How ScriptDrop is Using Blockchain Technology for Rx Med Adherence
ScriptDrop is a blockchain-based healthcare startup that plans to reward patients that stay on their medication with cryptocurrency tokens they can use toward their healthcare costs. Along the same lines, the company aims to solve the related problem of medications abandoned at pharmacies by delivering medications directly to patients’ doors through courier services across the U.S. ScriptDrop already has delivery services active in Chicago and New York City. To drive their expansion, the company hopes to build on their $1 million in seed funding through their token sale on November 1st.
ScriptDrop is solving Rx med adherence
The ScriptDrop team maintains that there is a two-fold problem holding back certain key aspects of healthcare in the U.S. First, a quarter of patients’ prescriptions are never picked up from the pharmacy. Second, half of patients do not take their medication according to their prescribed regimen, if at all. The healthcare startup argues that when patients fail to take or stay on the medication that keeps them alive and healthy, the result is, expensive medical visits, surgeries and wasted medication. It can even be fatal. The company claims that patients’ failure to take their medication is ultimately leading to more than 100,000 deaths, as well as $300 billion in healthcare costs, each year.
ScriptDrop’s solution to this two-fold problem is a prescription delivery service and a sophisticated reminder service, both of which gather patient information and reward patients for participating.
Prescription delivery service
ScriptDrop’s prescription delivery service is the more developed of the company’s two solutions at this time. Already active in two major U.S. cities, ScriptDrop plans to use the more than 350 courier services available in more than 40 states to run their prescription delivery service smoothly and efficiently.
Virtual assistant and reminder service
ScriptDrop’s virtual assistant, currently in Beta, is the more sophisticated of the two solutions and serves as a multi-channel reminder service to help keep participating patients on their prescribed medication regimen. ScriptDrop is tapping into a wide spectrum of platforms to reach and interact with participating patients. Reminders are sent via robo-calls, text, Slack (workplace messaging platform) and popular personal assistants and home devices such as Amazon Echo, Google Home and Microsoft Cortana. Daily reminders may include notifications sent to caregivers, and also encompass refill reminders as necessary. In addition to serving as a reminder service, the virtual assistant asks patients to confirm that they have taken their medication as prescribed.
The patient can choose to take the process a step further and agree to share their adherence information with their doctors and pharmacies. For example, with the patient’s permission, ScriptDrop will notify the patient’s doctor that they are taking their medication as prescribed. Notifications can take place via fax or through the patient’s EHR, thanks to ScriptDrop’s integration with Updox.
Incentives to participate
In order to encourage patients to use the ScriptDrop service, patients earn cryptocurrency tokens with each interaction with the virtual assistant. Then the patient can use the tokens they earn towards their health insurance premiums or to reduce their co-pays.
The dual, blockchain-based platform
ScriptDrop keeps patient information in adherence profiles stored securely on a Hyperledger-based blockchain. Token transactions, on the other hand, are kept on a separate, Ethereum-based blockchain.
ScriptDrop company profile
Founders
Founders Nick Potts and Larry Scott worked together at CoverMyMeds, where they helped grow the pharmacy-software company, now valued at more than $1B, before leaving to found ScriptDrop.
Partnerships and progress
ScriptDrop has secured two partnerships, UpDox and BestRx, and recently launched its prescription delivery service in Chicago and New York.
Funding
ScriptDrop has received $1 million in seed funding from Rev1 Ventures, Jumpstart Foundry and M25 Group.
ScriptDrop Token Sale
ScriptDrop plans to hold a token sale on November 1st. Of the 1 billion total tokens issued, the majority (51%) will go to patients; 8% will to go the ScriptDrop Team, advisors and other parties; and the remaining 41% will serve as the 410 million tokens available at seven to nine cents each to participating pharmaceutical firms during the company’s token sale. The healthcare startup plans to raise $17.5 million from its ICO.
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Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.