December Was a Strong Month for Cherry Street Pharmacy

December Was a Strong Month for Cherry Street Pharmacy

Over the short month, I’m proud to announce Cherry Street Pharmacy has reached important milestones for our business. In fact, we’ve accomplished so much early on this month, it felt like the holidays came early for my team.

As our biggest advocates and partners in business, I’m excited to announce the following updates to you today:

Cherry Street’s Pharmacy’s Saved Patients Over $100K in Co-Pays

2020 was an unprecedented year.

With millions of people trying to survive the new norm, we knew our business model was perfectly positioned to help those in need. Through our Cherry Care Program, prescription coupons, and Cherry Street Points Program, we were able to make healthcare more accessible to those that need it most.

Related: How We Saved Our Patients Over $100K in Prescription Costs in 2020

Cherry Street Pharmacy Has Started Testing For COVID

Over the holidays the US has experienced a spike in COVID. Though we advocate for everyone to stay home and social distance during the holiday season, we find many people are still getting together to celebrate.

As a result, we’ve started offering COVID point of care testing. We now offer the rapid SNAP test and lab testing to our patients and to the general public who need it.

We will also start offering COVID vaccinations in January when our location is approved and our shipment arrives.

Cherry Street Pharmacy Signed a Partnership With Tulare County

This month we signed an agreement with Tulare to provide pharmacy and medical services for the county’s institutional patients. We’re excited to support Tulare even more through this partnership while also creating an additional revenue stream.

Our New Pharmacy in Cutler is Approximately 50% Complete

In the past few months, my team has worked relentlessly to get our second location off the ground. We’re approximately halfway done with construction and will be up and running no later than March 2021.

We were able to get our new shelving in this week!

I’ll have pictures of the location shortly, but I also wanted to share the pharmacy building designs to start to give you an idea of what it will look like.

The new location also has its Medicare contract and is currently waiting on Medicaid and private insurance, which should be complete by the end of March 2021.

Cherry Street Pharmacy Started Mail Order Shipping For New Customers in The Bay and LA

Word-of-mouth marketing is up 50% due to the nature of our Cherry Care program which offers between 80% to 100% discounts on prescription co-pays.

We’re starting to get pharmacy changes and prescription refill orders from patients who live in the bay area and LA. To accommodate those patients we’ve started mail ordering prescriptions.

I can’t express enough how thrilled we are to continue to expand our patient base outside of our direct geographical location.

Again, thank you so much for being our biggest advocates for our business success! I hope you’re as excited to hear these updates as I am telling you.

We’ve hit some major milestones, but you know what would be the best way to close out 2020 strong?

Hitting $100K in our raise before the new year, and we want to do it with you! Here’s how you can help:

● Consider re-investing at this time. Even an additional $100 makes an impact.

● Share our raise page and investor presentation with your network.

● Spread awareness about our cause and Cherry Care Program

● We’re Live on MicroVentures! Raising Funds to Create The One Stop Pharmacy

● Why Medication Copay Assistance Has Never Been More Necessary

● Cherry Care: Our Commitment to Prescription Access and Co-Pay Assistance

As the company continues to expand and meet goals, now is the time to join our momentum! We look forward to hitting our $100K goal and sharing more major milestones with you shortly.

Meet Our Founder, Wenbo Liu, as He Tells His Story

Cherry Street was founded by Dr. Wenbo Liu in 2016 as a means to make the health care system more streamlined, affordable, and accessible for at-risk and underserved communities.

Driven by his ethos to do well by doing good, Wenbo’s creativity and problem-solving abilities helped him create a pharmaceutical business model that can provide eligible patients up to 100% off on prescription co-pay costs.

But Wenbo didn’t always have the dream to open up a pharmacy.

Here’s Wenbo explaining his journey, skills, and the reasons why he believes his leadership will ultimately make Cherry Street Pharmacy a household name and a great investment for those looking to get more involved in our company.

“I’ve Always Been an Entrepreneur”

My entrepreneurial journey started when I was in junior high, when I started my own tutoring club. Over time it grew to a decent size, and eventually, my tutoring club became a tutoring business called Teacher IQ where I would hire grad students to teach high school and junior high students math, science, and SAT prep. At one point we had over 20 grad students traveling to different tutoring locations and centers.

Though the business was successful, I had my eye set on going to medical school. I earned my BS in Biochemistry and Molecular Biophysics from the University of Arizona, then later went on to earn a Doctorate in Pharmaceuticals from the University of Hawai’i.

“I Saw Inefficiencies and Inequalities in Healthcare That I Wanted to Change”

During my time studying medicine, I saw many inefficiencies in the healthcare industry and realized that every industry so far has been disrupted except for pharmacies and medicine. You still have to go to your primary care physician, get a prescription, drive to the pharmacy, wait for your medication, and drive home. This entire process is time-consuming and overwhelming, especially if you’re feeling as sick as a dog.

On top of that, the rising cost of healthcare is leaving more people without access to primary care physicians and life-saving medications. Too often I’ve heard stories of people foregoing utilities or food to pay for their prescription bills. I’ve also read stories of people traveling to Mexico, where medication is easily a quarter of the price compared to the US. Even worse, I’ve read stories about people skipping medication because it was too expensive, which later landed them in the ER.

My entire life these inefficiencies have hit too close to home. While I was in college my mother struggled with heart health issues, and chose not to have surgery so she could pay for our household bills.

Related: Americans Forced Into Bankruptcy to Pay For Prescriptions

I very vividly remember wanting to make a change in the status quo that prevented my mom from getting the surgery she needed—and I knew I could make it happen.

Medical school was going to take too long for me, so I opted to start a new business, one that was going to make an impact on healthcare and disrupt the pharmacy model as we know it.

“In 2016, I Launched Cherry Street Pharmacy With It’s Sister Non-Profit, Cherry Care”

With my Doctorate in Pharmaceuticals in hand and a lot of determination, I successfully opened the first Cherry Street Pharmacy in Tulare, California.

Rather than focusing on big affluent cities with tons of competition, I focused on finding underserved communities in more rural areas. Tulare was an ideal location where I knew my pharmacy model could help people have access to the prescriptions they needed.

Shortly after, I launched Cherry Care–the non-profit behind it all.

Through the Cherry Care program, eligible Cherry Street Pharmacy patients can receive up to 100% off prescription co-pays. The nonprofit also works with the local community and makes donations year-round to other non-profit organizations that need our help.

Related: Cherry Care: Our Commitment to Prescription Access and Co-Pay Assistance

Cherry Street’s pharmacy also offers other financial support and incentive programs to maintain good health. For example, our prescription coupons and Cherry Street Points are available to everyone. Cherry Points are a unique system designed to incentivize people to take care of themselves. Every time their vitals improve, they refill their prescription on time, or get a vaccination, they earn Cherry Points which can later be exchanged for cash-back that they can spend as they please.

“Our Pilot Location Generated $3 Million in Revenue While Saving Our Patients Thousands in Prescription Costs”

These three systems working together have saved our patients over $100K in prescription savings alone in 2020, while also growing the business. By providing patients the financial help they need, we’ve also been able to expand quickly while saving on marketing costs.

Related: How We Saved Our Patients Over $100K in Prescription Costs in 2020[1]

“Now I’m Working Diligently to Open Our Second Location in Cutler, California, and Kickstart The Telemedicine Arm of The Business”

Cherry Street Pharmacy’s mission is to not only make healthcare more accessible but also more streamlined. We’ve already built an at-scale in-house medication delivery service and we’re actively working to finish building our telemedicine platform and install telemedicine booths inside our clinic.

Related: How Telemedicine is Quickly Becoming The Future of Healthcare

Now, rather than visit your primary care doctor in person for a simple check-up and prescription, you can do so at your local Cherry Street Pharmacy. In one place and one appointment you can see your physician, have your vitals taken, blood drawn, and prescription filled.

Later in our roadmap, we plan on building out mobile units that can go to homes and give the necessary primary care for those who are too sick to leave home, don’t have transportation, or are bed-ridden. Then our prescription delivery will be able to drop off any necessary medication.

Our second location in Cutler California is currently under construction with a target launch date of March 2021.

“My Business Ethos is To Do Well While Doing Good”

I’m a firm believer that entrepreneurs are perfectly positioned to use their creativity and ingenuity to create businesses that use their platforms for good.

My first and foremost priority is to help those that need me, and thus, it’s Cherry Street’s number one obligation. That’s also why we’ve applied for B-Corporation status, which would classify our company as a Public Benefit Corporation.

There are millions of people I know who will benefit from Cherry Street Pharmacy and I’m working relentlessly to see Cherry Street expand across the country.

If you’re interested in getting involved and joining me on my mission, then read “The Top 2 Reasons to Invest in Cherry Street Pharmacy”.

I want to personally invite you to invest in Cherry Street on MicroVentures. You can get involved for as little as $100!

Related: We’re Live on MicroVentures! Raising Funds to Create a “One-Stop” Pharmacy

Together we can make a difference for thousands of people that need our support.

If you have any questions or would like to chat, reach out to me directly at wenbo.liu@cherryrx.com.

Understanding The Benefits of Medication Synchronization

Do you have multiple medication prescriptions to take? Do you get frustrated having to run so many trips to the pharmacy to stay on top of all your refills?

If so, then let us help you streamline your pharmacy visits and make medication management easier with Cherry Street Pharmacy’s Medication Synchronization program.

Medication synchronization (med sync) is, “when the pharmacist coordinates your refill on your medication so you can pick them up on a single day of each month.”

The Benefits of Medication Synchronization

A study done in 2018 by Harvard Medical School found that patients on med synch programs improved medication adherence by 8% compared to non-synced patients. In addition, patients on medication synchronization programs had lower rates of outpatient visits, hospitalization, and emergency department visits.

Thus, medication synchronization drastically improves your medication adherence by making your refill schedule streamlined and simple.

Other major benefits include:

● Eliminates repeated trips to the pharmacy and the costs associated with doing so

● Minimizes confusion on which prescriptions need to be refilled

● Improves treatment by reducing the likelihood of missed or delayed refills

● Provides greater physician and pharmacist oversight of your medication including drug misuse, side effects, and errors

How Can You Get Started on a Medication Synchronization Program?

Aligning your medication on a synchronization program at Cherry Street Pharmacy is easy:

  1. Visit us at www.CherryRx.comto have one of our pharmacists formulate a plan for synchronization
  2. Our pharmacists may perform partial refills to synchronize your medications on the determined recurring date.
  3. You pick up all your medication on a single date!

Have more questions? We’re happy to help! Reach out to us today at 559-234-2112!

How We Saved Our Patients Over $100K in Prescription Costs in 2020

The Guardian recently wrote, “Millions of Americans can’t afford the prescription drugs they require to survive, forcing them into bankruptcy, trips to Mexico, or cutting off utilities.”

It’s true—all too often our patients tell us stories about forgoing food, utilities, and other basic necessities to pay for the outrageous cost of medications. We even had a patient who, in a difficult position, decided to pay rent and skip his heart medication instead, which sent him on a stretcher to the hospital only a few weeks later.

These stories make it clear that the US healthcare system is in desperate need of change.

But politics takes time, so our Founder and CEO Wenbo Liu asked, what can we do now to help those in need of medication, and how can we make it sustainable?

After months of planning and problem solving, Cherry Care—the non-profit arm of Cherry Street Pharmacy—was born.

Eligible Cherry Street Pharmacy patients can enroll in Cherry Care to receive up to 80% off their prescription costs. For some patients that’s the difference between being able to maintain their health or the roof over their head.

We’re proud to say Cherry Care at our first pilot pharmacy in Tulare, California is a huge success and is growing. Here are some quick stats that showcase the impact we’ve made this past year:

$38,428 in Cherry Care Savings for Cherry Street Pharmacy Patients

The co-pay assistance program is intended for individuals who have limited income to spend on medication and is funded by our non-profit organization, Cherry Care.

Eligibility for co-pay assistance through Cherry Care is simple: If you’re currently on Medical or Medicaid and make less than $30K a year you’re eligible for 100% financial assistance. If you currently make between $30K to $37K a year you’re eligible for 80% financial assistance.

In 2020, we were able to save close to $40K in prescription costs for Cherry Care patients, which in many cases is life-saving.

Wenbo recalls a time where a patient called the pharmacy for support, “He called me asking for help, saying he was low income, ill, and spending over $100 every month for prescriptions he needed to live. I referred him to our Cherry Care program since he was eligible. He was so grateful, reiterating why he didn’t know about Cherry Street sooner.”

Related: Lower Your Medication Costs With Cherry Street’s Prescription Copay Program

[Infographic]

$20K in Prescription Coupon Savings

In an effort to make health care affordable for everyone, Cherry Street Pharmacy offers prescription coupons for all our patients. These coupons are high-value for medications such as Ajovy, Otezla, and Trelegy. In the past year, we saved patients approximately $20K through our free coupons.

$50K in Money Back From Cherry Points

Cherry Points is a system designed to incentivize patients to stay in good health. Every time a patient’s record shows an act of good health such as their cholesterol levels dropping, maintaining a proper medication synchronization schedule, or getting a vaccination, the patient receives a Cherry Point.

Once a patient reaches a certain amount of Cherry Points, patients can exchange their points for cash-back rewards. Not a coupon, not a cash-voucher that you can only spend in the pharmacy, but rather cold-hard cash-back that our patients can spend as they please.

This holiday season we’ve had many patients call to cash in their points for gifts. We also recall a poignant moment of a lady cashing in her points for $20 to put gas in her tank for a job interview. By offering this system we’re able to not only positively reinforce good health but also help our patients when they need a little extra help with other savings.

$300K Cherry Care Donations to Local Government Charities

We’re not only giving back to our patients but to our entire local community. In 2020 alone we donated over $300K of our margins to local charities that are serving those in need of shelter and homes.

We Can’t Wait To Grow Our Patient Savings in 2021

2020 was an unprecedented year.

With millions of people trying to survive the new norm, we knew our business model was perfectly positioned to help those in need.

As we build our second location in Cutler, California we look forward to expanding our impact and pursuing our mission to make healthcare more affordable and accessible to all.

If you’re curious how you can join our mission, then consider joining us as an investor to bring a Cherry Street Pharmacy near you. Learn more about our investment opportunity on MicroVentures and invest today for as little as $100!

How Telemedicine is Quickly Becoming The Future of Healthcare

With any new medical invention, it takes tremendous time to test, validate, and implement the technology at scale. However, disruptive change can act as a catalyst for emerging technology to almost instantly become the new standard. Thanks to the COVID-19 pandemic, the medical innovation at the forefront of transforming healthcare is telemedicine.

According to the CDC, “During the first quarter of 2020, the number of telehealth visits increased by 50%, compared with the same period in 2019, with a 154% increase in visits noted in surveillance week 13 in 2020, compared with the same period in 2019.” Another report stated that “Since February, telemedicine grew from less than 1% of primary care visits to nearly 43.5% in April 2020.”

With it’s forced rapid adoption, telehealth is uniquely positioned to reshape the entire healthcare industry from operations, costs, and management. To predict the impact telemedicine will make in the near future, we asked our CEO and Founder, Wenbo Liu, how he anticipates telemedicine will change the medical landscape.

1. Telemedicine Will Make Primary, Urgent, and Preventative Care More Affordable, Accessible, and Streamlined

“The goal of primary and preventative care is to have easy access to regular checkups and make necessary adjustments early on so you can prevent chronic disease,” says Wenbo. In fact, according to the CDC, “chronic diseases that are avoidable through preventative care services account for 75% of the nation’s healthcare spending.” Telemedicine booths and mobile units will provide more convenient access to care, follow-up visits, and test results while reducing costs for preventative treatments.

Related: Lower Your Medication Costs With Cherry Street’s Prescription Co-Pay Program!

In other words, going to the doctor and waiting for hours just to have your blood drawn, vitals taken, and vaccinations given in your yearly check-up will no longer be the norm.

Wenbo continues, “At Cherry Street Pharmacy, we’ve realized the huge benefit telemedicine has in basic primary and preventative care. That’s why every Cherry Street Pharmacy location will have telemedicine booths and an onsite clinic where you can have your blood drawn or blood pressure taken. That way you can receive your medications or vaccinations on the spot. It’s more streamlined and accessible for those who are extremely ill, and need a one-stop option for their basic healthcare.”

2. Patients Will Choose Healthcare Services That Have Access to Telemedicine

Though not all services are ideal for telemedicine, clinics that offer telemedicine may see higher patient retention rates and satisfaction. “When patients can receive high-quality care from their local telemedicine booth or the comfort of their home, those patients will no longer have to endure long wait times for a short visit,” explains Wenbo.

For those patients, choosing clinics that help them save time while receiving amazing service, is really a no-brainer. As quick and efficient care becomes the norm, clinics and hospitals that don’t adapt to telemedicine will likely see a decline in business operations.

3. Pharmacies Will Embrace Telemedicine Which Will Provide More Business and Revenue Growth

Cherry Street Pharmacy is the first pharmacy model to provide access to primary and urgent care services through telehealth booths on-site. This model was created not only to help streamline the healthcare process, “but because we saw a demand for telemedicine services and we knew we could bridge the gap,” says Wenbo.

Pharmacies traditionally don’t offer many medical services outside of filling your prescription and giving you a flu shot. However, the Cherry Street Pharmacy model—a unique combination of telemedicine and prescription co-pay assistance—is proven to be a successful business that helps others at the same time. As our bottom line continues to grow, we’re sure that there will be pharmacies that follow in our footsteps. Those that do will also be able to enjoy doing well by doing good as well.

Related: Cherry Care: Our Commitment to Prescription Access and Co-Pay Assistance

As technology continues to advance in these uncertain times, only two things are clear—our healthcare system needs to be adaptable, and telehealth is here to stay.

At Cherry Street Pharmacy we’re utilizing telehealth in a novel way to make basic healthcare affordable and accessible for communities that are high-risk and underserved. We’re proud to say our pilot location in Tulare is a huge success and has seen exponential growth. We’re on track to break the previous estimate of $4.5million dollars in revenue this year, our gross margins will also be improving to over $2 million dollars, and we will see net income of around $1.3million dollars. This represents a 50% increase in YOY revenue, a near 100% increase in gross profit, and a 600% increase in net profit—all for ONE pharmacy location.

We’re confident that once our new locations open up, these numbers will explode even more exponentially.

Cherry Street Pharmacy is currently holding an equity raise on MicroVentures to further build out our telemedicine platform. Join us today as an investor for a more streamlined healthcare tomorrow!