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How Rishi Shah pulled off a billion-dollar pharma advertising scheme
Jul 4, 2024
07:21
Snipd AI
Entrepreneur Rishi Shah discusses the billion-dollar pharma advertising scheme, detailing the rise and fall of Outcome Health and the fraudulent tactics used to target patients with chronic diseases.
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Quick takeaways
- Outcome Health misled pharmaceutical companies with fake ad performance data.
- Outcome Health's fraudulent activities led to one of the largest startup frauds in history.
Deep dives
Rishi Shah's Billion Dollar Farmer Advertising Scheme
Rishi Shah and Shraddha Agarwal launched Context Media in 2006, a platform targeting patients with chronic diseases. They provided a unique advertising service to pharmaceutical companies in doctors' clinics, delivering targeted ads based on patient demographics. The business model involved overcharging clients by claiming to run ads on more screens than installed, using fake screenshots and inflated data to deceive advertisers. This elaborate scheme eventually led to the exposure of fraudulent practices and a lengthy prison sentence for Shah and associates.
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