Medbox buys stake in drug-vending company, forms jointly controlled corporation
NEW YORK — Pharmaceutical vending machine maker Medbox has bought a 50% stake in a Michigan-based company that has developed an automated medicine dispensing machine, Medbox said Friday.
The $5.15 million deal with MedVend includes a $300,000 capital infusion and additional loans if needed for operating expenses into a jointly controlled new corporation that will also be called MedVend.
MedVend's Automated Medication Dispenser, or AMD, is described as a "remote pharmacy" that dispenses medication. The AMD uses video and electronic scripting technologies to provide patients with remote, face-to-face consultation with a pharmacist and to have their prescriptions filled in less than a minute. A patient touches the display monitor, enters a birth date and a unique four-digit code at the point of care, and the AMD provides a bottled medication interaction report, prescription and receipt. An attached phone allows the patient to consult with the pharmacist, who appears on screen via two-way video conferencing.