Dr. Priyanka Mathur is the founder and CEO of Medipocket and a medical doctor with diverse medical experience. Medipocket app is a virtual health companion that includes the prescription discount card, appointment reminders, a symptom checker, and the ability to store and manage medical records. It is an all in one solution that fits in one pocket.
In this episode of HealthTech Hustle, Dr. Priyanka shares how she saw a common problem in patients across different countries and decided to incorporate technology to bring a solution. Listen in to learn how she navigated the challenges that came her way as a woman entrepreneur to create a market sustainable program.
“As a healthcare provider sometimes, we get a little intimidated that artificial intelligence will replace doctors. It’s not going to replace them, it’s going to augment them, help them with a data-driven model to get a more precisive and accurate treatment model.”
Who is she and what is she doing in the health tech field? [1:53]
She was born in India and attended medical school in Russia and later went back to India to practice as a physician for a few years before heading to the US. Her passion in healthcare began when she was young. Her experience with patients in all three countries was the fact that the patients always seemed lost, confused, and the process is expensive. She wanted to use technology to simplify the system for the patient to make them more informed and involved in their care.
How was the process of making Medipocket from a concept to an actual tangible company? [3:57]
Her ability to see the problem as a doctor was there, but it was hard to point a solution for a system that has been sick for a long time. The Coronavirus was an evident picture of how sick the health care system is, seeing even a powerful country like the US could not handle it. The common day to day interaction of people with healthcare is primary care which is fragmented and expensive. That is what she wanted to simplify- primary care. Bringing the solution to the market had its challenges like being a woman, an immigrant, and not from an ivy league school. She, however, terms the journey as interesting and a learning one.
How was the transition from being an employee to an entrepreneur? [7:58]
It was hard for her and her family as she transitioned from the predictable employment scene to the unpredictable entrepreneurship scene. She learned to not convince people with words but rather by putting energy into actions.
How did she go from conceptualizing to creating to pushing to the market and getting people
interested in the technology? [10:46]
The process of bringing the prescription article out to the market was difficult because they provide the transparencies to compare the prescription drug prices across the pharmacies, which was not there before. They also have a discount card for prescription drugs which is not covered by insurance. It worked because it was a way to save people money.
How does Medipocket communicate with the pharmacies and then consumers? [14:14]
The platform is completely free for consumers but they do get referral fees while keeping the platform 100% transparent. She explains how they refer patients to pharmacies. Getting pharmacies on board with the technology was not easy due to the non-transparent ways some of them priced their drugs but they later did after seeing the benefits.
How did she put her team together? [17:23]
She put together a team from the medical sector, the technology sector, and the business sector. She has a team of 25 diverse professionals and is still growing.
How is she facilitating the relationship with pharmacies while still presenting the value? [19:39]
She is an active speaker in healthcare conferences where she highlights the existing problems and the need for the technology. She has set a platform where she interviews doctors from all specialities to talk about the most current health topics like Coronavirus today as content for Medipocket users. The core of Medipocket is to have informed and involved patients which is what they always strive for.
What tools is she leveraging to keep things running smoothly? [23:12]
Her team understands the concept of Medipocket and doesn’t need a lot of monitoring from her side. Since remote working due to Coronavirus, they have learned to leverage the online tools to make sure that things are running smoothly even in the middle of a crisis.