The cloud-based SaaS startup OrbitalRX receives investment from The Launch Place, marking the venture development organization’s first investment of the year and its twenty-third venture overall. OrbitalRX’s drug shortage management platform offers a workflow solution for hospital pharmacies in the US and Canada, addressing the ongoing drug shortage crisis with real-time drug inventory management and evidence-based clinical information. This technology, developed by co-founders Adam Orsborn and Nate Peaty based on their experience working in hospital pharmacies, aims to automate medication management processes and save valuable time for pharmacists and the medication supply chain team, especially during the COVID-19 pandemic. The company is also exploring expansion into the retail pharmacy space.
Introduction
From The Launch Place
OrbitalRX Receives Investment from The Launch Place
Cloud-based SaaS startup OrbitalRX receives The Launch Place’s first investment of the year. The Launch Place, a venture development organization with offices in Danville, VA, and Research Triangle Park, NC, has invested $150,000 from their Seed Fund II in OrbitalRX, marking their twenty-third venture. OrbitalRX joins an investment portfolio of innovative, high-growth startups in various sectors.
OrbitalRX’s Drug Shortage Management Platform
With their drug shortage management platform, OrbitalRX presents a workflow solution compatible with hospital pharmacies in the United States and Canada. It addresses the ongoing drug shortage crisis by providing real-time drug inventory management combined with evidence-based clinical information. The platform collaborates with IBM Watson health to enhance its efficiency.
Founders’ Vision and Impact
Co-founder and CEO of OrbitalRX Adam Orsborn and co-founder and Chief Product Officer Nate Peaty recognized the need for this technology based on their experience working in hospital pharmacies. OrbitalRX’s software aims to automate medication management processes, saving pharmacists and the medication supply chain team valuable time. This is particularly crucial during the COVID-19 pandemic.
Partnership and Growth
The Launch Place President and CEO, Eva Doss, expressed enthusiasm for OrbitalRX’s product and commitment to supporting their market goals. The University of Virginia was the first to adopt OrbitalRX’s platform, and it is now used in six hospitals nationally. The company is open to expanding into the retail pharmacy space and is working on a pilot program to explore this opportunity.
About Orbital Rx
OrbitalRX empowers pharmacy leaders with technology to proactively manage drug supplies, breaking down data silos and saving time. Their long-term partnership with IBM Watson health and investment from organizations like The Launch Place will help OrbitalRX continue to provide critical solutions to hospital pharmacies.
Learn more about OrbitalRx: orbitalrx.com
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Question & Answer
1. What is OrbitalRX’s drug shortage management platform?
OrbitalRX’s drug shortage management platform offers a workflow solution for hospital pharmacies in the US and Canada, addressing the ongoing drug shortage crisis with real-time drug inventory management and evidence-based clinical information.
2. Who are the co-founders of OrbitalRX?
The co-founders of OrbitalRX are Adam Orsborn, who serves as the CEO, and Nate Peaty, who is the Chief Product Officer.
3. How has OrbitalRX’s technology been developed?
The technology developed by OrbitalRX’s co-founders is based on their experience working in hospital pharmacies, aiming to automate medication management processes and save valuable time for pharmacists and the medication supply chain team, especially during the COVID-19 pandemic.
