Do you know that the pharmaceuticals industry spends $90 billion every year on promotional activities, educating doctors and patients about new medical products? Realising the huge opportunity, RxPrism Health Systems, a Bengaluru-based start-up, is promoting the concept of digital healthcare marketing across the healthcare industry. It provides innovative technology products and services to global life science companies to engage their customers (doctors, hospitals and ultimately patients) in a cost-efficient manner. “Our revenue till date has been $2 million and 50% of our revenue comes from customers outside India,” says Maruthi Viswanathan, CEO and founder, RxPrism Health Systems. It works with most of the top 20 pharmaceutical and medical device companies in the world including Johnson & Johnson, Pfizer, Sanofi, Abbott, Merck, Takeda, Novartis, Eli Lilly, Novo Nordisk, Dr Reddy’s, Mylan and Biocon.
RxPrism has been seeing multi-fold growth over the past three years, with about 50% increase in revenue year on year. “We plan to invest about $2 million in two years, a part of which would come from our innovation fund while the rest would come from UK-based venture capitalists,” he says. In India, RxPrism is working with multinationals like Sun Pharmaceuticals, Biocon, Roche, Carl Zeiss, says Viswanathan. “Our product bouquet consists of unique offerings catering to both B2B and B2C end of the spectrum. We have been invited by the Mayor of London’s office to expand our business in the UK and the EU region. We announced a Regional Innovation Hub in London with a focused investment of $1 million for the same,” he informs.
RxPrism’s Virtual Rep (platform and app) can be used by the global pharmaceutical industry to simulate virtual product detailing to physicians as per their availability. The company also provides content and IT services for global life science companies, to commercialise their products better with physicians and patients, through a global hybrid delivery model; indirectly helping patients to get affordable healthcare. Among others, RxCLIP (patent filed) is an affordable user-friendly device that can be pre-programmed for the recommended dosage frequency and attached to a blister pack; it reminds the patient of the next dosage, records how many pills or packs are consumed and allows transmission of the stored information electronically to doctors.
“My interest in the healthcare industry intensified after the pursuit of an MBBS degree,” says Viswanathan. “My affinity towards technology and business further led me to pursue subsequent degrees in diverse domains such as animation and business administration.” RxPrism was set up to pursue two missions: Developing alternative and effective physician and patient engagement solutions for global life science companies by leveraging novel digital technologies (B2B offering) and; empowering patients with access to any healthcare professional from across the globe through innovative products and thereby reduce the cost of healthcare (B2C offering).
The start-up, which was founded in September 2013, has grown from a modest team of six employees to a 100-plus organisation with the right mix of physicians, pharmacologists, PhDs, medical illustrators, 3-D creative artists, marketing professionals, software engineers, and virtual technology experts. The company aims to create 250-plus job opportunities for software developers and creative specialists in the next two years, with 30% of this strength working in its R&D laboratories. “We have recently launched an app called CallWithDoctor for doctors and patients to communicate through telephone anytime from anywhere in the world. We plan to launch this app in at least five countries, aiming for a $10 million revenue globally in the next five years,” Viswanathan reveals.