NEW YORK, April 10, 2019 /PRNewswire-PRWeb/ -- On March 28, 2019, tech-enabled pharmacy company, MYRX365 announces the acquisition of Dallas, Texas based RealTime Clinic, a StartUp Health portfolio company. The acquisition brings RealTime Clinic's suite of patient and physician-centric digital health tools to the combined company to enable MYRX365's care triangle of Physician, Pharmacy and Patient.
MYRX365 seeks to change the current pharmacy paradigm by putting patients in charge of their prescription management through its unique set of technology-enabled patient engagement tools. Through its automated suite of software and fulfillment tools, the company serves patients 365 days a year through its full-service delivery teams while ensuring that their health and medication histories are stored in a single place.
MYRX365 has been operating in stealth mode since 2017. To date it has filled almost 30,000 prescriptions. Had approximately $7MM in revenue in 2018 and was cash flow positive. MYRX365 has no debt and was able to increase its year over year revenue by almost 7X. Using data analytics, AI and machine learning, MYRX365 has been able to drive its gross margins significantly higher than other players in the space. In 2018, the average gross profit per prescription was $153.22, while industry average was $11.
RealTime Clinic offers both physician and patient-centered engagement tools designed to improve health outcomes. Its technology platform enables patients to gather information by connecting existing devices, activity trackers, and other health related apps to their personal dashboards to track progress, assess progress and access medical records and clinical notes.
In combining both technologies, patients can connect their physician encounters with their drug therapies, fulfillment and education in a single platform.
RealTime Clinic is also part of the StartUp Health Academy. StartUp Health is on a 25-year mission to collaborate with entrepreneurs to improve the health and wellbeing of everyone in the world. StartUp Health believes that something magical happens when you bring together coachable entrepreneurs from around the world who have the mindset to achieve health moonshots. Since 2011, StartUp Health has been investing in a global army of entrepreneurs -- called Health Transformers® -- to achieve Health Moonshots: Access to Care, Cost to Zero, Cure Disease, End to Cancer, End Addiction, Women's Health, Children's Health, Nutrition & Fitness, Brain Health, Mental Health & Happiness, Longevity, and Addiction. Backed by Advocate Aurora Health, Chiesi Group, Steve Case, Mark Cuban, Esther Dyson, Brad Feld, GuideWell, Jason Finger, Jerry Levin, Kaiser Permanente Ventures, Masimo, Novartis, Otsuka, Ping An Group, and SeventySix Capital, StartUp Health has the world's largest digital health portfolio with more than 280 companies spanning six continents and 23 countries. Learn more at startuphealth.com.
While billions are spent each year on health-related big data, very little of it is designed to help the healthcare system improve the way patients receive and manage their drug therapies. Mohammad Ali, MYRX365's CEO states, "At MYRX365 we are singularly focused on improving access to medication and health information for all, while we manage costs and help our patients better their lives through actionable data. By adding RealTime Clinic to our technology mix, we have effectively created a care triangle linking Patients, Physicians and Pharmacy in real time for the first time."
Nehal Swami, RealTime Clinic's CEO states, "This acquisition firmly plants a stake in the ground for MYRX365 as we implement our consumer-centric engagement strategy. We look forward to building upon the vision set forth by MYRX365 to bring patients, physicians and pharmacy together to improve adherence and health outcomes."
MYRX365 is a tech-enabled pharmacy leveraging consumer-oriented data and the latest in fulfillment technologies to improve adherence and patient engagement in the prescription drug therapy marketplace. The company's unique suite of technology tools effectively creates a real-time care triangle, linking patients, providers and pharmacy to maximize engagement and adherence.
SOURCE MYRX365
Advertisement
MYRX365 seeks to change the current pharmacy paradigm by putting patients in charge of their prescription management through its unique set of technology-enabled patient engagement tools. Through its automated suite of software and fulfillment tools, the company serves patients 365 days a year through its full-service delivery teams while ensuring that their health and medication histories are stored in a single place.
Advertisement
MYRX365 has been operating in stealth mode since 2017. To date it has filled almost 30,000 prescriptions. Had approximately $7MM in revenue in 2018 and was cash flow positive. MYRX365 has no debt and was able to increase its year over year revenue by almost 7X. Using data analytics, AI and machine learning, MYRX365 has been able to drive its gross margins significantly higher than other players in the space. In 2018, the average gross profit per prescription was $153.22, while industry average was $11.
RealTime Clinic offers both physician and patient-centered engagement tools designed to improve health outcomes. Its technology platform enables patients to gather information by connecting existing devices, activity trackers, and other health related apps to their personal dashboards to track progress, assess progress and access medical records and clinical notes.
In combining both technologies, patients can connect their physician encounters with their drug therapies, fulfillment and education in a single platform.
RealTime Clinic is also part of the StartUp Health Academy. StartUp Health is on a 25-year mission to collaborate with entrepreneurs to improve the health and wellbeing of everyone in the world. StartUp Health believes that something magical happens when you bring together coachable entrepreneurs from around the world who have the mindset to achieve health moonshots. Since 2011, StartUp Health has been investing in a global army of entrepreneurs -- called Health Transformers® -- to achieve Health Moonshots: Access to Care, Cost to Zero, Cure Disease, End to Cancer, End Addiction, Women's Health, Children's Health, Nutrition & Fitness, Brain Health, Mental Health & Happiness, Longevity, and Addiction. Backed by Advocate Aurora Health, Chiesi Group, Steve Case, Mark Cuban, Esther Dyson, Brad Feld, GuideWell, Jason Finger, Jerry Levin, Kaiser Permanente Ventures, Masimo, Novartis, Otsuka, Ping An Group, and SeventySix Capital, StartUp Health has the world's largest digital health portfolio with more than 280 companies spanning six continents and 23 countries. Learn more at startuphealth.com.
While billions are spent each year on health-related big data, very little of it is designed to help the healthcare system improve the way patients receive and manage their drug therapies. Mohammad Ali, MYRX365's CEO states, "At MYRX365 we are singularly focused on improving access to medication and health information for all, while we manage costs and help our patients better their lives through actionable data. By adding RealTime Clinic to our technology mix, we have effectively created a care triangle linking Patients, Physicians and Pharmacy in real time for the first time."
Nehal Swami, RealTime Clinic's CEO states, "This acquisition firmly plants a stake in the ground for MYRX365 as we implement our consumer-centric engagement strategy. We look forward to building upon the vision set forth by MYRX365 to bring patients, physicians and pharmacy together to improve adherence and health outcomes."
MYRX365 is a tech-enabled pharmacy leveraging consumer-oriented data and the latest in fulfillment technologies to improve adherence and patient engagement in the prescription drug therapy marketplace. The company's unique suite of technology tools effectively creates a real-time care triangle, linking patients, providers and pharmacy to maximize engagement and adherence.
SOURCE MYRX365
