Scriptocoin® is the first cyptocurrency dedicated to building a crypto-pharma ecosystem in support of better, safer and more affordable prescription drugs!
Mutual Rx (“MRx”) is bringing the power of the blockchain to the global pharmaceutical industry. In its current form, this sector faces immense issues including lack of pricing transparency, global pricing discrepancies, counterfeit ingredients and manufactured products, billing efficiencies, and skyrocketing consumer costs. Motivated by these factors, MRx aims to reinvent and revolutionize the pharma supply chain and direct-to-consumer prescription drug middleman role monopolized by pharmacy benefit managers (“PBMs”) over the last 40 years!
We do this by through the introduction of our digital token Scriptocoin®. Through the development of our private blockchain platform, we will enable patients, payors, manufacturers and retailers to connect, negotiate and execute transaction services throughout a crypto-pharma ecosystem created by Mutual Rx. The development of this pharma ecosystem will be funded through an initial coin offering using the Scriptocoin® token and you can be an integral part of this pharmaceutical transformation!
Problems in the Pharma World
The pharmaceutical industry encompasses a broad spectrum of constituents involved in one way or another with the final end user: the patient.
It begins with pharmaceutical manufacturers, and includes ingredient suppliers, researchers, regulators, distributors and wholesalers. Each step along the way creates an opportunity for mishandling, bad data, logistical problems and unnecessary and costly inefficiencies.
Pharmacies are the principal distribution outlet for U.S. prescription drugs, both at retail and through mail order facilities. These channels are used for prescription fulfillment by retail chains, independent retail outlets, supermarket pharmacies, hospital pharmacies, long-term care facilities and pharmacy benefit manager (“PBM”) owned mail order.
Pharmacies must usually deal with a third-party wholesaler who contracts with various manufacturers as a distribution channel for their products.
As one might imagine, each cog in this pharma wheel represents an opportunity for inefficiencies, mistakes, fraud, and costly unnecessary overhead. The end result is that patients may not be receiving the product they thought, or paying much more than they should, while third-party payers are stuck with bills for exaggerated drug costs inflated by waste, fraud, and bloated pricing models.
Solution & Product
The solution is to create a new crypto-pharma ecosystem that includes all constituents of the prescription drug world and addresses identity verification, authentication, billing and payments. Mutual Rx does this by the introduction of Scriptocoin®, a utility token used to fund the development of a private blockchain.
Scriptocoin® is built on the permission-based Hyperledger Fabric framework using the IBM blockchain platform. This platform is a business blockchain hosted by the Linux Foundation and is intended for developing blockchain applications with a modular architecture. Hyperledger Fabric supports a permissioned network that provides collectively defined membership and access rights within a business network ensuring confidentiality, scalability and security in multiple pharma-business environments.
Hyperledger Fabric has been recognized and adopted by numerous banking institutions as the solution to address the challenge of managing, tracking and securing domestic and international transactions. Mutual Rx brings this technology to provide state of the art solutions to today’s pharmaceutical development and prescription drug problems. By digitizing pharmacy transaction records, we can empower users, expedite billing and payment systems to retail pharmacies and secure the supply chain between manufacturers and their business partners. (Read more in our Whitepaper.)
The total token supply fixed at 1.5B (1,500,000,000) SOC, of which:
PBM smart contracts for administrative services that will be executed with payer clients
Opioid monitoring of controlled substance distribution to reduce illegal prescriptions that contribute to rampant addiction problems
Manufacturer rebates and patient assistance programs that will be applied at point-of-sale, thereby greatly reducing the costs of prescription drugs to patients
Billing and payment transactions will be completed and authenticated in real-time, and eliminate the 30-60 day lag in current retail pharmacy payments by third party payers
Eliminating counterfeit ingredients or manufacturing from entering the supply chain
Patient medication compliance and adherence by monitoring and controlling auto-refills and Medication Therapy Management
Provides instant payments to pharmacies
Reward tokens are used to eliminate prescription co-pays
Transactions are fully transparent and validated at point-of-sale
Mutual Rx formed
Business model continues to be developed. Market research conducted to illustrate proof of concept
Testing of Mutual Rx claims adjudication platform (USD only) Q3
Mutual Rx partners with Scriptocoin (“SOC”) utility token to use as their primary cryptocurrency in their pharma ecosystemQ3
Mutual Rx begins testing reference-based pricing module to add to claims adjudication platformQ3
Scriptocoin token design and legal review Q4
Token "early adopters" offeringQ1
Platform development teams expanded. Partnership services agreements as necessary.Q2
Live Date for Phase I of Mutual Rx (Live Platform accepting clients; USD only) Q2
Expand development team and hire 8 additional engineers to work on adjudication / payment platform and integrate Scriptocoin® into the Mutual Rx crypto-pharma ecosystemQ3
Scriptocoin® offering. Testing of Mutual Rx Payment System with Scriptocoin via private blockchain networkQ3
Pharmacy Enrollments to accept ScriptocoinQ4
Live date for Phase II of Mutual Rx (accepting payment in Scriptocoin)Q1
Live date for Phase III of Mutual Rx (full integration of all 3 market segments and pharma supply chain to Scriptocoin ecosystem Q4
Live date for all payer market segments to use Mutual Rx adjudication platform and accept Scriptocoin token; integrated with retail, mail order and specialty pharmacy networks networkQ1
The Scriptocoin® (“SOC”) token will be the preferred medium of value to facilitate and complete patient authentications, reconciliations, and payment transactions. Consumers can use tokens to offset copayments and receive manufacturer rebate credits at point-of-sale.
Roy is a healthcare technology leader and entrepreneur who has been at the forefront of pharmacy benefit planning for over 30 years. He has been a Principal, Officer and Health & Welfare Practice Leader for the actuarial firms Milliman and The Segal Group. During his career, he has been the Founder and President of two healthcare benefit consulting and technology firms and created one of the first electronic prescribing applications for physician practices, helped develop an innovative wireless transport protocol, founded one of the first health insurance shopping and review companies, and was an early shareholder in a XML-based portal software company that was acquired by Citrix. He has also served as Vice-Chairman of a leading national patient assistance program that provided free prescriptions medication to patients in need.
Michael has over 30 years of benefit consulting, managed care, and claims administration experience. He was a Principal and Officer at Mercer and Aon Hewitt as well as serving as President of Johns Hopkins Healthcare. Additionally, Michael has been President of several third-party administrators, including Susquehanna Administrators, CoreSource, and NCAS, a third party administrator that is owned by Carefirst Blue Cross Blue Shield. Michael was also the Vice-Chair of a leading national patient assistance program.
Andy is a chief technologist and inventor with very diverse and deep experience in AI, data mining, BI, and information architecture in biomedical, financial services, and web marketing. As an entrepreneur he has successfully built, mentored, and led R&D teams and companies based on AI and predictive modeling. He was first to develop and commercialize hybrid Artificial Intelligence (AI) predictive modeling combining data mining expertise in statistics, neural networks, genetic algorithms, fuzzy logic, semantic ontologies, and other advanced machine learning techniques. Andy has been the Founder and/or CTO of Neuristics, which enables merging credit data and scoring and is used by CreditXpert, the largest consumer credit company on the Web; Revelytix, a pioneer in semantic web technologies; and Infermetrics, a company that provided real-time web analytics and ad optimization engine for interactive online advertising.
Angela has over 20 years of financial management experience for both corporate and healthcare clients. She is a Certified Public Accountant and was a Partner in the E&Y healthcare practice, leading audit teams and other financial engagements for numerous public and private healthcare systems, life science, biotechnology and PBM clients. Angie has significant experience with registration statements, IPOs, secondary offerings and non-public debt offerings. She has also assisted many clients with private placement offerings and mergers and acquisitions
Jane is a graphic designer who is a media and communications entrepreneur and is a cryptocurrency investor. She is the Founder and Principal of PowersStuff, a web design and graphics communications firm, and has also been a co-founder of an events planning firm with a major Fortune 500 client roster. During her career, Jane has worked extensively in the legal, entertainment, healthcare, art and fitness industries, as well as donating her design services pro-bono to a number of charitable missions.
Dr. Tang has an extensive background in the PBM and Specialty pharmacy industry. Her clinical background includes formulary development, drug utilization review and Medicare Part D. Mei also has deep operational experience including network development, international market development, infrastructure build-out, and system implementation. She previously served as VP of Operations for ModernHEALTH Specialty Pharmacy where she was responsible for operations and call center management; Director of Pharmacy at OptumRx; Director of Formulary Management for MedImpact; Director of Pharmacy at WellPoint NextRx; and as a pharmacist with responsibility for drug data management at FirstDataBank.
Chris is both an experienced and talented social media manager who has created, managed and maintained numerous social media accounts for a diverse range of businesses, including those in the fitness and healthcare industries. He has devised strategy and managed execution while building strong followings and winning influencers for his client accounts and has a particular focus on the cryptocurrency universe. Additionally, Chris has held several sales and business development roles during his career and possesses exceptional team building and leadership skills.
Ultimately, Scriptocoin will be the primary choice of currency for all transactions relating to the healthcare universe: hospital, physician, patient and provider will all benefit..