Inauthentic drugs or the counterfeit drugs pose as a threat to the health of patients. According to estimation by the World Health Organization, around 16% of the counterfeit drugs contain the wrong ingredients. Such drugs can be a serious threat to the health.
Founded by Amy Kao, RxAll is a platform that uses a proprietary molecular sensor device with a cloud-based IP-protected deep learning algorithm and database of spectral signatures of drugs- both prescription and recreational- to carry out non-destructive drug authentication. In this interview with The Enterprise World, Amy Kao tells us more about RxAll.
Tell us about the company.
RxAll is a drug quality authentication deep-learning IoT and authenticated drug delivery Platform solving the problem of fake and substandard drugs globally.
Our drug quality checking platform called the RxScanner is used by country FDA, Big Pharma, hospitals and pharmacies to confirm the quality of medicines before they are dispensed to patients. Through the RxScanner platform we build a customized database of drug spectral signatures for Big Pharma. We enable them and their brand security vendors carry out real time testing of drug quality on the field. Big Pharma gets real time information about drug quality and can immediately see and respond in real time to locations where brand counterfeiting is taking place.
The RxScanner platform allows Big Pharma enable their patients test medicines and also see the provenance of the drug. This provides real time data about patients to Big Pharma enabling them to interact with their patients as well as get feedback including on adverse drug effects.
The RxScanner platform allows Big Pharma enable their patients test medicines and also see the provenance of the drug.
Our drug delivery platform called RxDelivered delivers authenticated medicines and medical commodities (authenticated using our RxScanner) from pharma manufacturers, importers and wholesalers to pharmacies, hospitals and patients. RxDelivered enables doctors issue prescriptions to patients directly through the platform and we provide deliveries to the patients.
With over 6000 platform visits weekly, more than 500 transactions weekly and serving 200 pharmacies and hospitals and thousands of patients in West Africa using our platform, we provide big data to Big Pharma about who is buying their products and where they are located.
The Big Data generated enables Big Pharma to target ads specifically to buyers of their brands. We also help with deliveries reducing the cost to Big Pharma of servicing their clients. We are headquartered in the USA with subsidiaries in Nigeria, Kenya and China.
What were the initial challenges you faced?
Our earliest challenge was validating our proof of concept and assessing market need. We needed to ensure that our technology achieved maximum detection accuracy, that our technology was accurate, and that our hardware received proper certifications. It was challenging in the sense that it was time consuming in the beginning to get everything set up, but we needed the POC to convince investors that we had a viable business idea.
Which was that point that triggered the growth of the company?
Winning the Grand prize award of 100,000 euros at the Hello Tomorrow Global Challenge in Paris was a huge opportunity that put us on the world map. We were selected as the grand prize winner out of 4500 start-ups from over 119 countries so it was definitely validation from the world that helped us build credibility and brought global awareness on the issue of counterfeit medicine. It was a notable milestone that fuelled our company’s growth.
How have the company graphs changed since the foundation? Can you share a few statistics? (You can share the charts/graphs here).
In the wake of covid-19, we launched our newest product: RxDelivered. Since our launch of RxDelivered only 2 months ago, we’ve seen incredible traction. We currently serve 500+ hospitals and pharmacies, covering two thousand medical professionals and enabling deliveries for 250K+ patients. With this pivot to an authenticated drugs delivery marketplace, our company’s growth has accelerated to ~150% QoQ for 2 straight quarters.
What is the reason behind your company’s long-standing success?
It’s a combination of the founders’ grit and interest around industry and space we’re operating in. We are solving a global health problem that kills 1 million people globally with innovative tech.
What are the products/services the company focuses on? How are your services different from those in the market?
We have 2 main products: RxScanner and RxDeliver:
THE RXDELIVERED PLATFORM
How do you decide to take the company a step further in terms of your products/services?
We adapt to the needs of our customers. At the end of the day, we listen to our customers and want to build a product that fulfils their need. Amidst covid, the need of customer all of a sudden became real-time and contactless delivery of authentic medicines. So that’s what we did. We put our customers’ needs first and pivoted our business to RxDelivered. Because we listened to our customers, our growth has been soaring 150% QoQ.
Is there any new addition to the list of products/services? Anything exciting you would like to share?
In the past, we’ve really focused primarily on RxScanner, but in the wake of covid-19, we launched RxDelivered and within three months of operation, we’ve already seen significant traction on our platform. We’re very excited to see the growth of our products and services and look forward to delivering on our mission on ensuring that every individual has access to safe, quality medicines.
What do you think are the responsibilities of an entrepreneur?
Entrepreneurs have a wide variety of roles and responsibilities, but I think the three main categories are: 1) Visionary: Setting the vision and mission of the company (product or service) and dreaming big or crazy enough to want to turn that vision into reality;
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