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PRESS RELEASE

February 7, 2019

MedPayRx Makes Top 20 List of German Ministry of Health Blockchain “Ideas” Contest

Frankfurt, Germany: MedPayRx is pleased and honoured to announce that the company has been selected as a top 20 finalist in the German Ministry of Healthblockchain ideas” competition. The Ministry is looking for best-in-class and innovative use cases for blockchain technology in the German healthcare system. Germany, along with other countries across the continent (including the UK and Luxembourg) are moving forward in embracing digitalization procedures, engineering and technology in healthcare and other critical government functions. Jens Spahn, the current German Minister of Health, has also announced that this transformation is not only mission critical to the efficient future functioning of his department but also in preserving the comprehensiveness if not cost effectiveness  of one of the most inclusive healthcare systems in the world.

The MedPayRx team will head to Berlin on 27 February to pitch in the finals. Ideas and teams are being evaluated by an independent panel of experts who are looking for technology relevance, added value, viability, interoperability and (data) security.

MedPayRx is a German start-up that combines and automates the prescription, claims and payment authorization process for both prescription medications and medical equipment. It is one of the first blockchain business models to successfully be tested under the rigours of a German accredited graduate business school (it was born as a formal EMBA business plan thesis at the Frankfurt School of Finance and Management.) It is also the first start-up of its kind to be accepted at a German government and insurance industry backed incubator (Werk1 in Munich, summer 2018).

MedPayRx has also been recognized in both Frankfurt and London at high tech start-up contests as being both “innovative” and “highly disruptive,” and placing as audience favourites.

MedPayRx is unique in several ways: First it reinvisions, reinvents and reengineers the prescription,  insurance claims and payment process to make the entire process more cost and energy efficient and paper free. Second, it is a platform built to be compliant with all the regulations that apply in this space, from accessibility and banking to insurance and privacy law, including the new European standards set by GDPR. Third, it is a unique use case for blockchain as a technology in both form and function. The platform does not use blockchain monetized by cryptocurrency in any way but rather uses the technology as a decentralized communications and automation protocol between highly disparate ecosystem partners and stakeholders.

MedPayRx will be releasing it’s first Proof of Concept (POC) wallets by the end of March (Q1, 2019). The company is currently working with InsurLab Germany to position the start-up within the digital hub network in Cologne if not Germany and Europe beyond that and will also apply for the next accelerator program at InsurLab. MedPayRx has also been part of the Deutsche Telekom “Boost” program for innovative German startups since Q3, 2018.

The company recently held its first “pilot to market” stakeholder workshop in Cologne. Conducted on January 25 on the InsurLab Germany campus, the event drew experts from all the ecosystem silos that the platform is intended to work for and with. This included patients, doctors, members of the insurance community, policy experts, government representatives, distributors, producers and pharmacies.

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For more information, please contact Marguerite Arnold at margueritearnold@medpayrx.de or Martin Weller at martinweller@medpayrx.de