August 19, 2013 -
Specifically, the Medbox “Sample Safe” was developed for Medbox by AVT, based on Medbox’s patent-pending design, which uses fingerprint scanning technology to track and verify users and to ensure that the right patients receive the correct medication.
“Imagine if you are a pharmaceutical company representative, and now you can get an automatic text message directly from the Medbox Sample Safe machine when it is getting low on samples,” Vincent Mehdizadeh, COO of Medbox said. “We are HIPAA compliant, yet can give the pharmaceutical companies valuable demographic data on who is using their medications.”
Reported previously in BiometricUpdate.com, Medbox saw its stock price rise over 3000% after being featured in an article on how to invest in legalized marijuana from 2012. Since then, the company has revised its financial projections for the period through 2016. The revised projections show over $6 million in increased revenue for fiscal year end 2013, with subsequent increases throughout the next 3 years, culminating in a leap from initial projections of $48.6 million by end of fiscal year 2016 – up to a hefty $72.7 million.
Earlier this year, Medbox announced a 50% acquisition of MedVend, a Michigan based bio-tech company that has also developed an automated medicine dispensing machine.
“Our partnership with Medbox has proved to be profitable for both companies,” Shannon Illingworth, Chairman and Founder of AVT said. “We enjoy collaborating with them on new ideas, and now we have developed a remarkable system for Medbox that will gain us entry into the $25 billion market of medicine marketing.”