Prasanna Parthasarathy, Medvantx CEO: “Our mission and vision are centered around creating seamless access across patient, provider, and healthcare companies to advance care for all.”
The Silicon Review
Both patients and medical professionals benefit from a medication management platform. It entails utilizing technology to guarantee that medications are prescribed, given, and taken correctly. Patients frequently fail to take their medications as directed, which is a problem known as “medication non-adherence.” Patients who use medication management platforms can receive reminders to take their medications on time. This enhances the efficiency and results of the treatment. By streamlining the prescription and refill process, medication management platforms can also help healthcare providers by digitizing workflow, enabling quicker processing and accurate prescription transmission to pharmacies. At Medvantx, the company aims to bridge the gap between patients and access to essential medications. The team works with pharmaceutical manufacturers and providers to offer pharmacy services that provide patients with the right medications. From prescription assistance through PAPs (Patient Assistance Programs) and Cash Pay programs to Quick Start and Bridge programs, Medvantx’s digital pharmacy platform is revolutionizing how healthcare is delivered. Since its establishment over a decade ago, Medvantx’s motivation has gone beyond just business. The company believes in innovation and the potential for the healthcare industry to cure complex diseases in the coming decades.
By partnering with pharma companies, Medvantx guides the journey of innovation and helps patients take control of their healthcare. Prasanna Parthasarathy, CEO of Medvantx’s passion for healthcare has been developing for decades, which is why he joined in May of 2022 to lead Medvantx. He is dedicated and driven to help people in their race towards better health without compromising financial well-being. Through its innovative platform, Medvantx INSIGHTS, the company can help those who fall through the cracks of the healthcare system and ensure that patients, regardless of their economic status, can access the medical care they need. Prasanna’s goal is not just to motivate the Medvantx team to provide world-class pharmacy services but also to advance equity in healthcare.
In conversation with Prasanna Parthasarathy, CEO of Medvantx
Q. Can you explain about your services in brief?
Our mission at Medvantx is connecting patients, providers, and healthcare organizations to improve lives through service and technology. We are a market leader in the pharmacy services industry. We offer best-in-class solutions, including prescription assistance and cash payment services, among others.
In 2022, we introduced the new Medvantx INSIGHTS Platform—mobile and Cloud solutions, which offers a seamless user experience that facilitates efficient medication management for patients, providers, pharma manufacturers, medical devices, and the digital therapeutics industry. The Medvantx INSIGHTS platform is structured into three key capabilities presently: “Connect,” “Engage,” and “Analytics.”
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 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. Our cloud platform generates valuable clinical insights through advanced algorithms, enabling informed decision-making based on operational, compliance, and financial information.
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 fulfillment, compliance, SLA management, pharmacy automation, and secure dispensing. Additionally, we leverage cloud-based reporting, payment processing, and digitization of pharmacy manufacturing to advance safe medication delivery at scale. Our services extend beyond safe medication fulfillment. We aim to unlock new possibilities and transform the digital pharmacy landscape by revolutionizing access to care.
Q. What are the challenges you had to face while developing your solutions? How did you overcome them?
Our healthcare system continues to evolve rapidly, and we remain dedicated to advancing patient-centric goals. We have created a customizable platform for pharmaceutical manufacturers while considering the needs of patients and providers and adhering to regulatory requirements. To overcome these challenges, we focused on understanding our customers and regulators to ensure a positive patient experience. 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 primary goal is to provide high-quality branded medications in a cost-effective and compliant manner. We achieve this by leveraging our technology and innovative strategies to streamline operations and reduce costs. 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. By upholding the highest standards of pharmaceutical practice, we ensure top-quality services and help our customers be compliant with regulatory standards that are constantly evolving.
Q. How does your solution align with the existing medical practice?
With 38 million people (about twice the population of New York) living below the poverty line, the issue of uninsured and underinsured patients is reaching epidemic proportions in our country. The need for accessible and affordable healthcare solutions has become the focus of government, advocacy groups, and the healthcare and pharmaceutical industries. Our solutions provide patient-centric models of medication delivery that address the challenges of cost, compliance, transparency, convenience, and accessibility. Our innovative platform empowers patients to digitally connect with pharmacists, easily pay for services, track medication delivery, and engage in their own healthcare journey. Also, there is increasingly greater engagement by people in their healthcare delivery and outcomes. We provide medications for targeted solutions like weight loss, dermatology, etc., in partnership with manufacturers that want to provide high-quality medications on a cash basis. By embracing digital technologies and online methods of care, the patient’s experience is modernized. We provide solutions for pharmaceutical companies to connect with patients and providers through the numerous services we offer. We make it possible for pharma companies to introduce their innovations to the market efficiently across the many services we provide by reimagining our innovation process and possibilities.
Q. As a leader, what management principles do you consider vital for fostering a motivated and efficient team at Medvantx?
We believe in a meritocracy of ideas, where the best concepts are given due recognition and acted upon. We value the diversity of our team members and their thoughts, as it is one of our greatest strengths. The unique perspectives, experiences, and skills everyone brings to our organization are so important to advancing healthcare. We lead our team culture by creating a diverse, equitable, and inclusive environment where everyone feels a sense of belonging. We strive to attract talented individuals who share our passion for innovation and our mission to advance access to healthcare. Our employees are encouraged to freely exchange ideas and collaborate on the best solutions for patients nationwide. Our team is united by a shared purpose and desire to positively impact healthcare. Together, we work towards achieving our mission of improving access to medications.
Q. Do you have any new services ready to be launched?
Recently, our INSIGHTS Platform has been developed to deliver a more scalable and consistent product and service experience to our valued patients and partners. By leveraging data analytics, we can gain deeper insights into patient needs and medication trends, enabling us to provide personalized care more efficiently. In addition to the INSIGHTS Platform, we have also emphasized compliance through our dedicated medical affairs team. Committed to maintaining the highest standards of pharmaceutical practice, we have invested in advanced safety software. This software empowers us to proactively monitor and manage medication safety, ensuring additional protection for our clients. Additionally, we are actively engaged in clinical trials, integrating AI into our contact center operations, enhancing digital patient experiences, and introducing cloud-based solutions such as insights analytics and a cash pay portal. We have more exciting advances that we will announce in the first half of next year that will continue to positively impact pharmacy digitization and patient engagement.
Q. What does the future hold for your company and its customers? Are exciting things on the way?
We will continue partnering with manufacturers, patients, and providers to advance safe medication delivery. We accomplish our goals through technologies, talent, and purpose. We leverage AI, Robotics, and Cloud, among other compliance solutions for our customers and patients. With our dedicated medical affairs team at the forefront, we are committed to upholding the highest standards in the pharmaceutical industry. Our future revolves around innovation, accessibility, efficiency, and compliance, all with the aim of providing exceptional care to patients nationwide.
Meet the leader behind the success of Medvantx
Prasanna Parthasarathy serves as the Chief Executive Officer of Medvantx, Inc., a non-commercial dispensing pharmacy licensed across all US states and territories. Mr. Parthasarathy has led the charge at Medvantx to streamline complex pharmacy operations to help patients get the prescriptions they need. Before joining Medvantx, Mr. Parthasarathy served as an Operating Partner with Windrose Health Investors. He led various investment opportunities across the medication management sector and was a Director on the board of Terrapin specialty pharmacy and VTM diagnostic technologies. Mr. Parthasarathy spent 13 years with Becton Dickinson and CareFusion Inc. in various executive and leadership roles across hospital, retail, and LTC medication and supply chain management solutions, including leading the $1B+ Dispensing businesses globally. Prior to joining BD, Mr. Parthasarathy spent eight years at GE Healthcare across Healthcare IT (Information Technology), Monitoring Solutions, and Diagnostic Imaging businesses. Prasanna holds a Bachelor’s in Mechanical Engineering from the University of Madras, India, and a Master’s in Computer Engineering from Marquette University. He also holds a Master’s in Business Administration from the University of Chicago.