SANFORD – DisposeRx, which provides medication disposal packets to nearly half of US retail pharmacies and some 90 percent of pharmacy wholesale and medical distributors, now has a patent on the FDA approved technology.
The company, which launched in 2015 and has grown in prominence through efforts to help deal with the opiod crisis, announced Thursday afternoon that it had received patent number 10,532,385 from the US Patent and trademark Office.
DisposeRx signed a deal permitting the U.S. Department of Veterans Affairs to offer its at-home drug disposal packets to veterans as a “simple solution” to dispose of their medications after they are no longer needed. And it made big headlines in 2018 by landing a deal with WalMart.
“In an effort to help curb abuse and misuse, Walmart is launching a first-of-its kind opioid disposal solution – available at no cost – in all company pharmacies,” Walmart announced at the time. “DisposeRx provides a virtually effortless way for patients to destroy leftover opioids and a way to do so without ever leaving home.”
Chief Financial Officer Denis Connaghan said the patent is “monumental” news.
“While being in patent-pending status has not hampered our operations or growth in any way, receiving our first patent is obviously monumental for our organization,” Connaghan said in a statement. “Our product is unique in the market, yet it is also simple and effective, which is why almost 50% of retail pharmacies are our customers.”
Here’s how the tech works, according to the company:
“[The] medication disposal packets are comprised of materials that are FDA-approved for oral medications and provide a simple, convenient and effective solution for the disposal of unused or expired medications. The active ingredient in the medication is chemically and physically sequestered in a polymer gel when water and the DisposeRx powder are added to a prescription vial and shaken. Patients can use the patented product with pills, tablets, capsules, liquids and powders and can then throw away the vial in the household trash.”
Founder died recently
The news came less than three months after the company’s founder and CEO John Holaday died.
“Our late founder and chief executive officer, John W. Holaday, PhD, worked diligently on the formulation and patent with co-inventors Marcus Schestopol, Donald Treacy, Edward Rudnic and Beth Burnside,” noted William Simpson, the company’s president.
“We regret that John did not see this come to fruition prior to his passing in October 2019 but extend our most sincere congratulations to the other scientists and know John would be immensely proud.”
The company has other technology in development and expects to secure more patents.
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