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MyMediaTones, Inc. is the developer and owner of RxCoup. While studying at Stanford University, MyMediaTones,
Inc. was born from a class project and has now gained nationwide retailer distribution, and is now managed by a team
of medical professionals and world class engineers who previously worked on the launch of Twitter and successful
entrepreneurs who previously founded and took Silicon Graphics, Inc. public (at its peak, $5 Billion in annual sales)
and AT&T spin-off U S West (sold to Qwest for $35 Billion).
What is RxCoup Focused On?
Problem: We spotted a painful problem for people on the go-the confusing, and often times tedious, labor intensive
exercise of finding the right coupon for a product of interest-akin to finding a needle in a hay stack. Coupons, which
are aimed at stimulating sales, are instead marketed with low relevance and a 99% failure rate. Great user interfaces
and a transformational user experience around trust, relevance, engagement, and immediacy are paramount in
delivering exceptional couponing user experience. And yet these pivotal elements are completely void in couponing
efforts, paper and mobile included.
Size of the Problem: Sales of prescription drugs ($860 Billion) account for about 31% of total annual U.S.
healthcare expenditures ($2.8 Trillion), which in turn, accounts for about 16% of our $17 Trillion economy. With a
99% failure rate, unredeemed Rx coupons account for upwards of $58 Billion in annual lost savings opportunity.
Given a 4 year 108% increase in consumer out-of-pocket healthcare costs (Rx copays and deductibles, see
Result; anemic 1% redemption rate for paper coupons (consuming 25 Million trees per year in the U.S.), 8% for
mobile push text message and location based methods, 1.1 Million lives lost, $290 Billion in non-adherence costs,
and $58 Billion in lost consumer savings opportunity.
Solution: To fill a huge, friction-filled void left by desktop and mobile coupon models, we've crafted RxCoup as
frictionless mobile couponing answer with the ultimate in performance marketing; user actions before, during, and
after the moment of decision at the point of decision (the pharmacy). Frictionless mobile couponing means no
waiting, no pre-planning, no paper/environmental deforestation, no printing, no irrelevant pushed offers (i.e.,
contextually relevant). And savings you want, when and where you want them.
Our paradigm shifting opportunity begins with an ambition to improve the world; ours is a highly differentiated, talent
laden, frictionless mobile couponing network. RxCoup's appeal to users; we make it easy, fun, and viral to save by
discovering and sourcing coupons when experiencing them as sticky content in an online community with
learning/discussion tools (blogs, articles, Rx reviews, etc…) to be shared among friends. We strive to bring you
the most enjoyable mobile couponing experience, bar none, and look forward to serving your needs.
Leveraging technology to improve the daily lives of people and the environment.
Ubiquity; a relevant coupon-on-demand for any consumer packaged product, anywhere, anytime. For a Web company,
there may be no better definition of total, unconditional victory than seeing your name become a verb.
From the onset, we recruited extensively innovative/collaborative talent, developed architecture, product, patents,
business models, and relationships. With rockstar ninja engineers (some of whom worked on Twitter) backed by
relentless entrepreneurial management team; we formed our very own "Seal Team 6" with a combined 79 years of
targeted experience, success in medical technology, mobile, social media, pharma, insurance, and retail point-of-sale
(POS) systems. As discussed below in greater detail, our startup culture is defined by a strong work ethic, relentless
passion, and rigorous hiring standards. Streamlined management, flat teams with decision making authority, DOers
+Thinkers. An engineering mindset where the user experience comes first and where the best idea wins, we are
brutally efficient, and where we are radically transparent, learning from our mistakes. Positive feedback for top-quality
work, constructive criticism for anything less.
The Big Idea Behind RxCoup Every month, 154 Million Americans fill an average of 2 Rx, when they've been prescribed 4. Translation: 50% non-adherence, a U.S. epidemic annually costing 1.1M lives + $290 Billion in avoidable, mostly non-reimbursable expenses + $250 Billion in perishable brand sales. We've developed a cloud based, big data, mobile, on- demand Rx copay coupon that scales (up to 70% savings) with recurring user adherence and crowdsourced Rx data. We fulfill a simple, yet compelling proposition: lower costs and better health outcomes through improved Rx adherence. Under our proprietary approach, 78% improvement in adherence after just 30 days. Each 1% improvement in nationwide adherence saves 11,000 lives, $2.9B in provider costs, $2.5B in brand sales.
RxCoup closes the loop on non-adherence by uniquely combining scalable mobile adherence coupons, crowdsourced Rx data, community, consumerized enterprise IT, and $250 Billion/yr. in perishable sales to increase access to safe original branded Rx formularies at net out-of-pocket costs within reach of generics. Unique, momentum creating (vs. chasing), patent-published, cloud based mobile healthcare/behavioral economics application powered by big data.
Who's Working on it? (Team and Advisors) We're a world class team of 3 time Silicon Valley venture backed “repeater” entrepreneurs that come from the fields of data mining, artificial intelligence, and UI/UX design coupled with veteran medical professionals with backgrounds in private practice surgery, genetics, insurance/pharmacy billing, HIPAA administration. We're PhD, MBA, and MD alumni from Stanford, Cornell, Chicago, Northwestern, Yale, and Johns-Hopkins. In prior deals, we've raised $188 Million in venture capital, returning over $2 Billion to investors, including co-founding and $2B exit (via IPO) of Silicon Graphics, Inc.(SGI).
As an essential ingredient of our startup culture, we only retain the brightest of the bright and they have to consistently
produce the best solutions and place team loyalty above personal ambition to stay with the company. At
MyMediaTones, we take an organized and streamlined approach to problems. No unnecessary management, meetings,
or process - and we don’t do politics or egos. We strip out everything that gets in the way of our focus on creating
great products. We work ourselves hard, but we don’t run ragged either. Decompression is time well spent. We break
bread together. We catch up with the execs over lunch. We play darts, Foosball, and softball, we workout, and we do
movie nights as a company. The journey here really is enjoyable.
Getting Things Done
Ours is a home for go-to-people and DOers who can think, not just THINKers. Working at MyMediaTones requires
versatile talent (technical or otherwise), and dedication. We believe in flawless and stunning execution. (See
Engineers love to solve problems and optimize processes. You should too, no matter which team you work on. We
are constantly seeking improvement in our product, our processes, and our people. If we see something starting to
break, we don’t just complain - we suggest a fix. Better yet, we fix it ourselves.
Float Like a Butterfly, Sting Like a Bee
MyMediaTones is composed of flat teams with decentralized decision-making authority and brilliant, empowered
teammates. This gives us tremendous flexibility and an ability to iterate rapidly. If you thrive in this kind of
environment, you will thrive at MyMediaTones. Despite our casual dress and laid-back offices, we are intense about
meeting the high standards set by our customers and ourselves. This means you’ll get positive feedback for top-quality
work and constructive criticism for anything less. This should excite you, not scare you.
At MyMediaTones, the best idea wins. This means the respect of your peers must be earned; seniority has no place
here. We are radically transparent and we despise politicking.
Learn from Failure
At MyMediaTones, we understand that there are bumps on the path to great success. It’s OK to fail, as long as we ask
“Why?,” until we’ve diagnosed the problem and figured out how to prevent it from happening again. At
MyMediaTones, hiding a failure is taboo; here, you get respect for letting the rest of the company know what happened
and how to avoid the same pitfall.
RxCoup Benefits and Differentiation (Video: http://www.youtube.com/watch?v=QQYUrOGK8Bw ) RxCoup: think "Waze for Rx"; Content + Community + Commerce (www.waze.com Purchased by Google June 2013). Key drivers addressed by solution: access to safe branded Rx formularies + 46% Rx copay increase + human factors causing 50% non-adherence. Pharma paid gamified prevention; Users adhere + give HIPAA compliant Rx data, get scalable discounts (up to 70%) on life saving meds; Providers get proprietary analytics to remotely monitor/intervene, save1.1M lives + $290 Billion annual avoidable costs; Pharma brands recapture $250 Billion/yr. in perishable sales otherwise lost to generics + proprietary bioinformatics for personalized meds/new patent protected revenue.
Clearly differentiated as the only complete + seamless solution (Commerce + Content + Community, inclusive of a viral business model) that solves interrelated burning pain needs within keyinterdependent audiences of Patients + Providers + Payors + Pharmacies + Pharma brands. Proprietary user interface and redemption solution overcomes poor consumer & retailer adoption of general purpose near field communication (NFC) and other mobile payment solutions; solves real/massive coupon discovery/redemption problems (without retailer equipment upgrades). Leverages the interplay between consumers and healthcare providers, payers, pharmacies, and pharma brands, including consumer driven interfaces and distribution strategies for high value enterprise products and social/mobile opportunities in the enterprise.