Digital Health Company Pack4U Secures $20 Million in Private Equity Funding to Optimize Prescribed Medication

MOUNTAIN VIEW, Calif., May 27, 2021 /PRNewswire/ -- Pack4U, a personalized medication delivery and monitoring company, today announced the closing of a US$20 million private equity financing round, to address the $528.4 billion annual cost of non-optimized medication therapy.  

"We start by helping people take their medication as prescribed — with easy to use digital health tools — then we go beyond adherence to make sure that medications are doing what they should. With access to our real-time data, community pharmacists are playing a critical role in improving health outcomes," said Pack4U President Rahul Chopra.

People achieve 98% medication adherence with Pack4U's easy-to-use digital health tools. Pack4U connects high-risk patients at home to clinical pharmacists to monitor medication adherence, link medications to Bluetooth device readings, and use telehealth for two-way communication. Patients maintain their independence while the timing and complexity of their medications are managed with the help of a connected care team. Meanwhile, fully automated, high-volume central-fill hubs produce specialty medication packaging at scale, freeing up community pharmacist time for patient care.

Pack4U's connected technologies gather, share and correlate data in real time to personalize care.

"Our proprietary Connected Health technology platform is like a Swiss Army knife for reducing total cost of care. We are thankful to our partners in helping us rapidly scale our end-to-end patient managemen service," Chopra said. 

Using technology to better care for people where they want to be — in their own home — has long been a goal, and COVID has brought the need mainstream, with patients asking for and expecting connected services such as telehealth. Pack4U has key initiatives underway with state Medicaid programs, health plans and physician groups using our Connected Health and integrated data systems to deliver medication oversight to keep patients safe and healthy at home.

Pack4U is guided by a board of directors comprised of top-tier technology and healthcare executives — dynamic leaders with decades of experience in pharmacy, wholesale, clinical care, health systems, digital technology, and managed healthcare.

Here is a list of Pack4U's board members: 

• Nick Loporcaro, CEO of Landmark Health, is former president of McKesson's US pharma and specialty health businesses, with 30 years of executive experience in management in a variety of sectors including healthcare, telecommunications, and manufacturing.
• Dr. Patrick Quinlan is CEO and founder of Hippo Technologies and CEO emeritus of the Ochsner Health System, with an extensive background in healthcare delivery, medical administration, governance, government relations and international business development.
• Terry P. Bayer, J.D., M.P.H., is the former COO of Molina Healthcare. She has many years of experience as an operating executive with a focus on government program compliance, public health administration, customer service and healthcare.
• Rahul Chopra, Pack4U's President, is a business scale-up and strategy expert based in Silicon Valley. He is a Rockefeller Fellow for infrastructure investments and has advised the Mayor of San Francisco. He has 20+ years of experience attracting venture capital funding to launch and grow disruptive, high-tech businesses across diverse markets, including information technology, media, and telecommunications. He has raised more than $230 million in equity capital and has completed over $1 billion in transactions to support growing businesses.
• Shane Bishop, Pack4U's founder, is a pharmacist and entrepreneur specializing in innovative patient-care models and the use of technology to improve adherence, patient health outcomes and quality measures. As a pharmacy chain owner/operator, he has built and sold some of the most advanced pharmacy networks, including the first central-fill pharmacy in Western Canada. He is the author of centralized filling and checking legislation in British Columbia, and holds several medication inventory and tracking patents. He is also the founder of Paragon Pharmacies and Catalyst Healthcare.

About Pack4U
Pack4U Inc is a digital health company that optimizes prescribed medications. We connect people with community pharmacists to manage drug complexity and maximize health benefits through personalized medication delivery, monitoring and proactive care. Our fully automated, high-volume central fill pharmacy hubs and proprietary medication adherence network platform power a robust, scalable solution to multiple chronic condition management that leads to better patient outcomes and total cost of care reduction.

Media Contact: Teresa Pavlin
[email protected]
(250) 317-2242

View original content:http://www.prnewswire.com/news-releases/digital-health-company-pack4u-secures-20-million-in-private-equity-funding-to-optimize-prescribed-medication-301301176.html

SOURCE Pack4U

[ Back To TMCnet.com's Homepage ]