Safe Rx
- Industry
- Pharmaceuticals
- Founded Year
- 2013
- Headquarters
- 7000 East Belleview Avenue, Suite 350, Greenwood Village, CO 80111, United States
- Employee Count
- 6
Key People
- Milton Cohen - Chief Executive Officer, President & Board Member
- Courtney Curtis - Controller & Operations Director
- Zach Molnar - Finance Director
- Sean Serell MD - Founder & Chairman
Assessment
- Team
-
Aspect: First-time physician innovator
Summary: The leadership team includes a first-time physician innovator and experienced executives.
While the team comprises professionals with relevant backgrounds, the absence of multiple successful MedTech entrepreneurs may pose challenges in navigating the competitive landscape.
- Clinical Need
-
Aspect: Very Strong
Summary: Safe Rx addresses a critical need in preventing medication misuse and accidental ingestion.
The company's locking prescription vials are designed to prevent medication diversion and accidental pediatric ingestion, addressing pressing issues in medication safety.
- Competition
-
Aspect: Somewhat crowded
Summary: The market has competitors, but Safe Rx offers unique features.
While there are other products aimed at medication safety, Safe Rx's four-digit combination lock provides a distinct advantage, though competition remains a factor.
- Technical Challenge
-
Aspect: Low-minimal Risk
Summary: The product involves straightforward mechanical design with minimal technical risks.
The locking mechanism is simple and has been effectively implemented, reducing potential technical hurdles in production and deployment.
- Patent
-
Aspect: Strong
Summary: Safe Rx holds strong patents protecting its locking vial technology.
The company's patents provide a barrier to entry for competitors, securing its unique product features in the market.
- Financing
-
Aspect: Medium
Summary: Safe Rx has secured moderate funding to support its operations and growth.
With approximately $11.7 million raised as of June 2022, the company has a solid financial foundation but may need further investment to scale operations and expand market reach.
- Regulatory
-
Aspect: 510k/PMA
Summary: The product likely requires 510(k) clearance, which is a standard regulatory pathway.
Given the nature of the product, obtaining 510(k) clearance is expected to be straightforward, facilitating timely market entry.
Opportunity Rollup
- Odds of Success
- 3.65
- Peak Market Share
- 5
- Segment CAGR
- 5.4%
- Market Segment
- Medication Safety Devices
- Market Sub Segment
- Locking Prescription Vials
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.25 |
| 2 | 0.75 |
| 3 | 1.75 |
| 4 | 3.50 |
| 5 | 5.00 |
Key Takeaway
Safe Rx addresses a critical need in medication safety with a unique product, but faces challenges in competition and funding for market expansion.