A Healthcare tech company which also develops autonomous fingerprint security products, Rx Safes, has announced its new partnership with healthcare-focused strategic communications firm The Ruth Group as its investor relations counsel.
Rx Safes specializes in personal and professional healthcare drug security market, incorporating patented fingerprint technology to provide theft prevention and medical information solutions.
Prescription drug abuse, drug diversion, rising insurance and high pharmaceutical treatment costs have created an opportunity for Rx Safes to expand in the growing market.
Valued at more than $50 billion a year, the Rx Safes’ annual spending on healthcare technology products is over $34.5 billion. In addition, the market is being driven by ongoing government support for successful drug abuse prevention initiatives that come with a financial commitment of $25.4 billion in 2015.
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Meanwhile, The Ruth Group supplies PR and investment relations services to a disparate group of innovative healthcare businesses.
“It was important for Rx Safes to partner with an investor relations firm that had a long and successful track record within the healthcare industry,” said Rx Safes CEO Lorraine Yarde. “We look forward to working with The Ruth Group to leverage their expertise and relationships in the industry as we take the next steps in introducing the company to the healthcare and investment community.
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“We expect to secure a qualified investment banker in the very near future as we anticipate integrating our technology and products into frontline solutions to prevent unauthorized access to and diversion of controlled substances.”