Some people read old magazines while stuck in a waiting room. Others, like Robert J. Feeney, use the downtime to create a new company.
Feeney was sitting in a doctor’s waiting room when he noticed that samples of brand-name drugs were readily available. But there were no generic samples in sight. Seeing an unmet business need, Feeney created MedVantx in 2000 to distribute generic drugs directly to patients.
Today, MedVantx works with 18 health care plans and more than 4,000 doctors in eight states. The company’s programs have provided free initial generic medications to about 3 million patients. MedVantx recently expanded from primary care into cardiology and other specialties.
The company has built an automated dispensing system and technology platform that allows physicians to directly interact with the integrated supply chain. MedVantx has formed strategic alliances with generic drug manufacturers and developed sales partnerships with pharmaceutical distributors. Feeney believes that these alliances will help the company expand its core platform. In addition, the organization’s strategic partnership with Walgreens has also allowed MedVantx to introduce its services in employer site clinics, urgent care facilities and office clinics.
To execute the company’s innovative business model, Feeney assembled a team of executives with expertise in commercialization, health care business development, home delivery business models, sales and pharmaceutical services. He believes that by balancing the needs of doctors, patients, health care plans and pharmaceutical companies, the firm has essentially created a new market, with a creative approach that has had a significant impact on the health care industry.
Feeney believes that MedVantx has proven that its model can be successful, so he plans to deepen the company’s market share in its existing markets and make MedVantx a name brand in the otherwise nameless generic market. He says that MedVantx may fundamentally change the way pharmaceuticals are marketed and delivered.