MyMedCoupons(MMC) announces it has secured an investment from Innovation Works, the largest seed-stage investor in Southwestern Pennsylvania. The investment comes as the firm seeks $750,000 in seed and angel stage capital for the development and launch of a digital marketing platform for the pharmaceutical manufacturing industry.
MyMedCoupons is a Pittsburgh-based healthcare IT startup reimagining how patients receive discounts on the prescription medications. CEO Jay William Frink explains the company’s vision is to deliver a new toolset to make prescription medicines affordable for patients, which in turn drives better prescription adherence and lowers systemic healthcare costs. “Giving patients the tools to save on prescriptions delivers win-win outcomes for patients, brands, doctors, and health insurers alike.” According to a recent study by pharmacy benefit manager Express Scripts, the problem of prescription non-adherence is estimated to cost the U.S. $317 billion annually in avoidable healthcare costs.
MMC’s digital marketing platform, scheduled to launch in Q4 of 2013, allows doctors to route patient savings offers directly to pharmacies along with prescriptions. Additionally, a text messaging solution allows patients to sign up for and receive prescription discount information on any mobile device.
The company has also developed a patent-pending mobile application which allows patients to validate their prescription purchase and receive manufacturer savings directly to their PayPal™ accounts. “It’s nearly instantaneous” says CEO Jay William Frink. “I think the solution is a highly disruptive one that favors patient choice and brand engagement.”
Jonathan runs Visibility Initiatives at the Pittsburgh Technology Council. The Council is the nation’s largest IT trade association with 1,350 members. One of our platforms is to provide visibility to Pittsburgh tech companies and the industry in general.