boarding Pass to discuss its patented smart caps. It aims to address the challenges of safe drug use, particularly for the post-opening period. “We are committed to continuous improvement, providing the best solutions in packaging innovations and creating secure management solutions accessible to all,” continued Innocap.

You can learn more about the company below.

Product/service description:

Innocap offers innovative, patented smart medication caps, addressing the challenge of safe medication use, especially for PAO (Period After Opening) medications. Our caps have numerical numbers to designate the date of opening, ensuring that users are aware of the expiration date of the drug. Integrated with smart chip technology, the caps provide real-time alerts via smartphones, eliminating the need for an app. This technology increases patient safety by preventing the use of expired medications and supports pharmaceutical companies in maintaining drug efficacy and customer satisfaction. Innocap’s smart caps are adaptable, easy to implement and improve overall health management.

Our goal was to design lids that fit seamlessly into existing production lines, making them accessible to everyone and cost-effective. We are currently expanding our market to include vitamins, nutritional supplements and baby formula, expanding the scope of applications of our smart caps. The Innocap smart cap interface offers additional features such as medication reminders, dose calculators, consumption charts and the ability to make quick online purchases when needed.

Yves Sibony and Liron Sharony

The last investment round: 400,000 dollars

The last stage of the investment: seed

Date of last investment: July 2023

Total investment to date: 1.2 million dollars

Investors: CLEAR FUTURE (VC) and Four Nameless Angels

Current number of employees: 5

We are surrounded by many products with an expiration date starting from the first opening, such as pharmaceuticals, baby formula, vitamins, nutritional supplements and certain foods. These dates are determined by manufacturers and approved by health authorities, making it important to avoid using products beyond their expiration date.

For example, using a pharmaceutical syrup past its expiration date may result in reduced effectiveness or even harm. Without marking the opening date, it is impossible to know if the product has expired.

Recognizing that most consumers do not note opening dates, we saw the need for a solution. We developed a smart cap to track opening dates and ensure products are used within their effective periods, increasing safety and efficiency.

What is the need for the product?

There are many products on the market that have a short shelf life after opening, which is a common issue for consumers. Expiration and expiration warnings are often found on product packaging, but they can be easily overlooked or forgotten. Our Smart Cap provides a better way to manage these warnings and ensure that medications are used safely and effectively.

Using expired medications may be less effective and, in some cases, may cause harm to the patient. Our smart cap helps mitigate this risk by providing timely reminders and tracking features that ensure medications are taken within their effective period. This not only increases the efficacy of the drug, but also prevents potential health risks associated with expired drugs.

Additionally, our smart cap provides easy and accessible drug information, ensuring consumers can quickly find the information they need. This includes dosing instructions, expiration dates, and other critical details, all easily accessible through the smart cap interface.

By addressing these challenges, our smart cap significantly improves medication adherence, increases patient safety, and provides peace of mind for consumers, healthcare providers, and pharmaceutical companies.

How is the market changing?

Innocap’s smart cap is transforming the pharmaceutical packaging market by addressing a critical consumer need – accurate medication usage tracking. Many consumers forget to mark or remember the opening date of their medicines, which leads to the risk of consuming expired medicines or throwing away medicines prematurely due to uncertainty about their stability. This not only reduces the effectiveness of treatments, but also poses potential health risks.

Overall, Innocap’s smart cap is setting a new standard in the pharmaceutical industry by increasing medication adherence, improving patient safety, and providing a comprehensive solution to a common issue in medication management.

How big is the market for the product and who are its main customers?

Our smart cap targets medications with a short shelf life after opening, primarily liquid, OTC and prescription medications. The global OTC drug market alone was valued at around $224.3 billion in 2023 and is expected to grow significantly

In addition to the pharmaceutical market, Innocap is also expanding into the food supplement and vitamin markets. These products often face challenges with ensuring continuous use, a problem that our smart cover can effectively solve. Our smart hats will soon be available in these markets, further expanding our reach and impact.

Our key customers include pharmaceutical companies, healthcare providers and consumers looking for reliable solutions to improve medication adherence and maintain the effectiveness of their treatments.

Does the product already exist? If not – at what stage is it and when is it expected to be released?

Our smart caps are already on the market in Israel, successfully launched with CTS Pharmaceuticals. Currently, we are expanding our reach into the baby formula market and the vitamin market. This expansion allows us to bring the benefits of our innovative technology to a wider audience, ensuring better compliance and convenience of medicines in various segments of the healthcare industry.

Who are the main competitors in this sector and how big are they?

Innocap’s smart cap is a unique solution protected by a world patent, making us the only provider of this innovative technology. As a result, we have no direct competitors offering a similar product. While there are other companies in the broader smart medication management space, none offer the same integrated and user-friendly solution that our patented smart cap offers. This exclusivity gives us a significant competitive advantage and positions Innocap as a leader in the pharmaceutical packaging industry.

What is the added value that the founders bring to the company and the product?

Our strong industry connections and comprehensive knowledge of the pharmaceutical market enable us to anticipate trends and stay ahead of the curve. We have built a winning team, combining leading industry experts, including pharmaceutical CEOs and owners, and established relationships with leading companies in the industry. This foresight ensures that Innocap continues to innovate, offering products that consistently exceed market expectations.

As the founder of Innocap, we bring a visionary approach to our smart cap solution, ensuring it is accessible and cost-effective for consumers and pharmaceutical production lines. Our deep understanding of market needs and regulatory requirements is key to our success.

Our knowledge that a winning product comes from a winning team is our key to success. This approach has been essential in developing a product that meets market demands while maintaining high standards of innovation and efficiency.

What will the money from the round be used for?

The funds raised from our current investment round will be strategically allocated to several key areas to ensure the successful launch and growth of our smart capital. A significant portion will be devoted to research and development to further improve the product’s features and capabilities. We will also invest in expanding our team with qualified personnel in areas such as engineering, marketing and sales.