Medisafe, a leading digital therapeutics company creating digital drug companions, announced that it has raised $30 million in Series C funding. The digital therapeutics company provides advanced human and digital guidance to support patients throughout their medication journey. The new investment will expand Medisafe’s end-to-end solutions and support integration into EHR systems at the time of medication determination. To learn more about the topic, we conducted an interview with Medisafe.
1. Can you tell us more about Medisafe?
Medisafe is a leading digital health organization specializing in digital therapeutics and medication management solutions. Using next-gen digital technology, we connect more than 7MM patients and caregivers to their loved ones, healthcare professionals, and manufacturing partners to maintain engagement and monitoring throughout the course of treatment and therapies. Through new technology and digital advancements, we help to bring the patient journey into the digital age with personalized support, in ways that meet today’s socially distanced, digitally connected lifestyle.
2. Who can benefit from your platform?
Medisafe is beneficial for any patient taking any type of medication, especially those managing specialty medication or taking more than one medication at a time. Nearly 50% of Americans take more than one medication, and 20% take five or more medications. Juggling various medications, proper dosing, schedules, and symptoms can be challenging. Medisafe helps to reduce the confusion, empower patients in their health, and provide reassurance in medication management.
3. Medisafe has raised $30 million in Series C funding, how are you planning to use this funding to expand Medisafe further?
This latest investment adds more resources for Medisafe to continue to enhance its platform, including the introduction of new features and greater connectivity for easier user and integration. Medisafe will also use funds from this latest round of financing to add more than a dozen new employees during 2021, and more employees well into 2022.
4. How did the COVID-19 pandemic affect your development plans?
The pandemic has created new interest among patients to use digital tools to manage their health. This increased adoption and increased interest has helped to create new opportunities with pharma to increase their investments in Medisafe’s platform. Whether through new funding, increased support for existing programs, or adding new clients, the pandemic demonstrates willingness among patients, providers, payers, and pharma to advance digital tools to support patient health.
5. How does Medisafe support patients throughout their unique therapy journey through its digital drug companions?
Medisafe starts where traditional patient care ends, at the time of medication prescription. We provide digital support throughout the patient journey, delivering guidance and reinforcement to manage the various hurdles of medication management. From insurance authorization to titration schedules to symptom tracking to follow-up visits, we help to deliver custom support that helps patients stay on track. This level of expertise also extends to care givers and clinicians with digital support solutions that produce greater adoption rates.
6. Over the past eight years, Medisafe has amassed a database of over four billion dosage behaviors. Can you tell us more about this database?
Medisafe uses AI technology to analyze more than 4 billion managed doses. We leverage this data to identify personal types based on characteristics such as reasons for non-adherent behavior, demographics, digital profiles, and therapeutic needs. AI guides patients through their personalized journey in their medication management needs, including, periodic surveys or interventions to assess their progress. If needed, persona-based designs will change to meet patient’s needs.
Through our advanced platform, Medisafe delivers average adherence rates by users of 86%, well above industry norms of 50%. Medisafe’s platform has helped to prevent more than 500,000 potentially harmful drug-to-drug interactions.
7. What are Medisafe Care Connector and Medisafe Maestro?
Medisafe’s Care Connector provides clinicians with continuous connectivity to their patients through an integrated digital platform. This connection optimizes engagement throughout the patient journey by linking patient activity into clinician workflows. This continuous connectivity enhances patient monitoring for clinicians.
Medisafe Maestro creates a central command to integrate actions with other vendors for financial support, patient support, specialty pharmacies and hubs, as well as digital patient communication. The platform provides real-time visibility and insights into patient engagement, adherence and AI continual learnings to deliver personalized support to each patient.
8. Where do you see Medisafe in the next 5-years?
Our vision has always been around helping patients manage medication therapies and the journey that extends beyond diagnosis. I see Medisafe as a transformative platform that can help to close the gaps in the ecosystem. We offer a digital entity that makes the medication journey more personal, more connected, more engaging, and more supportive to patients’ daily lives. In the future, I would like to see the potential for Medisafe to be deployed at the time a physician writes a prescription and becomes a complement to all specialty medications.
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