Photo - knowRX, Inc.
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knowRX, Inc.

Improving patient care one encounter at a time.

USA, Texas
Market: Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 24.04.2020
Min investment
$  2.500.000
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Total required
$ 50.000.000
Rating
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Idea

Our mission is to establish a digital health platform to deliver relevant data and tools that empower patients to better assist physicians, health institutions, and innovators in providing them the best possible care. Our patient-centered platform reduces morbidity and mortality associated with drug treatment, reduces the impact of medication mismanagement on healthcare expense and inefficient use of medical resources, and promotes patient influence on development of healthcare innovations.

Current Status

We completed our MVP and was scheduling a pilot leading up to COVID-19. Now, we have made adjustments and in the process of releasing new features to market to address patient engagement for COVID.

Market

Our target audience are females 28-58 years old. The TAM is 330M patients, SAM is 165M and the SOM is 75M patients.

We can easily grow into an international market place as the underlining problems exist between medication dispersement and non-adherence.

Problem or Opportunity

25% of our Healthcare cost are associated with medication management. 80% of office visits results in a prescription with only a 50% adherence rate. These numbers results in a $350 billion dollar annual cost.

Solution (product or service)

The knowRX solution reduces healthcare cost and makes better use of a physicians time that drive better outcomes for their patients.

Personalized Medication Management is a mobile application that sets schedules, provides accountability, digitizes pharmacy labels and incentivizes the patient.

Individual Health Insights address COVID-19 and beyond by allowing patients to track symptoms and vitals, connect with their primary care or telehealth, received recommendations while providing updates and safe navigation to advance care facilities.

Competitors

Our competitors include Emocha, KnowYourMeds, Aarrdex Group as well as technology companies like Apple and Google who are entering into Health tech.

Advantages or differentiators

Our advantages include an accountability model, near real-time drug analysis, along with our ability to incentivize and reward our consumers.

Finance

We offer a SaaS subscription model to our buyers, Provider Networks, Health institutions and Contract Research Organizations.

The price scales based on the cohort size and data aggregation subscription plans.

In 5-years we expect to generate over $25M in revenue.

Business model

As a cloud based solution, our business model is built around patient empowerment that drives aggregated data into ML/AI algorithms that produce recommendations for better health outcomes.

Money will be spent on

The money will be spent on securing pilots and obtaining 2-3 initial paying clients, along with marketing and development advancements.

Offer for investor

We are open to discussing terms within market range for our deal size with exchanges in equity, board positions and positioning for additional rounds.

Team or Management

Risks

Some challenges we can face would be the following:

time to market
cost to market/brand
driving behavioral change

Incubation/Acceleration programs accomplishment

Completed Founder Institute pre-seed accelerator, September 2019

Completed Bunker Labs Veteran in Residence, November 2018

Won the competition and other awards

SXSW Innovation Award Finalist
Established Startup of the Year Finalist
Rice University Veteran Business Finalist
Hofstra University Veteran Challenge Finalist
Builtin Austin Too 50 Startups to Watch
eMerge AMERICAS Startup Finalist
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video