MyMeds was formed in 2012 as a complete medication adherence platform for members, payors, and pharmacy benefits managers (PBM). Their aim is to leverage technology to improve health outcomes by improving drug prescription adherence.
It was a calculated hire considering that Shah, a practicing physician, recognized his core strength was continued focus on clinical experiences that deal directly with patients. He will remain an active with his company as under the title of Chief Medical Officer.
Clagett brings over two decades of relevant industry background to the MyMeds mission and opened up with us for his take on what’s in store for this emerging Minnesota startup.
What were you doing prior to joining MyMeds?
I most recently the SVP of Integrated Cost of Care and Specialty at Prime Therapeutics and a member of their Executive Leadership Team. I was responsible for managing nearly $20 billion in annual prescription drug spend across all segments of Prime’s commercial and government business. Prior to Prime, I was CEO of US Script, a PBM owned by Centene. And before that, WellPoint (now Anthem) and GlaxoSmithKline.
When and how did you first meet Rajiv and MyMeds?
When I was at Prime Therapeutics, MyMeds came in and shared their solution with us. I was immediately intrigued and over the following months we continued our dialogue…eventually started exploring possibilities. I guess you could say we’re still talking, now more than ever.
What is unique about MyMeds technology/model?
Given my 25+ years in the pharmaceutical industry, I saw what’s happening with the ACA, and the role technology is playing around improving outcomes. MyMeds presents me with a great opportunity to take my career to the next level, while also staying on the cutting edge of pharmaceutical care.
What I see in MyMeds is a wholistic platform approach towards empowing the payor and the member like never before. Do they want a push notice and what medium? Do they want to be engaged a little or a lot? Do they need live chat support? Our methods are improving medical adherence, which results in lower costs through accountability, less office visits, and really just getting healthier, faster.
Are there quantifiable gains you’re seeing?
In a pilot study with a Medicare population diagnosed with Hepatitis C (this is an expensive, yet curative, therapy) using MyMeds, 80% of people used the platform on a regular basis. This is prettymuch unheard of using tried and true methods.
That engagement led to increased adherence where the members were treated more effectively so the costs to cure were reduced significantly, sometimes saving hundreds of thousands on a per patient basis.
That’s how powerful MyMeds can be for patients and payors.
How do you sell MyMeds?
We sell the platform B2B for health plans, self-funded employment plans, and through PBM’s.
Do you have paying customers currently?
Yes, we have two major customers that we have acquired and are in the process of launching, with a strong pipeline behind them.
What does success look like?
First and foremost is the medical adherence rate, raising that up from an established baseline. Correlating that to the decrease of expenses and an increase in engagement/satisfaction.
What do you see as the overall financial potential for MyMeds?
The total addressable market is north of 8 billion dollars in the medical adherence space. The digital side of the opportunity is nascent and growing rapidly. I think conservatively this could become a firm valued at $200m if we execute as intended.
What kind of impact do you think MyMeds will have on the industry at large?
There’s a lot of infrastructure built up in this space that will take some time to displace, there could certainly be broader disruption.
How has the company been financed so far?
We have raised over $3m so far in angel investment and we will be expanding that via larger series A round in the single digit millions.
Who is on MyMed’s Board of Directors?
Myself, Dr. Rajiv Shah, Marilyn K. Speedie, Ph.D., Herve Sarteau, David Latzke, Jason L.S. Birnboim, Anne deBruin Sample, and Brian Gustafson, CFA.
How many full time employees do you currently have?
What do you see as your greatest asset?
Our team…we’re a medical company at the core that knows this market well. Our technology has been tested and validated in the market and we were recently recognized as a semifinalist in this years Minnesota Cup competition.
What is on your plate for 2016?
Bringing our first customers online, preparing for additional customers/revenue, and preparing for a VC round.