MedMinder Systems Inc. Plans to Add Employees With Help From MassDevelopment's Emerging Technology Fund
July 16, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jeremy Santiago, MedMinder Systems Inc., 888-633-6463 ext. 410
MassDevelopment has provided a $1.5 million Emerging Technology Fund loan to MedMinder Systems Inc., a medication management company in Needham. MedMinder produces a complete medication adherence solution, designed for the elderly, which includes patent-protected automated pill dispensers and a full pharmacy service. The company plans to use the loan proceeds to assist in the hiring of 25 full-time employees, who will support the pharmacy service, marketing, and other operations.
The MedMinder pill dispenser helps ensure medication is taken at the correct time by providing a patient with real-time notifications and reminders, including flashing lights, auditory beeps, phone calls or text messages. If the patient does not take medications at the scheduled time, the dispenser then notifies the patient’s caregiver by phone call, text message or email. Additionally, the compartments within a MedMinder pill dispenser are scheduled to unlock and open at specific times of the day according to the patient’s individualized drug regimen, eliminating accidental double dosing and overdosing, as well as medication abuse. The MedMinder pharmacy reconciles and pre-organizes medications by dosage times, packages them into disposable cartridges that fit inside the MedMinder pill dispenser, and delivers them directly to a patient’s home. The MedMinder pharmacy currently has licenses in 45 states.
“The goal of MassDevelopment’s Emerging Technology Fund is to help innovative technology companies grow in Massachusetts,” said MassDevelopment President and CEO Lauren Liss. “MedMinder has pioneered a better way for patients to manage their medications and stay healthy, and we are thrilled to assist as the company hires additional staff to support its mission moving forward.”
Founded in 2007, MedMinder Systems Inc. aims to empower seniors, individuals with disabilities, and the chronically ill to maintain their independence and avoid hospitalization or long-term care facilities. MedMinder’s analytics suite tracks patients’ behavior around taking medication and is readily integrated with clinical systems that allow predictive modeling, case management and accurate electronic medical records. Several large health care organizations have deployed the MedMinder solution, and subsequent studies have demonstrated a medication adherence rate of up to 95 percent, higher than the industry range of 50-60 percent.
“MedMinder’s full medication adherence solution is proven to help our patients adhere to their medications schedule and help them stay more independent at home,” said MedMinder Systems Inc. CEO Eran Shavelsky. “Moreover, family members can monitor the medication activity in real time. We are experiencing significant growth and are thrilled to have MassDevelopment to support us in scaling our operation. With MassDevelopment funds we will be able to keep investing in great customer experience, and expand our solution to fulfill our mission to keep the elderly safe at home and provide peace of mind to their families.”
MassDevelopment’s Emerging Technology Fund (ETF) helps to grow technology and advanced manufacturing companies in Massachusetts. Since its creation in 2003, the ETF has helped cutting-edge companies locate or expand in the Commonwealth, creating jobs and strengthening the innovation economy. As of March 31, 2018, the fund has provided $73.1 million in loans and guaranties to companies in Massachusetts. The Fund was last recapitalized in 2007. To increase both employment and production, legislation enacted in 2010 also allows MassDevelopment to provide working capital term loan financing, which helps growing companies address staffing and other working capital needs.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.