Medisafe

A Medication-Management Platform

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Company Information

Website:

https://www.medisafe.com/

Sector:

Mobile Software & Services

Location:

Israel

Medisafe is a “digital health companion.”

It’s a mobile platform that uses Artificial Intelligence and machine learning to help users better manage their prescription medications.

At the same time, the platform gathers data on users’ medication management habits. This data enables healthcare providers to more effectively monitor their patients, and pharmaceutical companies to gain insight into their products.

Medisafe’s platform has been proven to increase medication adherence rates for patients in multiple studies. The company has 600,000 monthly active users.

Notable customers include top-tier pharma companies like Pfizer (NYSE: PFE), Merck (NYSE: MRK), Novartis (NYSE: NVS), Boehringer Ingelheim, Takeda (NYSE: TAK), and Lash Group. Investors include venture firms Triventures, Pitango, Octopus Ventures, M-Ventures, lool Ventures, and Qualcomm Ventures.

Medisafe is raising funds to increase its marketing efforts and begin plans to commercialize the patient data it gathers.

(Please note: This particular startup is raising funds from accredited investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

Medication mismanagement is a global problem. According to the World Health Organization, the global non-adherence rate for prescription medication is 50%. That means only half of patients are getting the full benefits of their medicine.

There are many reasons people don’t take their medicine. Some feel it isn’t helping, or is causing problematic side effects. Some can't always afford it. And others simply forget.

Whatever the reason, this problem costs U.S. healthcare systems $300 billion annually. 10% of hospitalizations, and 125,000 deaths each year, are due to medication mismanagement.

Medisafe solves this problem. Here’s how:

Equipped with machine learning technology, Medisafe’s platform supports each user through their “personalized medication journey.”

It informs patients when their medication is being delivered, or in need of a refill. It also reminds them to take their medication, and tracks their overall health goals.

Behind the scenes, Medisafe uses machine learning to analyze each patient’s behavior and alerts their healthcare provider to urge an intervention. This feature, called “Just in Time Interventions,” is the company’s “secret sauce.”

As it gathers data, Medisafe provides this information to pharmaceutical companies and healthcare companies. This enables pharma companies to determine the effectiveness of their drugs, and helps healthcare companies stay on top of their patients.

Medisafe’s platform has proven to be effective across 10 real-world studies. These results have been published in 5 peer-reviewed publications.

In a 6,716-patient study, Medisafe was 170% more persistent in alerting patients to take their medication than the control. And in a 2018 study with patients suffering from depression, those who used Medisafe took their medication more than 4 months longer than those who didn't.

Medisafe earns revenue through annual subscription licensing fees and setup/development fees. Future revenue will come from subscriptions to the data it collects and transaction fees when patients refill prescriptions through the app.

The company’s customers include pharmaceutical and life sciences companies, as well as healthcare payers. Medisafe began generating revenue in 2016. In 2019, the company achieved a $4 million annual run rate, and aims to increase that figure to $10 million in 2020.

Medisafe’s team has extensive domain experience, having worked at WebMD, Phreesia (a healthcare software company that went public in 2019), and Eliza Healthcare (a healthcare company acquired by HMS in 2017).

Team Background

Sean Markey - Chief Brand Officer

Sean is a veteran of the healthcare industry.

He began his career as a district manager with Johnson & Johnson (NYSE: JJ), then became a regional sales manager for Novartis.

He then spent three years with Pfizer, serving as an associate director and National Director of Field Sales Operations. He continued his sales career by leading a team at Medtronic (NYSE: MDT).

More recently, Sean was Vice President of Business Operations at AmerisourceBergen, a healthcare company, and was Vice President of Medical Device Sales at WebMD.

Notably, he was Vice President of Phreesia (NYSE: PHR), a healthcare software company. He was instrumental in taking the company public in 2019, at which point he joined Medisafe.

Sean earned a Bachelor’s degree from Shippensburg University.

Jen Butler - Chief Marketing Officer

Jen brings extensive marketing experience to Medisafe.

Most recently, she was Vice President of Marketing for New Century Health, a healthcare company.

Prior to that, she held the same position with Eliza Healthcare. While she was there, this company was acquired by HMS in 2017.

Earlier in her career, Jen was Director of Marketing for Tufts Health Plan, an insurance company, and Power Advocate, an energy company.

She spent six years with Deloitte, a management consulting firm, and gained financial experience as an analyst with JPMorgan Chase.

She earned a Bachelor’s degree in History from Bowdoin College and an MBA from Boston University.

Omri Shor - Co-Founder & CEO

Omri is a serial entrepreneur.

Before starting Medisafe, he worked in the legal industry, where he created software for managing attorney’s offices. In three years, he guided his business, Masadit Software, from eight clients to 2,000.

He earned a Bachelor’s degree in Economics and Business from the University of Haifa.

Rotem Shor - Co-Founder & CTO

Rotem began his career in the Israel Defense Forces, serving as a member of the Paratroopers Brigade.

From there, he worked as a software engineer for Check Point, a software company.

He earned a Bachelor’s degree in Information Systems and Economics from the University of Haifa.

Karen Baker - Chief Financial Officer

Before joining Medisafe, Karen was employee No. 16 at SimpliVity, an IT services company. While there, she worked her way up to become Vice President of Finance and Human Resources.

In 2017, SimpliVity was acquired by Hewlett Packard Enterprise (NYSE: HPE) for $650 million.

Prior to that, Karen was a consultant with IBM (NYSE: IBM) and a consultant for El Dorado Marketing Group.

She earned a Bachelor’s degree in Finance from the University of Rhode Island.

Co-Investors

Lool Ventures

A VC firm based in Tel Aviv that invests in early-stage startups.

M-Ventures

The corporate venture arm of the biopharmaceutical division of Merck (NYSE: MRK). Fund invests in emerging biotechnology companies.

Octopus

One of Europe’s largest funds. Typically invests in seed-stage startups.

Pitango

One of Israel’s largest VC funds, focused on companies creating core technologies. Firm’s investors include Time Warner, Citigroup, and Deutsche Bank.

Qualcomm Ventures

A corporate VC fund with more than 140 investments in startups. Fund focuses on companies in the automative, data center, and digital health markets.

Triventures

A VC fund that invests in companies focused on markets including cardiovascular, robotics, orthopedics, and digital health.