RxAdvance Acquires Prescription Monitoring Company
Southborough-based RxAdvance acquired prescription monitoring company SentiCare of Hopkinton Monday.
SentiCare’s camera-based PillStation device can provide visual confirmation that medications are being taken appropriately in the patient’s home, said RxAdvance, a third-party administrator of prescription drug programs. The remote monitoring device improves adherence to prescription directions to more than 93 percent for patients who take an average of 15 medications a day, RxAdvance said.
“SentiCare’s acquisition allows RxAdvance to meet major challenges in health care,” said founder and CEO Ravi Ika in a statement. “It should be the responsibility of some entity in the health care continuum that highly chronic patients are (sticking) to their prescription regimen to control avoidable medical costs.”
Ika declined to disclose the exact purchase price of SentiCare, but said it was sold for more than $10 million.
SentiCare Co-Founder and Chief Technology Officer Yogendra Jain will become an executive vice president for RxAdvance, the company said. SentiCare’s remaining nine employees have been consolidated into RxAdvance’s Southborough office.
The New England Health Institute says that 125,000 people die each year by not following prescription direction and is the reason for 33 to 69 percent of medication-related hospital admissions. Eliminating prescription non-adherence would save $290 billion annually, the institute said.
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