Many individuals forgo or postpone obtaining the prescription drugs they need due to their high price tags.
But for those who don’t speak English, acquiring these medications amid the complicated healthcare landscape is an especially formidable challenge.
Enter Hoy Health. Its medication voucher program, HoyMEDS, lets patients purchase medications at low price intervals ranging from $10 to $40 through a national network of more than 62,000 pharmacies. In addition to purchasing them for their own use, they can buy medications for loved ones in the U.S., Puerto Rico, Mexico, Guatemala, Honduras, and El Salvador.
Hoy also provides chronic care management, health education, and telehealth services from a bilingual team of physicians, nurses, and psychologists.
They are taking on a big problem for healthcare. For instance, an estimated 3.1 million Latinos in the U.S. have diabetes, and more than 60% of those who speak only Spanish fail to adhere to their medication regimen, compared to about half of English-speaking Latinos and a third of Caucasians, according to a study in JAMA.
Hoy Health is working to fix this problem by making prescription medications affordable and accessible to underserved members of the Latino community.
The big idea: Affordable healthcare for everyone, everywhere
Headquarters: Morristown, New Jersey
CEO: Mario Anglada
Launch date: 2017
Funders/funding raised: Private investors, $500,000
Number of employees: 7
Fierce insights from Hoy Health CEO Mario Anglada
FierceHealthcare: What is your best piece of advice for someone launching a healthcare company that challenges the status quo?
Mario Anglada: Make sure you understand how the healthcare system works. Ensure you bring experienced stakeholders and incumbents into the process of your product development cycle to develop solutions that will reduce both consumer/patient and provider friction points. This will aid in stakeholder adoption.
FH: What is the failure you’ve learned the best lesson from?
MA: During a two-decade career in leading healthcare companies, I would often see the opportunity to innovate through low-cost offerings to underserved medical communities across the world. However, I would struggle with institutional inertia on how to bring these ideas to the market within the legacy constraints of these organizations. This led directly to the foundation of Hoy Health, and the creation of its experienced team of fellow healthcare innovators who are delivering high-quality solutions at a very low cost across the USA, Mexico, and Central America today, with global expansion planned in 2020.
FH: What is one change you think will happen soon in healthcare that people do not expect?
MA: The biggest game changer in healthcare is the introduction of innovative technology associated with at-home monitoring and remote care. It will really allow healthcare professionals to extend their vision of what a patient's experience and needs are in a community setting continuously greatly enhancing care and improving health outcomes.