knowRX is a machine learning platform that expedites clinical trials and increases medication adherence for significant cost savings and efficiency gains in the evaluation and use of treatment innovations. Our goal is to establish digitally integrated community health networks and position them to influence and support the efficient conduct of clinical research applicable to their communities along with the efficient distribution and use of acquired knowledge for precision patient care.
Current Status
We completed our MVP, passed IRB review and heading into a pilot. We have made adjustments and in the process of releasing new features to the market to address patient engagement for COVID and specifically around Vaccine trials.
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.
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
