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Invest in your team and encourage collaboration to ensure a more robust product
Today's entrepreneur is Omri Shor is co-founder and CEO of Medisafe, a digital therapeutic companion company helping patients manage their treatment journey and medication therapies, which just raised a $30 million round of funding.
Medisafe's cloud-based mobile platform creates personal interventions (using its patent pending JITI™ algorithms) based on each user's regimen, condition, demographics, social determinants and specific circumstances.
As CEO, Shor works with major drug manufacturers to help patients manage their medications, a $300 billion problem in the United States alone. Since its inception, Medisafe has advanced the role of digital companions to become a primary source in driving patient engagement and capturing key data on medication usage and health trends.
With more than 40 percent of patients taking more than one medication, Medisafe assists caregivers and healthcare professionals in tracking the personal causes of non-adherence to improve health outcomes and sustain quality care initiatives. In recent years, Omri has overseen the expansion of the Medisafe platform to address the care journey, helping to foster collaboration among patients, their loved ones, patient support teams and healthcare professionals.
Prior to Medisafe, Shor helped to develop Legal, a law firm management software. Serving as its first commercial leader, he helped grow the company to 2,000 law firm clients in three years. Prior to that he led sales and marketing teams for the Israel newspaper Yadioth Achronot.
Shor graduated from the Strategy and Entrepreneurship MBA program at COMAS Israel and obtained his B.A in Economics from the University of Haifa, Israel.
Why did you choose to be an entrepreneur?
I’ve always had an entrepreneurial spirit, and it stems from my father who was also an entrepreneur. Even in high school, I was part of a group of student entrepreneurs, and it has always been a fascination to me to solve challenges with new solutions. I’m always looking at what other challenges are out there that can be tackled and thinking of different approaches to solving them.
What are your favorite startups?
I really admire companies that create disruption in an effort to create a greater good. Those startups that are as equally interested in creating human value as much as market value. For example, Lemonade is a new insurance organization that donates a major piece of their earnings to nonprofits selected by their customers. Their mission is to transform insurance into a social good.
Why did you start your company?
In 2012, we faced a family health emergency with my father who is a diabetic. He accidentally took an extra dose of insulin, which put his life in grave danger. We soon discovered this experience is far from uncommon and realized that such mistakes in medication management have created a global health crisis in need of a solution. Because we had such a personal investment in solving the problem, my brother and I decided we could transform this into a scalable solution for patients across the globe. I think because we were outsiders to the pharma industry, we’ve been able to approach the industry with a different perspective.
What's most frustrating and rewarding about entrepreneurship/
I think one area of frustration is our desire to move faster than the industry is moving. As a nimble organization, we’re able to pivot and launch at a faster pace. We want to change the status quo but must recognize that there are other processes and plans that drive the industry that must transform too.
The most rewarding thing is the numerous achievements of our team members that continue to make the company successful. I’m a naturally competitive person, so celebrating the wins of our team, and thereby the company, is the best reward.
What's the No. 1 mistake entrepreneurs/
I think listening is a key to success. Not only listening to market needs, but also customer needs, and what your team needs. By listening to those around you, you can incorporate that information into your organization and launch your product in a more solid fashion.
What are the top three lessons you've learned as an entrepreneur?
- Be a good leader and you will create a valuable team that supports your business
- Invest in your team and encourage collaboration to ensure a more robust product.
- Fail fast and learn from the mistakes while still planning for the long-term.
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MediSafe is the leading mobile medication platform with over 1.3 million downloads and hundreds of thousands of weekly active users across iOS and Android smartphones and tablets. MediSafe apps have earned a 4.5 star rating from 50,000+ reviews across Google Play and iTunes app stores.
MediSafe is different from a pill reminder application, because it addresses all of the major causes of non-adherence -- forgetfulness, lack of support, emotional distress, information overload, low engagement, and rising medication costs (in the form of copays). MediSafe engages patients in their treatment by sharing results (e.g. via lab tests and biometrics), holds them accountable through connections to physicians and care teams, and offers a holistic and simplified approach to managing their health via related educational content (e.g. diet, exercise), easy access to prescription refills, and other value added services.