ROCHESTER: OptimizeRx Corp. (NASDAQ: OPRX), a leading provider of digital health solutions for pharmaceutical companies, payers, medtech and medical associations, reported its sales pipeline, which is comprised of outstanding request for proposals (RFPs) submitted, has increased 79% to $84 million in 2019 as compared to last year. The company’s RFPs have historically realized a 35%-50% close rate.
“Our sales pipeline growth is being driven by an accelerated migration to digital solutions by pharma, along with a greater focus on patient experience,” noted Stephen Silvestro, chief commercial officer of OptimizeRx.
“In addition to the significant pipeline growth,” continued Silvestro, “we recently reported that we had five enterprise opportunities totaling $30 million currently under review by our clients. They address the need for holistic solution set for improving adherence which we are well positioned to deliver on. We’ve now signed and moved into contracting with several of these and are seeing the appropriate engagement with our clients on the others."
OptimizeRx's enhanced core messaging solutions coupled with its recent acquisitions have expanded the company’s total addressable market by adding digital care and health management to its solution set. This has made the company better able to address its existing HCP messaging market, estimated at more than $2.4 billion, but also has expanded its reach into patient engagement, digital therapeutics and care management, bringing its total addressable market to north of $48 billion.
“Our integrated platform approach also allows us to address the needs of a much larger group of manufacturers and we have identified 29 whose needs directly align with our new platform solution,” added Silvestro. “The benefits of this integration have begun to appear in the growth of our aggregate pipeline, including an increase of our average deal size from $130,000 in 2018 to $300,000 in 2019.”
According to OptimizeRx CEO William Febbo: “As we continue to penetrate the market, we see our core digital point of care messaging business continuing to grow and are excited about the opportunities with our patient engagement programs. In fact, within our pipeline, over 20 clients have increased their spend for 2020 which gives us confidence in another year of record growth.”