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Medbox files international PCT application

Medbox Inc. has filed a Patent Cooperation Treaty (PCT) application on its patent pending storage and lockbox system, the Lockbox Rx, extending the time for the company to file foreign patent applications until June 6, 2014 and still obtain credit for the earlier U.S. filing date.

The LockBox Rx is a medication storage and retrieval system, designed for use in pharmacies. The system allows a pharmacist to place a patient’s prescription refill in an individual storage lockbox for later retrieval. Customers can pick up their medication through the self-service system by swiping their authorization card and placing their index finger on a scanner that compare the print to one taken at registration. Once a customer’s identity has been verified, a temporary use lockbox is opened containing their medication.

“While we already have an issued patent on our primary model of medicine dispensing machine, elements of which are also contained in the LockBox Rx, we feel that filing the PCT is a necessary step at this point to protect our global goals for automated prescription storage and retrieval under the supervision of licensed Pharmacists,” Dr. Bruce Bedrick, CEO of Medbox said. “The Lockbox Rx will revolutionize the ease in which patrons get their prescription in pharmacies while increasing safety security and inventory control.”

As previously reported in BiometricUpdate.com, Medbox saw its stock price rise over 3,000 percent after being featured in an article on how to invest in legalized marijuana in November. Since then the company has revised its financial projections for the period through 2016, culminating in a leap from initial projections of US$48.6 million by end of fiscal year 2016, up US$72.2 million.

The company has also recently announced that its first medical marijuana dispensing system arrived in Massachusetts.

As selfserviceworld.com reports, a recent Frost & Sullivan research study finds that “global shipments of intelligent vending machines are forecasted to grow at a 49 percent compound annual growth rate from 2010 to 2016.”

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