Ever wondered about those on-line pharmacies? Drugs like Viagra and even narcotics prescribed without even a face-to-face office visit? Peter Ax is the CEO of KwikMed and claims it's the only on-line pharmacy to have been granted regulatory approval in the U.S. (by the state of Utah in this case).

Peter's mission is to use the Internet as a mechanism to reduce the cost of healthcare. But in this Larry's World interview, host Larry Magid doesn't let him off easy. Why is it, Larry asks, that three of the four drugs sold by KwikMed are for the treatment of erectile dysfunction? And who are these doctors who will presecribe them without an office visit and with no co-payments or other fees?

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Peter Ax, a passionate advocate of healthcare reform, brings a gilt-edged background to his role as Managing Partner of Phoenix Capital Management, CEO of KwikMed. He was the driving force in obtaining permission from the Utah State Department of Occupational and Professional Licensing and the Utah State Boards of Pharmacy, Medicine and Osteopathy to prescribe medications online

The recipient of a baccalaureate and a law degree from the University of Arizona and an MBA from the Wharton School at the University of Pennsylvania, Ax made his mark early on Wall Street, with roles at PaineWebber and then Lehman Brothers, where he was named Head of Private Equity. He subsequently built the division into a globally respected brand. In 1997, he left to become CFO and later CEO of SpinCycle, Inc., a start-up that became the nation’s largest consolidated chain of coin-operated laundromats. (Funded by the same group of investors that financed Blockbuster Video in the early 1980s, it was later described by both the Wall Street Journal and Forbes as the Blockbuster of the laundromat industry.) Next, Ax promoted other ventures and launched private investment firm Phoenix Capital Management (PCM), which seeds emerging companies in diverse sectors, including healthcare. Ax also serves as Lead Director and Chairman of the Audit Committee of Meritage (NYSE:MTH), a $4 billion home builder that earned the No. 1 spot in Forbes’ Platinum 400 ranking of America’s Best Big Companies. He is also on the Advisory Board of Cascadia Capital, a Seattle-based merchant banking firm.

Resources:

• KwikMed

This program is from the Larry's World series.

For Team ITC:

• Description editor: Doug Kaye
• Post-production audio engineer: Minh Truong