PharmRight
Name: PharmRight
Location: Charleston, South Carolina
Money Raised: $5.6 million
The Product
Livi is a fully automated, cell-connected home medication dispensing system. She holds up to a 90-day supply of 15 different oral solid meds or supplements. Users and caregivers are alerted to due times, need for re-fills, among other things by text or email.
The Impact
Through reminding and simplifying the daily medication-taking routine, Livi helps patients (particularly chronic disease patients on 6+ meds/supplements) maintain adherence levels of 90 percent or more.
Due to high med adherence levels, Livi cuts overall cost of care by $000s on an annual basis for each chronic disease patient.
Customers or Pilots
PharmRight has a small list of test users. The first device sales will happen around Oct 1.
Revenue Model
Customers are companies that are in the medication management business. We charge them $100 per month – the subscription runs for a minimum of 24 months. They can be pharmacy service providers, home care companies, some senior living communities and health systems.