According to the affiliation agreement, the Institute for Safe Medication Practices will be an ECRI Institute subsidiary when the transaction closes in January, 2020.
The ECRI Institute and the Institute for Safe Medication Practices (ISMP) have announced that they will be merging to create 1 of the largest patient safety entities in the world.
According to the affiliation agreement, ISMP will be an ECRI Institute subsidiary when the transaction closes January 2, 2020. Through this partnership, the 2 nonprofit organizations will create a single source committed to promoting patient safety.
“This agreement will strengthen our critical contributions to medication safety,” said Michael Cohen, RPh, MS, ScD (hon.), DPS (hon.), FASHP, president of ISMP, in a prepared statement. “It allows both organizations to retain their core missions, while immediately extending our ability to share lifesaving information and further a vision where safe, high-quality health care is more readily available. We look forward to this new chapter.”
Cohen and ISMP’s executive vice president Allen J. Vaida, PharmD, FASHP, will continue to lead ISMP, working closely with ECRI Institute executives. ECRI Institute president and CEO, Marcus Schabacker, MD, PhD, will immediately join ISMP’s board of trustees, along with 2 other ECRI Institute leaders.
ECRI Institute and ISMP both promote patient safety by sharing adverse events, near misses, and unsafe conditions across all health care settings, including those associated with pharmaceutical products, and medical devise use. Four of 5 United States hospitals rely on ECRI Institute’s data and recommendations to protect patients from unsafe practices and ineffective products.
Meanwhile, ISMP’s efforts to improve patient safety have prompted significant clinical practice and public policy changes, including improvement in drug labelling, packaging, preparation, and administration.
“Two trusted organizations deeply committed to improving the safety of medical treatments are even more effective when they work together,” said Schabacker, in a prepared statement. “For both organizations, this agreement furthers the mission, deepens expertise, and broadens relationships. It’s a good move for both of us and for all of the organizations we serve, and ultimately for the patients worldwide.”
ECRI Institute and Institute for Safe Medication Practices Join Forces to Enhance Patient Safety [press release]. ECRI Institute website. Published November 13, 2019. https://www.ecri.org/press/ecri-institute-safe-medication-practices-join-forces-enhance-patient-safety. Accessed November 14, 2019.