Entrepreneur of the Week: Cary Breese, NowRx
NowRx is one of the many virtual pharmacy startups gaining attention—and now capital. Last month they closed on a $2 million seed round.
We spoke with Cary Breese, CEO of NowRx about the opportunity he sees in the 50+ market.
The Longevity Network: What does NowRx, the company, do?
Cary Breese: Free same-day delivery for all prescription medications, all managed through the convenience of a mobile app.
LN: Can you tell us about your product and how it works?
CB: Customers can simply ask their doctors to send the prescription electronically to NowRx like they would send to any other pharmacy, or the customers can upload a photo of their paper prescriptions (or copy of the bottle label) through the NowRx app. Upon receiving a prescription, someone from NowRx will contact the patient to arrange payment (if any) and delivery time. NowRx accepts all major insurance plans and the customer’s co-pay remains the same. NowRx can also easily transfer any existing prescriptions from other pharmacies, free of charge, the customer just needs call or text NowRx to let us know in which store the prescription resides. Medications are delivered right to the customer’s home or office by friendly NowRx employed drivers, same-day free of charge or within 1 hour for a $5 expedited charge. NowRx employs advanced robotics and logistics to speed prescription processing and minimize overhead even further. For any patient not comfortable with using mobile apps, we can provide all of our services through texting and phone calls.
LN: What opportunity did you want to address with the development of your technology?
CB: Disrupting the $250B retail pharmacy industry.
LN: Who are your primary users?
CB: Any individuals that are wasting time traveling to a pharmacy to pick up medications.
LN: In what ways can your products benefit the 50+ population?
CB: In addition to saving patient time and providing a more convenient experience, NowRx also can improve medication compliance and easier medication management, leading to better patient health.
LN: How did you assemble your team?
CB: Through relationships developed during previous startup ventures.
LN: How has NowRx the company differed from what you envisioned it would be (if at all)?
CB: Patients are even more excited by our service than we expected. Also, it is surprising how broken pharmacy market is, not only for patients but also physicians, who waste hours of their day trying to help patients having bad experiences with pharmacies and insurance plans.
LN: What do you wish you had known before developing your concept?
CB: How broken pharmacy is for physicians.
LN: What most excites you about the aging and / or health technology market?
CB: It is a very antiquated and inefficient industry with ample opportunities for improvement, creating exciting new businesses while helping people be healthier. What could possibly be better than that?!
LN: What is your best piece of advice for startups who want to include or target the 50+ market?
CB: Study the industry deeply, and be careful to create a sound business model with a clearly defined revenue model that will be profitable long term.
LN: Do you have any other products in development?
CB: Over the counter products such as vitamins, probiotics, etc.; Patient analytics.
LN: Where do you see NowRx five years from now?
CB: In 20+ cities, 70 locations and $1 Billion in annual revenue.
LN: Anything else you’d like to share?
CB: The hardest part about getting ahead is getting started!
About the Author
With expertise in technology, healthcare and financial services, Cary has been a successful, multiple-time startup CEO. Prior to his role at NowRx, he was the CEO of database software startup GenieDB and the COO of a technology incubator focused on developing innovative technologies in Healthcare. Prior to that he was CEO and founder of a bootstrapped financial services startup, acquired for 18x cash-on-cash. He also led a $100M product line as Executive Vice President for CIGNA. Cary has a B.S. in Electrical Engineering from Drexel University and is a credentialed insurance Actuary (ACAS).