Billionaire, Global Philanthropist and Healthcare Pioneer Dr. Kiran Patel Enters the PharmTech Industry to Empower the Community Pharmacy

TAMPA, Fla., January 17, 2024 (Newswire.com) - Widely regarded as one of the boldest entrepreneurs and brightest minds in the healthcare space, Dr. Kiran “Dr. K” Patel is focusing groundbreaking efforts on the pharmacy industry. He is proudly announcing plans to advance the cause of community pharmacies through his latest enterprise KARE. This initiative promises to empower and change the marketplace and landscape for community pharmacies. 

For Dr. K, the strategy is underscored by the desire to start a new era in PharmTech innovation—largely by investing in the relationship part of the equation at the front end; in turn, redefining the role of community pharmacies as accessible hubs for healthcare services at the point-of-care. 

“From my background in building healthcare businesses, particularly in regards to leading household name HMOs like WellCare (5th largest Medicaid Plan under his tenure, throughout the U.S.), Freedom Health, and Optimum Healthcare (2nd largest in Florida), I’ve learned what it takes to be successful in this industry. However, there is more to success than creating wealth. I have learned how to use that success to advance professional, educational and philanthropic goals that create real changes in the world,” explained Dr. K. “Driving change through new platforms like this venture makes it possible to preserve the patient/pharmacist relationship.” 

As chairman and one of the founders of KARE PharmTech, as well as being a prolific entrepreneur with a portfolio of 8+ companies valued at or expected to be near 1 billion dollars, Dr. K is highly regarded for his astute intellect and aggressive business-building style. In recent years, he has founded or devoted significant financial resources to companies dedicated to developing immunotherapies for cancer (Morphogenesis, Inc.), solar-powered EV-charging infrastructure and solar panels (Magentapower), and innovative medical devices for cardiovascular procedures (Concept Medical). 

Perhaps even more impressively, over the years, Dr. K has made it his life’s work, distinguishing himself by his dedication and determination to make a worldwide impact on millions of lives. He has leveraged his ascendant profile in the public square and financial success to power his global philanthropy, giving more than 500 million dollars to largely health and educational causes. Through his namesake foundation, he has founded or supported dozens of entities, ranging from Nova Southeastern University (NSU), University of South Florida (USF), medical colleges, and hospitals to medical clinics, research institutes, K-12 schools, and community centers, in the U.S., India, Zambia, and the Caribbean. Just a few examples out of many, but deeds like these do provide some meaningful insight into his vision for the future—one linked by the many lessons he’s learned in business leadership over the last several decades. Those contributions have earned him praise from around the globe and several prestigious awards, including the Pravasi Bharatiya Samman Award (2019) and Floridian of the Year honors (2018). 

“One thing you learn from giving back to the community is how to become a catalyst for positive change,” Dr. K explained. “Seeing how so many local pharmacies are closing and turning rural areas into deserts without essential healthcare resources is simply untenable. So, together with Mital Panara and the team, we are envisioning a new way forward."

Mital Panara, also a founder at KARE and its CEO, went further by adding, “KARE ‘PharmTech’, as it stands here at the start of 2024, is intended to accomplish four main goals: the first is empowering community pharmacies to better serve patients through state-of-the-art technology; the second is to help pharmacy owners enhance operational efficiency in areas such as inventory management and prescription fulfillment; third, we’re looking at implementing a radically new vision for promoting patient-centric care at every touchpoint; and fourth, it’s about facilitating connectivity and collaboration among pharmacists, providers, and patients in a living, thriving digital ecosystem.” 

At KARE, we are uniting and organizing the most under-utilized segment of the healthcare industry our “Community Pharmacies” and empowering them with AI and ML technologies with additional revenue-generating programs to compete with the large chains and giving their contribution the recognition, they deserve. The relief to independent pharmacies promised by this new organization, run under the banner of KARE, can’t come soon enough as more than 20,000 of them continue to battle against a handful of large chain stores. In Dr. K’s and Mr. Panara’s estimation, it’s actually long overdue. “These days, there are a lot more questions than there are resources for answers. KARE is on it," Mital Panara mentioned.

Source: KARE Rx Partners