NPS MedicineWise will wind up operations of its wholly owned subsidiary VentureWise Pty Ltd during 2020 to streamline and consolidate the way it works with partners and stakeholders within the health system to enhance the quality use of medicines (QUM).
This decision follows an internal review to examine the most effective and efficient way of providing services and products into the future to address areas of significant QUM need and help deliver on the mission of the organisation.
NPS MedicineWise CEO, Adj A/Prof Steve Morris says the change, effective from now, will allow NPS MedicineWise to ensure its sustainability as a not-for-profit organisation while continuing to achieve impact in quality use of medicines across the sector with partners to the National Medicines Policy.
“VentureWise Pty Ltd was established in 2015 as a small start up to explore opportunities with new markets and customers in the commercial sector,” says Mr Morris.
“Projects by VentureWise have successfully contributed to the NPS MedicineWise mission to improve the use of medicines and medical tests in areas we were not otherwise funded to work. However the NPS MedicineWise Board has resolved to streamline our business delivery model.
“NPS MedicineWise will continue in its own right to work with a broad range of partners and stakeholders to improve the way medicines and other health technologies are used, with a strong emphasis on maintaining our independence, robust governance, delivering on mission and ultimately optimising our impact,” he said.
Work underway through VentureWise will continue until the completion or transition of contracts, at which time the entity will be wound up.