Company: Prescryptive Health, Redmond, WA
Nomination Submitted by: Next PR
Company Description: Prescryptive Health is on a mission to rewrite the script for the US pharmaceutical market. Our mobile-first, blockchain-powered platform will foster fair pricing, better access to medication, increased adherence and member engagement, and enable prescribers, pharmacies, and manufacturers to connect and collaborate in a more equitable and transparent ecosystem.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Blockchain Solution
 Nomination Title: Prescryptive Health's Perscryptive
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
The latest version of Prescryptive launched in January 2023.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 273 words used.
Prescryptive’s myPrescryptive is a pharmacy on your phone, giving healthcare consumers full control over their pharmacy and prescription experience through a mobile platform that allows them to track, manage and control all their prescriptions in one place.
[REDACTED FOR PUBLICATION] This portability makes it fast and easy for people to make more informed choices, like asking for the generic vs. brand name drugs, finding the lowest cost for the drugs they need, or accessing information on drug interactions.
[REDACTED FOR PUBLICATION] Currently, Electronic Medical Record providers own and control medical data, creating a siloed system that makes it difficult for patients and providers to share data across separate networks. Prescryptive solves that problem by giving patients control of their own prescription data, which they can share with any providers or pharmacists. This helps reduce redundancies, medical errors, overprescribing, and drug interactions.
[REDACTED FOR PUBLICATION] This approach also eliminates the need for pharmacy benefit managers (PBMs), giving patients real-time visibility into pricing options, which can lead to substantially lowering costs by ending reliance on a third-party such as a PBM. It also cuts out the PBM middleman for insurers so that plan sponsors don’t have to pay for access to their own data. And, because every transaction is trackable and auditable in real time, the platform eliminates costly, time-consuming pharmacy benefit audits.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 217 words used.
Prescryptive’s name is a nod to its use of cryptography to rewrite the script on prescriptions, to democratize medical records and to bring transparency, convenience, and control to the consumer. The company owns a patent on its system for using blockchain to give patients ownership of their prescriptions and the ability to send them to the pharmacy of their choice [REDACTED FOR PUBLICATION].
Investor reception has been strong, including a $26 million Series A led by Morningside Ventures with support from existing investors SeaChange Fund and Pallasite Ventures.
The platform can save consumers up to 80% on medications by showing them pharmacy pricing and options and automatically applying any applicable coupons to their drug purchases. Prescryptive has enrolled over 60,000 in-network retail pharmacies. [REDACTED FOR PUBLICATION] Members who act on myPrescryptive’s real-time alerts for first-time fill and refills spend 6X less than those who don’t, saving $92 on average per member per prescription.
According to a 2020 Prescryptive Health Member Satisfaction Survey, 9 out of 10 users said they would feel very or somewhat disappointed if they could no longer use Prescryptive. On average, 60% of employees enroll within one year of moving to Prescryptive Benefits.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 80 words used.
- This blog post shares how Prescryptive’s blockchain technology connects employers, insurers, pharmacies and consumers:
https://blog.prescryptive.com/the-built-in-trust-of-blockchain/
- This Managed Healthcare Executive article highlights the history of blockchain and why it would prove to be successful in healthcare applications. Tony Little, vice president of solutions architecture at Prescryptive shares his expert insights on why blockchain will benefit payers and healthcare’s hesitancy on the technology:
https://www.managedhealthcareexecutive.com/view/is-healthcare-ready-for-blockchain-
- Prescryptive’s partnership announcement with ConsenSys for blockchain in healthcare
https://prescryptive.com/prescryptive-is-named-a-premier-partner-by-consensys-for-blockchain-in-healthcare/
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