Company

Join with us to improve medication management and change healthcare for the better.

Company

Overview

Taking medications correctly is still one of medicine’s biggest problems. We have highly effective drugs for many conditions, but people are not good at taking them.

Overview Details

Taking medications correctly is still one of medicine’s biggest problems. We have highly effective drugs for many conditions, but people are not good at taking them. In fact, there are 700K ER visits, 341K hospitalizations and 125K deaths annually directly attributable to not taking medications correctly.

I founded iRxReminder after 10-years of research on caring for people with dementia. One of the two main reasons people lose their independence is failure to take their medications correctly. Our core purpose is to empower patients and healthcare professionals to manage medications together.

We do that with our 3–component system. Our cloud-based iRxControl center is used by the healthcare team to deploy regimens and get information back in real time. Patients utilize our apps for medication support, symptom reporting, and patient education. Pill dispensing and monitoring are done with the iLidRx, our IoT pill dispensing pod. The platform’s unique component, it’s simple for pharmacists to load and program and simple for the patient to use. Simply Hold, Place, and Tilt™ to dispense.

We have 19 customers successfully using our platform gathering health behavior data for clinical and intervention studies. Partnering with The University of Michigan Cancer Center for a study supported by the Hematology Oncology Pharmacy Association, we are utilizing the iLidRx pod for the first time.

Value Proposition

Taking medications correctly is a big problem in medicine. We have effective medications for many chronic conditions, but people are not good at taking their drugs.

Value Proposition Details

Taking medications correctly is a big problem in medicine. We have effective medications for many chronic conditions, but people are not good at taking their drugs. In fact, the CDC (2015) reports 700K ER visits, 341K hospitalizationsl and 125K deaths each year, are directly attributable to not taking medications correctly. This translates to more than $320 billion in avoidable healthcare costs.

The number of older adults is doubling by 2030, and costs will also grow. Despite this urgency no solution tried, from no tech (pill organizers), to low tech (text messages, phone services, alarmed pillboxes), to state-of-the-art solutions (wireless pill caps; connected pillboxes) have meaningfully impacted the problem.

There are 5 adherence challenges today’s technologies fall short on. Today’s reminding technologies are nagging and easily ignored, rather than supportive and empowering. Wireless caps count openings, not control how many pills are taken, and connected pillboxes require sorting, leading to errors and ER visits.

iRxReminder’s platform has solved all these challenges. Proven in studies, the platform empowers patients to achieve high adherence, improves communication and interactions with the healthcare team, and eliminates errors. Through wide-scale adoption it will provide a solution to manage twice the population with fewer resources, improving care and saving billions.

Healthcare Economics

There are ROI cases to be made for a single drug and multiple drugs. New drug studies focus on taking a single new drug.

Healthcare Economics Details

There are ROI cases to be made for a single drug and multiple drugs. New drug studies focus on taking a single new drug. These studies are challenged by the same problems of people not taking the medication correctly. Today's large-scale studies budget an extra 30% to account for people who are dropped due to not completing the study correctly.

iRxReminder's platform has shown in our NIH-funded and early customer studies that drop-out rates can be reduced from 30% down to 5% or less. This 25% reduction means a savings of up to $18 million. The study also is completed up to 90-day sooner translating to $1 to $2 million per day in additional revenue for each day sooner the drug reaches market.

A study requiring 1000 participants to finish costs $70 million on average. With savings of $18 million, and costs for our technology of $700,000, that represents a 25X ROI.

Transplant recovery is a case for multiple drugs. With bone marrow transplant, patients leave the hospital with 15 medications taken 7 to 9 times per day. High adherence leads to recovery in 6-months. About 1 in 6 patients have rejection reactions, triggered by lower adherence and leading to 18- to 24-months treatment and mortality. iRxReminder's platform empowers more patients to high adherence, saving $400,000 in treatment per patient. A 50% reduction in rejection saves over $1 billion treating patients.

Need / Problem

Empowering patient self-management, and healthcare professionals connection to patients is what is needed to ensure better outcomes.

Need / Problem Details

There are now over 40 oral chemotherapy drugs approved for treatment in cancer. Research shows that adherence to these medications, particularly in adolescents and older adults, is just like other medications, 27 to 60% adherence. These drugs are not effective at these levels. The challenge is to get people to take these effective medications, improving medical outcomes.

Healthcare professionals are also disconnected from patients outside the clinic. They are frustrated by patients’ poor adherence, and resulting negative health trajectories, but have no way to monitor daily medication taking behavior and symptoms.

Empowering patient self-management, and healthcare professionals connection to patients is what is needed to ensure better outcomes, high satisfaction in receiving and providing care, and by achieving therapeutic dosing of medications, better health outcomes.

Market Size

There is a $15 billion personal prescription management market based on the potential return utilizing a reimbursement model.

Market Size Details

There is a $15 billion personal prescription management market based on the potential return utilizing a reimbursement model. There are 22 ICD-10 codes that apply to personal medication management support.

There are 10 million people in North America taking 8 or more medications daily and qualify for personal medication management support. These 10 million people have between a 26% and 59% adherence rate meaning that a majority of them would benefit from better adherence and healthcare team support. iRxReminder's technology provides the means to deliver and bill payers for the support required to achieve these outcomes and improved care.

The research market, specifically new drug studies, offers the opportunity to demonstrate the technology by lowering study costs by up to 20%. There are annually 43,000 studies world-wide (a $2.5 billion market) with 5,000 studies in North America ( $500 million market). This market has the advantage of an incentivized, well-funded payer. Globally, there are about 4.9 million participants in research studies.

Competitors

We see three kinds of direct competitors: 1) pill packing technologies, 2) wireless pill bottles, and 3) wired pillboxes.

Competitors Details

We see three kinds of direct competitors: 1) pill packing technologies, 2) wireless pill bottles, and 3) wired pillboxes. The first type of competitors are pill packing technologies such as PilPak and ExactCare. These companies bring daily medication dosing together in a single bag or blister pack. The problem with these technologies is that when you skip a day you have a large number of pills now around which can be dangerous as well as confusing. Our technology always contains the medication, so you can only dispense it at the right time and in the right amount. Pill packing also has a serious problem when regimens change. Patients are required to remove the old pills and add the new pills. This is risky for many patients with cognitive impairment. They are at risk of taking both the old and new medications which may lead to serious and life threatening situations.

The second type of competitor are wireless pill bottle technologies such as MEMSCaps, GlowCaps, and AdhereTech bottles. These technologies can count the opening of the bottle, but they cannot stop a person from taking too many pills at once, or taking medications too many times in a day. These technologies are also either passive (no alert) or nagging, sounding an alarm even if you take the pill on-time. iRxReminder's platform knows when you dispensed the pill, so you only get an alert if you forget, so its supportive and never nagging. Also, you can only take the right amount at the right time, so over dosing is never a concern, in fact, its not possible.

The final type of competitor are wired pillboxes such as MedMinder and IdealLIfe. These are essentially the same as a plastic 7-day pillbox but now with a compartment with a sensor. For highly complex schedules, such as for transplant recovery, medications are taken 7-9 times per day, so having 4 daily compartments is not sufficient. These pillboxes require weekly sorting which can lead to errors, particularly when changes to the regimen are introduced. These technologies do not stop a patient from taking too many pills as well.

iRxReminder's platform is ideal for multiple medications and for handling remote schedule changes. Each pod controls a single medication, so changes to dosing times and amounts can be made remotely. No sorting of pills is ever required and medications are always contained until its time to take the medication. Then the medication is dispensed right into the persons hand to taken right then.

Competitions

iRx Reminder has won several awards over the years.

Competitions Details

  • 2016 Finalist, MedCityNews/AARP Innovator in Medication Adherence
  • 2016 Awardee, $150,000 Cleveland Economic Development Grant with State ESP fund match
  • 2016 Semi-finalist, 43North $5 million dollar accelerator program
  • 2015 Selected Company, Village Capital Health IT Accelerator program
  • 2014 Winning Company, Kaufmann Foundation Energizing Health 14
  • 2013 Semi-finalist, Kauffman Foundation Start-up Business Award
  • 2013 Invited Keynote Speaker, GSA and CHPA National Summit on OTC Medication Behaviors of Older Adults, April, 2013, Washington, D.C.
  • 2011 GLIDE Lorain Innovation Fund, awarded $100K, competitive grant award
  • 2011 Finalist, 10xclerator Business Competition, Fisher College of Business Administration, May 6th, Ohio State University, Columbus OH.
  • 2011 Finalist, TiEQuest Global Business Plan Competition on April 6th, Toronto, ONT, Canada
  • 2011 1st Place Winner, TiEQuest Ohio Business Plan Competition, $20K award

Parterships

iRx Reminder works in conjunction with a variety of schools, companies and research facilities

Parterships Details

We are development partners with InterSystems, we participate in the Burton Mortan Mentoring program through JumpStart, we are a BioEnterprise portfolio company, and we are housed in the MAGNET Incubator in Cleveland, OH. We have research collaborations with Harvard University, The University of Wisconsin School of Medicine, Case Western Reserve University, Cleveland MetroHealth Hospital, George Mason University, Kent State University, and The University of Michigan College of Pharmacy and The University of Michigan Cancer Center.

Our Team

Our team is ideally suited for the development and deployment of a mobile health monitoring and medication platform. We have the fundraising, development, regulatory, and healthcare sales experience to successfully commercialize and scale this needed and disruptive technology.

Dr. Anthony Sterns

Dr. Anthony Sterns

Founded iRxReminder after spending 10-years doing research on caring for people with dementia.
Dr. Anthony Sterns

Dr. Anthony Sterns Details

Dr. Sterns is a recognized pioneer in the use of mobile devices for supporting self-management of chronic illnesses. Prior to founding iRxReminder, as VP of Creative Action he raised $10 million in funding and brought 6 products to market in the long-term care industry. Contact Anthony about investment or utilization questions here.

Josh Smith

Josh Smith

CTO, former IBMer, current IBM Watson developer, and speaks regularly at national programming conferences. Contact Josh about technical information here.
Josh Smith

Josh Smith Details

Fred Pollock

Fred Pollock

Chief Business officer, serial entrepreneur and an experienced executive. Contact Fred for sales and partnership inquires at: fpollock@irxreminder.com
Fred Pollock

Fred Pollock Details

Steve Shapiro

Steve Shapiro

Investor, former CEO of CellularOne and now CEO of eHealthVentures.
Dr. Fred Ma

Dr. Fred Ma

Serving companies as CMO, serving on the President's advisory on the FDA, formerly of Merck and J&J, our FDA expert.
Thomas Brown

Thomas Brown

Advisor, currently serving as the Global Marketing Leader, Radiology, R&F at GE Healthcare.
Cathy Lippert

Cathy Lippert

Cathy Lippert is an executive and leadership consultant in product management, services and strategy. Currently, she leads her consulting firm ProdOptic. Formerly she has held leadership positions at the Girl Scouts of North East Ohio, OnShift, and Oracle Corp.
Ron Higgins

Ron Higgins

President of Cogneato, Inc., Marketing Advisor, Investor, and Board Member.