Welcome Testing The Waters visitors.
Hi I’m Sophie, Founder and CEO of ImpactPharm. We are creating an app that connects patients with licensed pharmacists to 1) bridge the care gap and 2) thoughtfully address medication-related questions and concerns from our patients. Learn more about our campaign below and ask us any questions you have about our business!
1. Consequences from the lack of access: Unaddressed questions and concerns related to medications can lead to misuse of medications, overdoses, hospitalizations, and deaths.
2. Awareness: Patients don’t know who to reach out to when seeking quick advice about medications.
3. Wait time & costs: Patients are waiting too long or spending too much money when seeking help from pharmacists.
I am doing this because as a front-line pharmacist at a big chain pharmacy, I have seen a lot of frustration from my own patients when they could not ask pharmacists without waiting in line or being put on hold for 45 minutes on the phone. After seeing this problem repeatedly without any attempt to resolve it from upper management, I decided to solve this problem full-time.
Our competitors are Teladoc, Aspen RxHealth, and LemonAid. They have existed for years, but they still struggle to gain tractions among pharmacists and customers. The startups that struggle to gain traction among patients only allow the patients to play a passive role, but push pharmacists to make as many random calls as possible to find patients to be counseled. The initiation roles will be reversed in our app.
The global telepharmacy market is expected to reach $71.43 billion by 2027 with a compound annual growth rate (CAGR) of 32.48%. We aim to have a solid starting phase only in Minnesota, and the expected annual revenue is about 4 million dollars.
We are working with Savvy Coop as well as local and national patient and caregiver support groups. Sophie also has a lot of pharmacist connections in Minnesota since she graduated from the only pharmacy school in Minnesota that has been consistently ranked in the top 3 pharmacy schools in the nation. Based on our large pool of pharmacists and patients who are willing to join us in this journey, we aim to become a top 5 telehealth player in Minnesota within the first 2 years of launching.
We aim to create value for patients by reducing wait times, unnecessary urgent care visits and saving healthcare costs; and for pharmacists by providing an infrastructure like real-time consultation to boost effectiveness and efficiency and thus help them earn more money at their own time.
Our pricing model starts from single charge per consultation (e.g., $25/20-min-session) to a monthly subscription.
50% of the revenue will go towards pharmacists.
20% of the revenue will go towards operations, recruiting patients, and ensured privacy and technical compliance aspects.
30% is profits.
- For regular customers, we will charge them $25 per a 20-minute session
- 50% of our revenue is returned to the pharmacists
- 20% operational costs for the first year
y-axis is in $1,000 USD
- Provisional patent filed February 2022.
- Two surveys of 300+ patients and 500+ pharmacists show that over 80% of them would be interested in using an app like ours.
- iOS and Android prototypes were completed in March 2022.
- A segment on Advancements with Ted Danson on Bloomberg, which will reach 80 million households, is scheduled to air in Q3 2022.
Advantage 1 Founder #1, Phuong "Sophie" Le has more than a decade of pharmacy experience.
Advantage 2 Founder #2, Han Bao has both technical skills as well as a strategic mindset as an incoming associate at McKinsey.
Advantage 3 Our startup is going through the intensive training provided by the Founder Institute 2022.
Advantage 4 We have a strong network of advisors, pharmacists, and patients from all walks of life.
We have raised $50,000 from family and friends. After Thanksgiving 2021, Sophie quit her main job at Walgreens to work on the startup full-time.
- Acquisition by larger company: Teladoc, CVS, Walgreens, Aspen RxHealth, or even by big insurance company such as United Healthcare and HealthPartners.
- Become profitable and distribute returns
- Go public
Disclosure: this page represents Testing The Waters materials.
- No funds or other consideration is being solicited, and if money is sent, it will not be accepted by the company;
- No sales will be performed or commitments to purchase accepted until the offering statement is qualified; and
- A proposed purchaser’s indication of interest is non-binding.
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