About our project
The problem we solve: During my first year of pharmacy school, I met a patient who was cutting his pills in half in order make his 30 day supply last 60 days. That same year, I met a patient who had to pick and choose which prescriptions to pay for each month, because she couldn't afford her monthly $300 copay on all her meds. Both of these patient were on generic medications, both with copays they couldn't afford. 90% of all US prescriptions are generic; these drugs cost pennies per pill, yet patients are stuck with copays they can't afford. Thats where we come in.
About our solution:
At Velox, we don’t deal with insurance companies that set overly inflated prices for prescriptions. This enables us to sell our medications at a fraction of the cost compared to other pharmacies, passing on the savings to our patients. Whether insured, underinsured, or uninsured, we’ve got our patients covered. Unlike other pharmacies that mark up their drugs by 100%-200%, we bill patients for the wholesale cost of the drug, plus a $6 filling fee. Did I mention, we're cheaper than GoodRx?
Progress to
date:Velox Pharmacy Solutions is currently licensed in West Virginia, and our DEA license only allows us to fill controlled prescriptions up to C3s. We are seeking funding to increase our marketing efforts as well as applying for non-resident mail order pharmacy licenses in other states. We officially opened our doors on November 7, 2019, and since our launch, have averaged 20 prescription fills a day. Our goal to turn profit a minimum of 50 fills per day.
About Our Team
Creator: Obiechina Ezekwesili
Location: West Virginia
Education: University of Charleston
Bio: My name is Obi, and I'm a 4th year pharmacy student, at the University of Charleston School of Pharmacy, in Charleston, West Virginia (officially 15 weeks away from graduation, yay!). I earned my Bachelors of Science, in Public Health, with a focus on Epidemiology, from the University of Texas at San Antonio. I started VeloxRx, with the hope of helping patients afford their medication. I've been an entrepreneur since birth, so it was only right that I combined my passion with my talents, to bring about change in the lives of those who need it most.
Title: Founder/CEO
Advanced Degree(s): PharmD (Loading)
About Our Company
How We Help Patients
Our innovation provides patients access to affordable medication. This enables the patients to acheive good health, without impacting their pocketbook too much.
How We Help Physicians
Our start up keeps your patients healthier and out of your office. Healthier patients, means a healthier world, and also reflects highly on you and your efforts.
How We Help Hospitals
Hospitals see a multitude of uninsured patients daily. These patients are often sent off with prescriptions after being seen, wondering how they're going to afford the outrageous prices at the pharmacies. Our start up provides thema way to afford their medication, thus keeping them out of the hospital for exacerbations secondary to non adherence to their medicaiton regimen.
Innovation Details
Intellectual Property Summary
There is currently no intellectual property. The service itself is not patentable.
Clinical Information
NA
Regulatory Status
NA
How we will use the funds raised
Below is a breakdown of how the funds will be utilized:
- 50% Marketing
- 25% Overhead
- Rent: $1900/mo
- Salary: $5000/mo
- Fees: $2000
- 25% Expansion
- Application fees for expanding into states with big immigrant populations; ie: Texas, Florida, and California.
- Applying for non resident mail order licenses.
Thank You
My name is Obiechina Ezekwesili and I am a P4 stuent at the University of Charleston. I've managed to build this pharmacy with my bare hands, literlly every counter and paint on the wall, was build and painted by me. We have gotten licensed in the state of West Virginia, and acquired our DEA license. With pharmacy becoming saturated, and millions of patients going without their medication due to the inability to afford it, I decided to do something that would solve both problems. I created Velox not only to have a job waiting for me when i graduate in 15 weeks, but to also make an impact in the lives of patients that needed help affording their medications.
Please help me make my dream a reality, but investing in us. I've been funding this start up myself (no loans) since its inception, but I'm running out of runway, and need the investment.
