Our Pills Talk (formerly My Pills Talk) joint venture business opportunity
Our Pills Talks welcomes expressions of interest from potential joint venture partners.
We believe that the Our Pills Talks app delivers significant benefits to stakeholders involved in the provision of prescription medicines. These stakeholders include:
- Government
- Pharmacy Software Providers
- Joint-Venture Business Partners
- Pharmacy Owners
- Hospitals
- Patients
In the next section of this page we describe the benefits that will be derived by the various stakeholders.
Government:
Government stands to gain by reducing the costs to the DOHA from eg. inadvertent accidental overdosing/ taking of incorrect medication misadventure admissions (Adverse Drug Events) to our already overcrowded Emergency Department Wards in our public hospitals.
Pharmacy software providers:
To bill pharmacy clients $20 per month for integrating software to create patient-specific QR Barcodes. Potential Income: 5000 Australian pharmacies x $20 = $100,000 pm, or $1.20 million per annum.
The potential income from an international roll out would be far greater than this.
Joint-venture partners:
Income Streams:
- To receive two thirds (2/3) of this $1.20 million pharmacy income stream.
One third will be towards ongoing app upgrading, support and embellishment,
One third = net profit. Potential Profit: $400,000 net pa. - App downloading fees from the App Store at $10 per app. For an estimated potential user market of 15% of Australia’s population of approx 24 million
= 3.6 million people x $10 = $36 million - Advertising on Our Pills Talk App.
Plus potential international pharmacy and patient client income streams.
Pharmacy Owners
- Income streams
- 6CPA Agenda item
Our Pills Talk to provide more clients to pharmacy:
Visually-impaired patients will be notified from their provider’s data-base as to which pharmacies in their area can set them up with our MY PILL TALKS App. This will provide pharmacists with counselling opportunities for downloading the app onto their client’s smartphone. From here, pharmacies will be reimbursed as a MEDSCHECK counselling fee.
Pharmacies to be reimbursed under the NHS say, $1 per printed QR Barcode per prescription, being attached to the patient’s medication. This will involve additional frequent counselling to the patient or carer, each time the QR Barcode is attached.
Hospitals
With susceptible patients such as the visually-impaired, the elderly, ESL (English As A Second Language), and Aboriginal & Torres Strait islander patients etc. being provided with extra safety and improved independence, there will be a large reduction in patients accidentally taking the wrong medication, or accidentally overdosing (ADVERSE DRUG EVENTS). This then reduces needless admissions to our overcrowded EMERGENCY WARDS in our public hospitals.
Result: Huge Savings to our Health Department, with the added bonus of saving lives!
Patients (End User):
As mentioned above, relevant patients will be blessed with increased confidence and independence with their medications.
Goals for Progressing Our Pills Talk:
Potential joint-venture partners:
- Our PSA (Pharmaceutical Society of Australia)
- PHARMACY GUILD
- WEBSTERCARE
- Vision Australia
- Glaucoma Australia
- Macular Degeneration Foundation
- Guide Dogs Australia
- Guide Dogs NSW
- Sydney Eye Hospital and interstate equivalents
- NPS
- SHPA
- Eastern Health
- Pharmaceutical Manufacturers etc
This could be a great opportunity to improve Health Literacy through clinical services throughout Australia.
Kind regards, Steve
