University of Arizona startup SinfoníaRx, a wholly owned subsidiary of Sinfonía HealthCare Corp., has been acquired by Tabula Rasa HealthCare (NASDAQ: TRHC), a public health care company that provides individualized, data-driven technology solutions.
SinfoníaRx is a health care company whose mission is to provide the highest-quality solutions for health plans, patients and caregivers. Spun out as a UA startup company in 2013, SinfoníaRx pioneered modern medication therapy management, or MTM, services.
"SinfoníaRx is a prime example of the practical impact research at a major university can have on people’s lives," said UA President Robert C. Robbins, who is also a cardiothoracic surgeon. "This is both an economic development and a health care story, as SinfoníaRx has employed thousands of pharmacists and pharmacy students across the country preventing medication interaction errors. This is an incredible outcome and I hope it inspires others at the UA."
SinfoníaRx President Kevin Boesen, the original visionary behind the system, and CEO Fletcher McCusker co-founded SinfoníaRx with the support of Tech Launch Arizona. TLA is the commercialization arm of the UA for inventions stemming from research and innovations developed by faculty and staff.
"Assisting Dr. Boesen and the faculty in commercializing this idea is one of our proudest moments," McCusker said. "With the help of TLA, we were able to take an inspired service built inside the College of Pharmacy and introduce Medication Management to the world as a private company. Since then, SinfoníaRx has exploded, thanks in a large part to adding private-sector hustle and investment to brilliant University of Arizona science and software."
The initial software and business model for SinfoníaRx was developed by Boesen and a team of health care professionals at the UA College of Pharmacy. The program's state-of-the-art software system proactively evaluates hundreds of millions of prescriptions and medical claims annually to identify opportunities to reduce the risk of adverse events and drug interactions, improve medication adherence, and look for opportunities to reduce the cost of medication treatments.
"We are delighted for all the parties involved in this transaction," UA Vice President David Allen said. "This was one of the first licenses undertaken by the then-new Tech Launch Arizona, and through a multiparty structured auction approach we were able to identify the best team to develop the market and build value by working with the UA. As we move forward, the University looks forward to continuing the long-standing relationship with SinfoníaRx."
SinfoníaRx executed a strategy around hiring students and graduates of the College of Pharmacy, propelling company growth while expanding opportunities for UA students.
"This is a wonderful development for our students who can continue to broaden their skillset and enhance their pharmacy education," said Rick Schnellmann, dean of the College of Pharmacy. "Working collaboratively with health care professionals, our students can contribute to research projects that improve medication therapy management."