Cabinet Health on 'Shark Tank': All you need to know about 'new way' of buying OTC medications
LOS ANGELES, CALIFORNIA: Cabinet Health promotes itself as a sustainable healthcare provider. You may wonder how. You'll have to keep reading to find out. The co-founders banded together and appeared on the 'Shark Tank' stage to pitch to the sharks. Learn more about Cabinet right now.
Russell Gong and Achal Patel are good friends who decided it would be a good idea to collaborate on a health-related venture! They realized something had to be done about the billions of pounds of plastic garbage generated by over-the-counter drugs. You're definitely curious about these two dynamic entrepreneurs. Let's get started!
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What is Cabinet Health?
Take a close look the next time you're in a drugstore. Over-the-counter (OTC) medication aisles and aisles and shelves and shelves. For the treatment of pain, colds and flu, allergies, digestion, and sleep. Multiple brands, formulations, and doses are available. Take note of all the plastic bottles. Would you think there are 190 billion created each year? 90% of them wind up in our seas, landfills, and air supply, where they degrade into microplastics that are distributed across our globe and that humans swallow. Cabinet Health co-founders Russell Gong and Achal Patel are on a quest to eliminate single-use plastic from all medical uses. They are starting with over-the-counter medications and working their way up to plastic reduction and environmental restoration.
The Cabinet Medicine System
Refill pouches are comprised of earth-digestible materials (a combination of bio-sealants and wood cellulose) and are 100% biodegradable. They keep the medicine fresh and safe. Open the refill packet and pour the tablets into the glass container. Then, unzip the pouch bottom, remove the magnetic label, and place it on the lid.
The pharmaceutical name, ingredients, dose, brand name equivalent, indications, directions, cautions, and the expiration date are all listed on magnetic labels made of 100% recyclable materials. The QR code is also printed on the labels. Order refills by scanning the code. Scanning will take you to the product page, where you will discover more extensive information on the drug.
For your convenience, child-resistant caps are color-coded and hold magnetic labels.
On the other hand, glass bottles that may be reused indefinitely are shatterproof and stackable, making them ideal for keeping a tidy medicine cabinet.
Each consumer may save one pound of plastic every year, which adds up to hundreds of pounds of plastic over a lifetime. This is crucial because individuals are making intentional decisions to prevent plastic waste and the microplastics found in our food, water, and, eventually, our bodies. Russell and Achal's ambition is for every medicine cabinet, pharmacy, and retail shelf to be free of single-use pharmaceutical plastic and replaced with sustainable, high-quality, and cheap Cabinet Health treatments one day. Cabinet is, of course, a B-Corp that focuses on reducing its carbon footprint, water waste, and material waste in its goods and activities.
Who are the founders of Cabinet Health?
Achal Patel and Russell Gong are the co-founders of Cabinet Health Company, which was founded in 2019.
Achal Patel studied Foreign Affairs, History, and Pre-Health at the University of Virginia. He appears to have been a pre-med student who did not pursue his education in medical school. Despite not attending medical school, he did volunteer in a medical-related program as a program supervisor for Physicians for Peace. He worked as a consultant for Deloitte Consulting for five years before becoming a fellow for "Unreasonable" for five months. Following that, in 2018, he co-founded Cabinet Health. Achal is a third-generation herbalist. "While most kids spent summers at camp, Achal spent time at his grandfather’s acetaminophen factory in India. Born and raised in a medicine supply chain, healthcare is all about family for Achal." Achal is also a dog enthusiast and a gourmet. His adorable tan shaggy dog may be seen in the third image of the carousel above.
Cabinet's co-founder and President is Russell Gong. He earned a degree in Political Science and Latin American and Iberian Studies from the University of Richmond. This was shortly followed by graduate studies at MIT, where he participated in the Executive Program in Artificial Intelligence in Business. Russell Gong was a soldier. He was born in Singapore but reared in a number of other countries. He has just become a parent. Russell is married to Ali, and on October 5, 2022, they had a baby boy called Everett Jackson, who weighed 7 pounds and 7 ounces.
What is the cost and where to buy Cabinet Health from?
You may now buy a starter or customized bundles for common conditions such as allergies, discomfort, digestive difficulties, sleep and stress, and cold and flu. These medications are currently filled at their partner pharmacy HealthHavenRx and are accessible in 49 of the 50 US states.
In terms of commerce, you go to their website and get your over-the-counter medications. You must transfer your prescription to their pharmacy if you have one. They'll mail you a packet containing your bottle and tablets. They're still in the early phases and have to go through a lot of legal and regulatory hurdles. While they do not accept insurance yet (they are working on it), they say that the cost of their items is less than most co-pays. They most likely require Shark cash to fuel their expansion.
Where is Cabinet Health now?
Since its inception in January 2020, the firm has diverted 2000 pounds of plastic through its efforts, with an aim of reaching 3000 by 2023. It is critical to have an ethical and transparent supply chain. Because microplastics and general plastic waste have become such a major concern, Cabinet is attempting to fight the issue.
They created Version 1.0 Effiable and Compostable System as their first offering. B Corporations has also certified this firm. They have collaborated with Valisure, Grove, rePurpose, and Techstars, among others. This sustainable healthcare packaging startup has secured $17 million in finance led by Global Impact Fund in December 2022. This finance is made up of both loans and equity. So far, the firm has received $23.6 million in funding from a variety of investors, including TechStars, SOGAL Ventures, Gaingels, and Pixel Perfect Ventures. Cabinet Health was designated one of the ten most innovative businesses of 2022 in the social good category by Fast Company, a publication focused on innovation in technology, leadership, and design.
Who will steal the deal?
The Sharks may have an issue with this pitch. They may appreciate the concept and business plan, but this is a pre-revenue venture. They also have $23.6 million in funding from additional investors. Only a few weeks before the intended air date, $17 million was raised. They either receive no deal or an agreement that falls through. The second issue is Shark Mark Cuban's Cost Plus Drugs, which is the elephant in the room. In January 2022, Mark founded the low-cost, transparently priced corporation to disrupt the way drugs were marketed in the United States. This was just 6–8 months before the episode aired. You can bet your last dollar that Mark will not invest. The additional difficulties outlined above will very certainly result in no deal tonight unless Guest Shark Tony Xu offers.
'Shark Tank' Season 14 Episode 11 airs on ABC on Friday, January 13, 2023, at 8 pm ET. Catch the latest episode featuring products like Metric Mate, Kinfield, Wildwonder, and Cabinet Health.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.