Gerald E. Finken, R.Ph., M.S. of RxE2

January 25, 2025 thetechtribune

**An exclusive Tech Tribune Q&A with Gerald E. Finken, R.Ph., M.S. (founder and CEO) of RxE2, which was honored in our:**

Tell us the origin story of RxE2 – what problem were you trying to solve and why?

As a pharmacist with over 40 years of experience in clinical supplies, I saw firsthand the obstacles that made packaging and labeling clinical supplies time-consuming, costly, and wasteful. My career has been focused on constantly improving this process.

One major problem was the amount of waste in the clinical supply chain. In the early 2000s, 50% of all packaged and labeled medication was never used. 25% never even left the warehouse, and 25% was wasted at the clinical sites. To address this, I created the On-Demand concept, which involved packaging and labeling clinical supplies only after a shipment request was received. This approach, similar to how pharmacists dispense prescriptions, helped reduce waste but presented new challenges, including licensing issues and prohibitive costs for Direct-to-Patient services.

RxE2 was founded to tackle these challenges by creating the first-ever central-fill pharmacy for dispensing clinical supplies using a subscription-based pricing model. This concept, called E2 Dispensing, was designed to make clinical trials accessible to everyone, everywhere.

What was the biggest hurdle you encountered in your journey?

One of the biggest hurdles was getting the industry to adopt new ideas. For example, the On-Demand concept took over 10 years for the industry to accept, even though it was a simple and innovative solution. Similarly, Direct-to-Patient services faced adoption challenges until the rise of decentralized clinical trials.

Another hurdle was the regulatory and cost issues associated with Direct-to-Patient services. Many companies weren’t licensed to dispense medication across state lines, making the process complex and expensive.

Overcoming these hurdles required persistence, innovation, and a deep understanding of the clinical supply chain and pharmacy practices.

What does the future hold for RxE2?

RxE2 is focused on revolutionizing clinical trials by incorporating the practice of pharmacy into clinical research. The goal is to make clinical trials accessible to everyone, everywhere by bringing the practice of pharmacy into clinical research and leveraging the patient-pharmacist relationship.

One future innovation is the implementation of pharmacist counseling services for clinical trials. This will involve pharmacists providing counseling and monitoring services to patients after they receive their medication, helping address adherence and retention problems in real time.

RxE2 also aims to educate people about the expanded role of pharmacists beyond dispensing medication. Pharmacists are medication experts who are available to discuss healthcare and medications, answer questions, and address concerns—all for free. This makes them ideal partners in the clinical trial process.

RxE2 is also embracing technology to further improve its services. The company has recently launched a groundbreaking AI-led technology platform and marketplace to further revolutionize clinical trials.

What are your thoughts on the local tech startup scene in North Dakota?

The enthusiasm is incredible, but enthusiasm does not guarantee success just as a great idea is not necessarily business practical. What is incredible is how North Dakota at all levels of government and academia is supporting entrepreneurship and innovation. Programs like BIG and LIFT provide the much needed capital for great ideas to get traction or to fail which is just a fact of life. Our local legislative representatives and local economic development groups trust the local tech founders and the local tech founders know they cannot let North Dakota down. There is no better recipe for success.

What’s your best advice for aspiring entrepreneurs?

Based on my experiences, I would offer these five key pieces of advice to aspiring entrepreneurs:

Be patient: Building a successful business takes time and effort. Focus on laying a strong foundation and working hard towards your goals.
Ask, listen, and learn: Seek out knowledge and wisdom from others. Be open to feedback and be willing to learn from your mistakes.
Build a healthy work-life balance: Success in business should not come at the expense of your personal life. Prioritize both your work and your family.
Remember: First things first: Focus on taking small, consistent steps towards your vision. Break down your goals into manageable tasks and tackle them one at a time.
You cannot afford to, but you cannot afford NOT to: Sometimes you need to invest in things that may seem expensive or unnecessary at first, but ultimately prove to be essential for your business growth.

In addition to these five points, aspiring entrepreneurs should believe in their vision with unwavering faith and conviction. Work hard, and if things aren’t going well, work harder. Remember, “You don’t learn anything, if you’re the one doing the talking“. Embrace the principles of the Slight Edge, and make sure that every day you move yourself forward.