Healthcare technology and services company Medvantx is adding insight to bringing free-of-cost pharmaceuticals to patients in need.
Early this month, the company announced the launch of Medvantx Insights, a fully integrated, non-commercial pharmacy platform that will advance medication and healthcare access to individuals throughout the country, including those who are underinsured or uninsured.
“We have a growing epidemic around access to medication and that is the center of what we are and what we do,” said Medvantx CEO Prasanna Parthasarathy.
According to U.S. Census data, nearly 40 million U.S. residents live below the poverty line. Data from the most recent report from the U.S. Department of Health and Human Services shows 15.5% of residents are uninsured. And according to a Gallup poll last year, roughly 18 million patients cannot afford the medication they are prescribed.
The cost of patients not adhering to their prescription regimes in the U.S. is estimated by the PAN Foundation at more than $528 billion a year due to morbidity and mortality.
Medvantx is helping solve the issue of drug affordability by collaborating with pharmaceutical manufacturers’ patient assistance programs (PAPs) to deliver reduced cost or even free-of-charge drugs and therapies to patients in need. PAPs are designed as a safety net for individuals who cannot afford their medications and are typically funded by manufacturers’ endowed foundations.
“We touch millions of lives every year, people who are going through cancer treatment or people who are going through rheumatoid arthritis or other serious disease states,” Parthasarathy said. “They don’t have to trade off putting food on the table for their family versus taking care of their chronic condition.”
Parthasarathy took the helm of Medvantx in May of this year and his first order of business was to audit customer needs and experiences to make sure the company had a clear strategy to drive customer value, especially in the areas of e-commerce and medication management.
“Which is a growing trend driven by all the digital health solutions we have seen in the last decade and accelerated from COVID – patients want to take care of specific conditions they are dealing with using cash-pay services with a digital front end,” Parthasarathy said, adding that Medvantx simplifies access to prescription medications by cutting out the middlemen between pharma manufacturers and patients.
Medvantx also focused on its online medication therapy management, which now offers licensed, nationwide coverage to counsel patients with life-threatening diseases like cancer and cardiovascular disease that require high-acuity drugs.
“These are life-changing conditions that people go through and we’re here as a safety net, alongside our pharma partners, to put the patient in charge and be the quarterback for their health and help them with the medications they need and also provide them with the counseling they need around the medication services,” Parthasarathy said.
With the launch of Insights, Medvantx now has a technology platform that enables all its services to be delivered “in a scalable and consistent way,” Parthasarathy said.
“We’ve had products that have been positioned across those areas for many years now, but what we are doing with this launch is integrating some of the shared components around how we approach the market and how we approach the patient experience in a more unified way,” he added.
The Medvantx Insights platform delivers operational, compliance and financial insights to manufacturers through advanced analytics and uses API-based integration across technology platforms for seamless access. Additionally, it ensures flexible prescription management and effortless patient-provider interaction experiences.
“I’m very excited for the launch of our Medvantx Insights platform, furthering our mission to advance access to care,” said Micah Benford, chief medical affairs officer at Medvantx. “Over the last 20 years, Medvantx has been trusted with providing critical pharmacy services, and Insights amplifies those services for the optimal patient, provider, and manufacturer experience.”
Benford is one of several key leadership appointments Parthasarathy made this year at Medvantx as part of an operational restructuring to expand growth and employment opportunities at its production and fulfillment facilities in Sioux Falls, South Dakota and Louisville, Kentucky, as well as its R&D and corporate headquarters in San Diego. Medvantx also has teams around the country doing remote work post-COVID.
In addition to Benford, Medvantx also brought on Evan Brugger as vice president of strategy and business development, Jennie Metenosky as senior vice president of customer experience, Courtney Ray as vice president of people and culture and Joy Neely as chief commercial officer.
“I am thrilled to join an organization that, first and foremost, is committed to advancing access to care every day for the patients we serve,” Neely said. “In addition, the focus on operational excellence and innovation with new solutions like the Medvantx Insights platform that will enable a frictionless patient and provider experience, gives me the confidence that we are well-positioned to scale while continuing to provide best-in-class patient support services.”
CEO: Prasanna Parthasarathy
Headquarters: San Diego
Business: Healthcare technology and services company
Notable: Medvantx is the country’s largest independent, non-commercial dispensing pharmacy.