Healthcare companies worldwide are embracing innovative approaches to support the mission of ensuring patients‘ universal access to essential medications. Medvantx is a non–commercial dispensing pharmacy that connects pharmaceutical, diagnostics, and medical device manufacturers to offer pharmacy services to patients to access medications. From prescription assistance through PAPs (Patient Assistance Programs) and CashPay programs to clinical trials, Medvantx’s digital pharmacy platform is revolutionizing the way healthcare is delivered.
To gain a deeper understanding of the company, The CEO Views team interacted with Mr. Prasanna Parthasarathy, CEO of Medvantx in a recent interview.
The CEO Views: What acted as the driving force behind the inception of the company? What sparked your interest in this space and what was your mission at the outset?
Prasanna Parthasarathy: At Medvantx, our mission is to bridge the gap between patients and access to essential medications. Since our establishment in 2013, our motivation has gone beyond just business. We believe in innovation and the potential for the healthcare industry to cure complex diseases in the coming decades. By partnering with manufacturers, we guide the journey of innovation and help patients take control of their healthcare.
I continue to be inspired with the idea of a advancing global health and that is why I have been in this sector for more than 2 decadesand eventually led me to Medvantx in May of 2022. I am dedicated and driven to help people in their race towards better health without compromising financial well–being. Through our innovative platform, Medvantx INSIGHTS, we help those who fall through the cracks. of the healthcare system and ensure patients, regardless of their economic status, can access the medical care they need. My goal is not just to motivate our company to provide amazing pharmacy services but also to advance. equity in healthcare.
The CEO Views: What have been the most significant accomplishments and milestones so far?
Prasanna Parthasarathy: In 2022, we introduced the Medvantx INSIGHTS Platform–mobile and Cloud solutions, offering a seamless user experience that facilitates providers, and pharmaceutical manufacturers. The Medvantx INSIGHTS platform is structured into three key sections: “Connect,” “Engage,” and “Analytics.”
The capabilities of the platform allow Medvantx to customize and tailor our services to meet the unique needs of the healthcare community, encompassing safe medication fulfilment, compliance, SLA management, pharmacy automation, and secure dispensing. Additionally, we leverage cloud–based reporting, payment processing, and data tracking. Our services extend beyond safe medication fulfilment. We aim to unlock new possibilities and transform the digital pharmacy landscape by revolutionizing access to care.
The CEO Views: Tell us a bit about the Medvantx platform. How is it instrumental in connecting patients, providers, and healthcare organizations?
Prasanna Parthasarathy: The “Connect” solution provides innovative technology to secure sharing of patient data. By adhering to HIPAA (Health Insurance Portability and Accountability) compliance standards, we facilitate the seamless exchange of e–prescriptions between pharmacies and patients, streamlining access to healthcare.
Our “Engage” solution operates 24/7/365, providing a flexible and manageable solution for both patients and providers. Through digital integration, manufacturers can collaborate with pharmacies, enabling them to focus on prescription management and ensuring timely medication delivery, regardless of insurance coverage.
The “Analytics” solution empowers users by granting them access to integrated data from multiple sources. Through advanced algorithms, our cloud platform generates valuable clinical insights, advancing informed decision–making based on operational, compliance, and financial information for the manufacturers.
The capabilities of the INSIGHTS platform allow Medvantx to customize and tailor our services to meet the unique needs of the healthcare community, encompassing safe medication fulfilment, compliance, SLA management, pharmacy automation, and secure dispensing.
The capabilities of the INSIGHTS platform allow Medvantx to customize and tailor our services to meet the unique needs of the healthcare community.
The CEO Views: What are some of the key challenges that you are facing in the industry, and how are you approaching them?
Prasanna Parthasarathy: The biggest challenge in our industry today is the increasing cost of healthcare, which makes medications less affordable and healthcare delivery more complex. Despite these economic pressures, our main goal is to provide high quality branded medications in a cost–effective and compliant manner. Our INSIGHTS Platform is a prime example of how we overcome challenges to optimize our services and manage resources efficiently. It enables us to understand patient needs and medication trends, allowing better care delivery.
The CEO Views: How do you make use of technological advancements to deliver the best outcome?
Prasanna Parthasarathy: Medvantx partners with UPS Healthcare to utilize technological advancements and de- liver optimal patient outcomes. Our pharmacy at the UPS Supply Chain Solutions campus in Louisville, KY has undergone significant expansion in 2022 to meet the increasing demand for direct–to–patient prescription orders. With two main distribution facilities in Sioux Falls, SD, and Louisville, KY, Medvantx can dispense cold chain prescriptions to all 50 states and territories, including Puerto Rico, and Guam. Each Medvantx pharmacy has ample cold chain storage with multiple temperature–controlled coolers. Our warehouses are equipped with backup generators to prevent medication spoilage during power outages. We go above and beyond industry standards to maintain medication temperatures and ensure the integrity of cold chain prescriptions. Our internal process guarantees that no drugs are out of a refrigerated environment for more than 45 minutes during fulfilment, maximizing their effectiveness upon delivery.
We have the experience and expertise to dispense a wide range of cold chain prescriptions with a track record of 99.99% accuracy in prescription fulfilment, earning us the trust of patients, healthcare professionals, pharmaceutical manufacturers, and device partners. Additionally, we partner with Cold Chain Technologies on some manufacturer programs. Our location next to the UPS Worldport® global air hub in Kentucky allows us to fill prescriptions and ship medicines for expedited delivery via the UPS air network. With an order cutoff time of 1AM ET, we offer one of the most comprehensive shipping capabilities in the industry.
The CEO Views: What does it take to be at the forefront of innovation, delivering services to fulfil all client requirements?
Prasanna Parthasarathy: At the forefront of innovation, we leverage market trends and technological advancements to improve medication management, offering best practices and benchmarking services to pharmaceutical companies. We work closely with our customers to continuously improve and advance our platform leveraging Al, cloud technologies and Robotics to further enhance access to care. Our team operates with a clear iterative development process, ensuring a systematic approach to achieving our mission over multiple years.
The CEO Views: Take us through the working culture at your company.
Prasanna Parthasarathy: At our organization, we value-innovation, meritocracy, diversity among team members for the advancement of healthcare. We foster an inclusive environment where everyone feels a sense of belonging and can freely exchange ideas.
The CEO Views: What differentiates Medvantx from other organizations in the industry?
Prasanna Parthasarathy: At Medvantx we have a purpose–driven team focused on advancing patient access to care. We use the INSIGHTS platform to streamline medication management, provide transparency through Acknowledgement of Delivery reports, and ensure compliance and scalability. Our medical affairs team ensures safety and quality. With two dispensing locations and over 40 pharmacists, we’re advancing medication access and delivery across the US.
The CEO Views: What do you see as the future of the industry? How do plan to position your company to thrive in that future?
Prasanna Parthasarathy: As we develop our INSIGHTS Platform, our focus is on scalability, consistency, and expanding digital pharmacy presence to enhance access to care. We prioritize safety, invest in compliance software, and exceed high industry standards. Our future is centered around innovation, accessibility, efficiency, and exceptional patient care.
The CEO Views: Enlighten us on a piece of advice that you would like to give to the young and emerging entrepreneurs who are about to embark on their business journey?
Prasanna Parthasarathy: Success is achieved through hard work, dedication, and a strong work ethic. Intelligence alone is not enough; determination is key. Find inspiration, purpose, and like-minded individuals to expand your network and surround yourself with people that want to make a dent. Remember, success is a marathon, not a sprint. Give yourself time, room to fail and have fun while sprinting ahead and making progress every day.