Medbox and AVT Develop Secure, Automated Medicine Sample Dispenser for Doctor's Offices
The pharmaceutical industry spends $25 billion on physician marketing
CORONA, Calif., Aug. 19, 2013 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a technology leader in developing automated retailing systems, customized kiosks and micro-stores; and Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented systems to the medical and retail industries, jointly announced the development of a new system that will improve the process of storing and dispensing prescription medicine samples in doctor's offices nationwide.
The Medbox "Sample Safe" was developed for Medbox by AVT, based on Medbox's patent pending design, and is for use in doctor's offices where samples of prescription medications are commonly misappropriated or not tracked. The unit offers precise inventory control through the use of biometric identification security, and an unalterable internal record keeping system.
According to the IMS Market Prognosis Report, the global spending on prescription drugs topped $954 billion. United States accounts for almost half of the global pharmaceutical market, with $340 billion in annual sales, followed by the EU and Japan.
"Our partnership with Medbox has proved to be profitable for both companies," said Shannon Illingworth, Chairman and Founder of AVT, Inc. "We enjoy collaborating with them on new ideas, and now we have developed a remarkable system for Medbox that will gain us entry into the $25 billion market of medicine marketing," he added.
There are approximately 230,187 physician practices in the United States. That's more than the total number of grocery stores and McDonald's restaurants combined.
"The market is huge," said James Winsor, CEO of AVT. "Even a 1% market share is worth over $20 million in sales," he added. "And we think we will do much better than that."
"Imagine if you are a pharmaceutical company representative, and now you can get an automatic text message directly from the Medbox Sample Safe machine when it is getting low on samples," Vincent Mehdizadeh, COO of Medbox commented. "We are HIPAA compliant, yet can give the pharmaceutical companies valuable demographic data on who is using their medications," he added.
The Medbox Sample Safe will not only allow pharmaceutical companies to better tailor the types of samples they provide to doctor's offices and streamline their rep's schedule of office visits, but will also reduce theft and abuse, increase transparency and compliance, and provide high-value data.
Doctor's offices benefit from the Medbox Sample Safe because it keeps items secure and provides an unalterable log of medication dispensing. Tracking and monitoring samples has been a challenge for many physicians, prompting many to stop stocking the medications.
"We haven't always done as good a job as we should in monitoring and tracking and keeping close tabs on the inventory of samples that we have," said David Maizel, MD, president of Sentara Medical Group in an article published in American Medical News. "For us to really be in compliance requires a significant administrative effort. For instance, if we got a recall notice from a manufacturer, we'd have to be able to identify the affected samples by lot number, expiration date and so on. We don't have anything other than a manual process for that now."
"The Medbox Sample Safe solves a lot of problems, and increases safety, reporting, and compliance," Mehdizadeh commented. "We anticipate making a significant impact on this market."
Medbox has already contracted with AVT for the first wave of sample-safe units that will be the demonstration models for pharmaceutical companies to see the system, up-close and personal.
For more information on AVT, visit the website at: www.autoretail.com, or call (877) 424-3663.
For more information on Medbox, visit: www.thedispensingsolution.com
To read the IMS Report, visit: http://www.imshealth.com/deployedfiles/ims/Global/Content/Corporate/Press%20Room/Top-Line%20Market%20Data%20&%20Trends/2011%20Top-line%20Market%20Data/Regional_Pharma_Market_by_Spending_2011-2016.pdf
To read the report on pharmaceutical marketing, visit: http://www.pewhealth.org/other-resource/persuading-the-prescribers-pharmaceutical-industry-marketing-and-its-influence-on-physicians-and-patients-85899439814
To read the article in American Medical News, visit: http://www.amednews.com/article/20120326/profession/303269956/2/
To view the supermarket facts, go to: http://www.fmi.org/research-resources/supermarket-facts
For Media Only: Interview requests and more information can be obtained by contacting The Innovation Agency, at: hello(@)innovationagency.co.
About AVT, Inc:
AVT is a leading developer of customized automated retailing systems, Micro-Stores, and self-service solutions. Divisions include design, manufacturing, software engineering, leasing, media, and technology licensing. AVT is able to work with any size company to design a custom automated retailing solution that drives traffic, increases sales, improves security, and lowers overhead. AVT is uniquely qualified to take projects from concept to completion with speed, economy and ingenuity. For more information, visit: www.Autoretail.com
AVT's stock is traded through the OTC Markets, Ticker Symbol: AVTC
About Medbox, Inc:
Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Tokyo, London and Toronto, and has their corporate headquarters in Los Angeles.
Medbox provides their patented systems, software and consulting services to pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, hospice facilities, and medical groups worldwide.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.
Forward-Looking Statements: The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry, political conditions and economic conditions in the states considering such legislation. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
SOURCE AVT, Inc.
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