Yesterday a new digital pharmacy launched, dubbed Genius Rx. The new platform will include an artificial intelligence enabled patient engagement tool, which aims to make the experience more personalized, as well as a smart pricing function.
In part, the company said this is an effort to rebrand and automate Mailmyprescriptions.com, which will now be rolled into its pharmacy-as-a-service platform. The company also noted that it plans to make other acquisitions to build the business. The company plans to roll out the new service this summer.
WHY IT MATTERS
The company is pitching this technology as a way to get medications to people at home, pointing out the coronavirus social distancing strategy.
"Our technology-powered approach to digital pharmacy is simple by default, not by exception," Randy Parker, the company’s CEO, said in a statement. "What's most important is that we not only have the proven capabilities to address the challenges of pharmacy access and distribution, we have the deep healthcare services expertise and understand the critical importance of personal care and empathy. This personal focus is never more critical than a time like this when we can deliver medications to an individual's home and eliminate the need for retail pharmacy visits, playing our part in a socially responsible manner to help combat the spread of the coronavirus."
THE LARGER TREND
Digital pharmacies are on the rise. In 2018 digital pharmacy Pill Pack was acquired by Amazon for close to $1 billion. PillPack delivers medications in pre-sorted dose packaging, coordinates refills and renewals, and ensures that shipments are sent on time, according to a statement. The service targets people who take multiple daily prescriptions.
Another player in the space is Capsule, which landed $200 million in new funding in September – only a year after its $50 million Series B round. The company offers hand-delivered same-day medication drop-off to its customers.