Thank you so much for joining us in this interview series. Before we dive into our discussion about disruption, our readers would love to “get to know you” a bit better. Can you share with us the backstory about what brought you to your specific career path?
Iam a serial entrepreneur with three companies under my belt with two successful exits. From a young age, I planned on doing something that would make a splash. I didn’t know exactly what and I considered becoming an IP attorney and providing services to startup clients in exchange for equity. However, I figured out along the way that my passion did not lie with the law. Instead, I took the plunge directly into creating startups, not just serving them.
In a twist of fate, a friend of mine developed a software product for a specific client and he needed help promoting it to other clients. I had acquired sales skills during my college years, which he was not comfortable doing. We ended up starting a company together and this was the beginning of my path into entrepreneurship.
What do you think makes your company stand out? Can you share a story?
My company, RazorMetrics, tackles one of the most pressing issues today: the exorbitant cost of medications. My co-founder, Dr. Siva Mohan is an interventional cardiologist who faced this problem in his practice, and it was disheartening. One in four people, despite having insurance, still can’t afford their medications. Physicians can help, after all, they are writing the prescriptions, but they do not have access to the multitude of information on their patients plans. So, physicians prescribe the medications they’re familiar with rather than the most cost-effective options for their patients.
RazorMetrics leverages AI to assist physicians in reducing medication costs for their patients. In just five years, we have garnered some of the largest employers, health plans, and Pharmacy Benefit Managers (PBMs) as clients.
You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
1. Intellectual curiosity: I read all the time and not just information in my field. Creative ideas can come from anywhere and I find that reading about Space X or new energy development get my mind going on how efficiencies found in other arenas could influence HealthTech.
2. Optimism: Genuine optimism is about viewing problems as opportunities for change rather than just having a positive outlook. My business partner and I constantly ask, “How can this be better?” and challenge each other to find solutions.
3. Tenacity: Starting a new business involves hearing a lot of “no’s,” but it’s the “yes’s” that keep you going. Napoleon Hill said, “Every adversity, every failure, every heartbreak, carries with it the seed of an equal or greater benefit.” This mindset of positive thinking has been crucial for persistence.
Leadership often entails making difficult decisions or hard choices between two apparently good paths. Can you share a story with us about a hard decision or choice you had to make as a leader?
One of the most challenging decisions was securing funding for our venture. The process required navigating numerous rejections and skepticism before we could prove our concept and secure the necessary investment to move forward.
In the context of a business, what exactly is “Disruption”? How do you perceive the role of ‘disruption’ within your industry, and how have you personally embraced it? Is it a necessity, a strategy, or something else entirely in your view?
I see “disruption” as a viral idea that changes the frame of how we think about a specific process. Innovative changes do not always take hold but when they do, the impact is quick and there’s no going back. Disruption is more than challenging the status quo, it is creating a new way to think.
RazorMetrics achieved disruption in the drug cost solution space by changing the frame of who drives the process. Patients are typically the target of drug solutions and manufacturers. We switched that. Physicians are better to drive the prescription process because they have the medical background to understand the effectiveness of different drug choices. We give them the best information to effectively influence prescribing behavior.
What lessons have you learned from challenging conventional wisdom, and how have those lessons shaped your leadership style?
Conventional wisdom dictated that influencing physician behavior was impossible. We challenged that idea. Our experience shows that by integrating into their daily workflows, physicians are willing to change their practices to benefit patients. Upending or changing their routines is counterproductive; working within their normal process is key to success.
Disruptive ideas often meet resistance. Could you describe a time when you faced significant pushback for a disruptive idea? How did you navigate the opposition, and what advice would you give to others in a similar situation?
The venture capital world was initially skeptical about our direct work with physicians. To overcome this, we launched with limited angel funding to prove our concept. After launching our first clients, the program was a huge success and it changed how VCs viewed our model. During our Series A round, we received multiple term sheets.
What are your “Three Innovative Approaches We Are Using to Disrupt Our Industry”?
1. Prescriber-First Approach: Unlike many companies that target patients directly, we focus on empowering prescribers to make cost-effective decisions. Up to now, almost all other drug cost solutions put the burden on patients to save money. This creates more problems than it solves. The patient must download an app, register, conduct internet research, make phone calls to physicians and insurance carriers, and/or make multiple trips to the pharmacy.
2. AI: We put AI to work four years ago, and it was a game-changer. Our advanced algorithms enhance efficiency and reduce our overhead costs, making our solution affordable to health plans and self-funded employers.
3. Diverse Partnerships: Collaborating with top discount card providers like GoodRx and SingleCare, we ensure better pricing options for prescriptions.
Looking back at your career, in what ways has being disruptive defined or redefined your path? What surprises have you encountered along the way?
My first company, NuScribe was an early provider of cloud-based, voice recognition driven documentation system for physicians. NuScribe was ahead of the class as it was the first such system to be provided online. Quickly, the platform evolved into the first HIPAA compliant secure messaging system, which seamlessly coupled with a social networking platform iMedicor. Three years after its founding, NuScribe was acquired by iMedicor.
In your role as a C-suite leader, driving innovation and embracing disruption, what thoughts or concerns keep you awake at night? How do these reflections guide your decisions and leadership?
What’s the new disruptor in HealthTech? As RazorMetrics has successfully transitioned from a startup to a dominant player in our space, we continue to push ourselves to innovate. We explore emerging technologies to test if it can help achieve our mission — lower drug costs for patients. These concerns drive my focus on sustainable growth and maintaining our innovative edge.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
I would love to see more attention on rare disease research and easier access to clinical research opportunities. Currently, people with rare diseases have very limited options, but even when there is a clinical trial they could participate in, they don’t know about it. This could be fixed, and it would make a meaningful impact to families across the country.
How can our readers further follow your work online?
RazorMetrics.com
Twitter @razormetrics
Thank you for the time you spent sharing these fantastic insights. We wish you only continued success in your great work!