Mark Engelen of RxLive
An exclusive Tech Tribune Q&A with Mark Engelen, the co-founder and CEO of RxLive, which was honored in our:
Tell us the origin story of RxLive – what problem were you trying to solve and why?
Kristen (my co-founder and better half) is a clinical pharmacist and I’ve spent my entire career in the business of healthcare technology and pharmacy. We founded RxLive because we knew today’s pharmacy models underserve patients and pharmacists alike. Patients aren’t getting the time and attention they need to help manage their complex medication regimens and for many pharmacists, the meaningful patient interaction that fuels their passion has been lost. We built a technology platform and a service model that pairs pharmacists in their spare/down time with patients who need their help. Coupled with a ground-breaking new business model and regulatory strategy, we are completely reframing the role of the pharmacist in traditional primary care practices.
What was the biggest hurdle you encountered in your journey?
We face the same challenges with the 3 Cs like everyone else (capital, customer acquisition and capacity). However, the biggest challenge is also the most exciting for us in that we are building a brand-new business model in addition to a technology and service. Educating every member of the value chain ― from patients to providers to insurance carriers ― on how our model benefits them to create a new category is tireless but rewarding work.
What does the future hold for RxLive?
Our vision is to integrate clinical pharmacists into every place in the healthcare system where they can create value. Naturally, we’re exploring many different ways of doing that outside of our physician practice core. However, what I most want people to know about us is our ability to change patient behavior. The next generation in pharmacy is not only the “clinical algorithm” of the right drug for the patient, but more importantly the ability to successfully change patient and physician behavior. We think leveraging our “human cloud” of amazingly talented pharmacists ― complemented, not substituted ― by our emerging data science work is the key.
What are your thoughts on the local tech startup scene in St. Petersburg?
Although we’re located on the St. Petersburg side of the bridge, we’ve found that the entire Tampa Bay region provides a tight-knit community that works together to promote and provide resources for its local tech startups. The Tampa Bay area has a unique advantage that other cities don’t — a large proportion of retirees that have capital, experience, and a desire to work with startups. We feel fortunate that we started our business here, as we’ve watched the city grow into the vibrant and thriving area it is today.
What’s your best advice for aspiring entrepreneurs?
Building a business is a team and family sport. Whether or not you’re jumping in with your spouse as I am, you and your partner/family need to have a solid pragmatic, multi-year financial plan in place to fund the “dream” that you’re all on board with. Don’t go too early. Sometimes consulting or working in a domain is the perfect way to learn a space; see if your problem really needs solving and then build up a war chest to fund the battle that will invariably take much longer than you expect. Stay grounded and don’t neglect the most important people in your life. At the end of the day, your partner and your family will be there for you no matter the outcome, where others may not.