StockRx

Improving medical stock management using ML

16 Jun

Product

Around 4.7m Covid vaccines were wasted in the UK, which raises a big question about demand forecasting in the pharmaceutical industry.

Digging deeper, it turns out pharmacists manually predict demand for their stock. The most highly paid staff member spends roughly 1 hour a day on this task, dealing with paper invoices and cross-checking stock etc.

Couple that with a lack of transparency on pricing, setting the average pharmacy back £15k compared to if they bought smarter, and you have serious cost and time sink.

StockRx leverages machine learning to better predict demand and provides a digital platform to manage pricing and orders.

Demand - Using ML to provide accurate dispensary forecasting

Supply - Smart platform to book and manage deliveries, ensuring you get the best price

Founders

Will Granger, CEO - Previously head of analytics and data science at Mckesson. MS, Social Science of the Internet - University of Oxford

Early Team

Andrei Tulbure, Head of Machine Learning. PhD, Machine Learning - Technical University of Cluj Napoca

Christos Tatitzikidis, Head of Software Engineering - Previously CTO at Salve and lead full-stack engineer at Placebuzz. BSc, Computer Science - University of Greenwich

Spotlight Analysis

Strengths

  • Value add: reduces stock management time by roughly 1.5 hours a day and increases net profit by 10% per pharmacy

  • Macro tailwind: the industry is facing significant cuts and labour shortages so software that increases efficiency is more likely to be adopted

  • Industry native: with over 9 years of industry-specific experience, StockRx has strong domain expertise

Weaknesses

  • Integration: most stock management tools are part of the main CRM so StockRx adds a layer of friction

  • Larger customers: the major chains have their own distribution sister companies (e.g. Boots and Alliance) and already benefit from wholesale discounts, which decreases the StockRx value proposition

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There is much more scope for the product in hub and spoke pharmacies due to the efficiency and scalability focus.

Pharmacist A, 4 years experience as a Locum Pharmacist

Feature Update

Interviews with target users to better understand the barriers to adoption

Pharmacist A

Market

PharmaKlik - Raised $250k from F6S Alpha UK and Flat6labs as of Feb 2023

Softwriters - Acquired by Roper Industries (NYSE: ROP) in 2015

Plus a number of large incumbent pharmacy software companies such as Micro Merchant Systems and Transaction Data Systems

Why StockRx?

With strong domain expertise and favourable industry conditions alongside the ability to leverage tech talent across Europe, you have a dream team.

Key Details

Year founded: 2022

Summary: StockRx leverages machine learning to better predict demand and provides a digital platform to manage pricing and orders.

Investors: Octopus Ventures

Raised to date: £749,918 in June 2022

Currently raising?: Likely raising soon

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