Pharmx App: Healthcare IT Startup Business Plan Project Presentation

This project presents the business plan for Pharmx, a mobile application designed to serve the pharmaceutical community by leveraging modern technologies for data collection, manipulation, and dissemination. The application aims to provide clinicians with a comprehensive tool offering information on FDA-approved drugs, their indications, interactions, and dosages. The business model includes free and premium versions for consumers, clinicians, researchers, and corporate clients, generating revenue through app sales, licensing, and data sales. The development plan outlines the MVP requirements, technology, and a one-year rollout timeline. The project seeks $65,288 in startup capital and projects significant revenue growth over five years. Key partnerships with investors, internet service providers, and healthcare consultants are essential for the project's success. The plan also addresses market segments, customer acquisition strategies, and financial projections, highlighting the potential for high returns on investment and a unique opportunity within the healthcare IT sector. The project's value-added milestones include financing, development, and sales targets, aiming for a break-even point and product partnerships within two years.

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PHARMX APPPHARMX APP
Name:Name:
School:School:

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1.Business Model1.Business Model
IntroductionIntroduction
 Pharmx is a startup entrepreneurial venture thatPharmx is a startup entrepreneurial venture that
envisions to serve the pharmaceutical community byenvisions to serve the pharmaceutical community by
use of modern technologies in data collection,use of modern technologies in data collection,
manipulation, and dissemination.manipulation, and dissemination.
 Pharmx is a mobile application developed and namedPharmx is a mobile application developed and named
after the developer company.after the developer company.
 The company headquarters shall be based in LosThe company headquarters shall be based in Los
Angeles state and envisions to expand its territoriesAngeles state and envisions to expand its territories
beyond the continental level.beyond the continental level.

Problem backgroundProblem background
Both traditional and the existing semi-Both traditional and the existing semi-
automated health information systems are fullyautomated health information systems are fully
reliant on individuals interacting with thereliant on individuals interacting with the
systems such as drug dispensing personnelsystems such as drug dispensing personnel
(Burke & Weill, 2018). Critical data about drugs
such as dosage are often misinterpreted leading
to inconsistencies in drug administration and
subsequent fatal outcomes (Jones et al, 2016).
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Pharmx is a mobile application purposely developedPharmx is a mobile application purposely developed
for use by clinicians who prescribe medication.for use by clinicians who prescribe medication.
Basic version would offer every single FDA-approved drug inBasic version would offer every single FDA-approved drug in
the market, it’s indications, common interactions and dosage.the market, it’s indications, common interactions and dosage.
Connected to a secure web server, Pharmx will collectConnected to a secure web server, Pharmx will collect
pharmaceutical data regarding a certain drug, manipulate it aspharmaceutical data regarding a certain drug, manipulate it as
requested and generate output on demand. Thus, Security ofrequested and generate output on demand. Thus, Security of
data both in storage and in transit will be guaranteeddata both in storage and in transit will be guaranteed
Health information statistics will be accessed by a mere tap asHealth information statistics will be accessed by a mere tap as
opposed to semi-automated systems that eat up a lot of usersopposed to semi-automated systems that eat up a lot of users
time.time.
Overview of Pharmx (Elevator pitch)

PharmxPharmx BusinessBusiness modelmodel
The application exist in four versions :The application exist in four versions :
1) Free Consumer/patient level:
- Provide basic information about medications
- Section to record a person’s current
prescriptions and Rx history
- Refill reminders with map of participating
drugstores near patient’s location
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PharmxPharmx BusinessBusiness model (Cont.)model (Cont.)
2. Clinician’s Version: Enter up to three drugs
and the most common interactions will be shown.
Unlimited drugs may be entered and all
interaction will be shown
3. Research version: shows the latest research
supporting the use of each drug.
4. Corporate version: All staff in hospitals and
large organizations can be licensed to use the app.
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The Benefits Pharmx SolutionThe Benefits Pharmx Solution
If use is broad enough then this system couldIf use is broad enough then this system could
lend an additional layer of:lend an additional layer of:
-- Transparency and recording of theTransparency and recording of the
prescription and the use of opiates and otherprescription and the use of opiates and other
narcotics.narcotics.
-- A modern and digital means to track newly-A modern and digital means to track newly-
released drug interactions and adversereleased drug interactions and adverse
effects.effects.

IncomeIncome GenerationGeneration
The project will generate revenues from
sale of the application and its license to
a) Individual clinicians and pharmacists
b) Hospitals, research institutions, and
pharmacy chains.
Sell data to government agencies such as
FDA
Advertising healthcare institutions
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KeyKey PartnersPartners
Pharmx app is a companies megaproject that cannot bePharmx app is a companies megaproject that cannot be
implemented by the company on its own. The companyimplemented by the company on its own. The company
will thus need the following key partnerships:will thus need the following key partnerships:
InvestorsInvestors
Internet service providersInternet service providers
Web service providersWeb service providers
Healthcare information consultancy service providersHealthcare information consultancy service providers

2. Development Plan2. Development Plan
Minimal Viable Product(MVP)Minimal Viable Product(MVP)
RequirementsRequirements
 Intensive maintenance of drug databaseIntensive maintenance of drug database
 Very broad adoption is requiredVery broad adoption is required
 Would have to comply with the HYPAA lawsWould have to comply with the HYPAA laws
 Interoperability across different platforms e.g.Interoperability across different platforms e.g.
Symbian ,Unix, android etc.Symbian ,Unix, android etc.
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TimeframesTimeframes
The project is expected to rolled out in a spanThe project is expected to rolled out in a span
of one year.of one year.
The project prototype has been installed on aThe project prototype has been installed on a
number of platforms and the preliminarynumber of platforms and the preliminary
performance results found to be quiteperformance results found to be quite
satisfactorysatisfactory
Currently at funds mobilization stage and wishCurrently at funds mobilization stage and wish
to appeal to any willing investor to partnerto appeal to any willing investor to partner
with the Pharmx innovationwith the Pharmx innovation
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Timeline of MilestonesTimeline of Milestones
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Idea
Primary Research
Feasibility Analysis
Relationships
Secured
Business Plan
Prototype Install
(Fall Gardens)
Funds Raised
Neighborhood
Mkt.
Initial Contracts