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Research Details
CoverMyMeds: Aligning Interests to Create a Powerful Platform
Abstract
Since launching in January 2008, CoverMyMeds (CMM), based in Columbus, Ohio, had grown from a three-person startup to a company employing more than 1,500 people and generating more than $500 million annually in revenues by creating technology that helped patients get the medications their doctors prescribed. Originally designed to help streamline the traditionally manual prescription prior authorization process, CMM had built a technology network and set of products that helped address fundamental barriers to medication access, affordability, and adherence. CMM was able to solve these problems in a way that created value, shared incentives, and a true network effect for all stakeholders---patients, doctors, pharmacies, insurers, and pharmaceutical companies---in an industry famous for misalignment between powerful incumbents and decades-long stalemates that slowed the adoption of new technology. CMM was still growing fast when co-founder Matt Scantland formally stepped down as CEO in December 2019. Would the firm be able to continue innovating with a new corporate owner and CEO?
Type
Case
Author(s)
Richard Jolly, Lisa Duke
Date Published
07/26/2024
Citations
Jolly, Richard, and Lisa Duke. CoverMyMeds: Aligning Interests to Create a Powerful Platform. Case KE1331.