Telepharmacy company PipelineRx has landed $9.1 million in new venture capital that the company said would allow it to scale its remote medication management services to large integrated delivery networks. The venture round, led by Mitsui & Co. (U.S.A.) and also including McKesson Ventures and previous investor AMN Healthcare, also will help PipelineRx develop new technology.
“Now more than ever, IDNs need tools that drive greater efficiencies and ensure pharmacists are appropriately focused on clinical performance and outcomes,” McKesson Ventures Managing Director Tom Rodgers said in a written statement. “PipelineRx’s solution provides a platform for IDNs to accomplish both goals by enabling them to leverage in-house pharmacists across their network or supplement with the help of PipelineRx’s outsourced services.”
Five-year-old PipelineRx, headquartered in San Francisco, has been pretty active in the consolidating telepharmacy market segment of late.
AMN Healthcare made an initial $5 million commitment to PipelineRx in March 2014. Earlier this year, an inaugural investor in PipelineRx, the California HealthCare Foundation, made an additional, undisclosed investment to help the company serve more critical-access hospitals.
In January, PipelineRx acquired competitor Quality Pharmacy Management. QPM had served hospitals in six western states.
Others in the telepharmacy market have been busy as well. Two months ago, TelePharm, a Rock Health-backed company based in Iowa City, Iowa, acquired Custom Data, parent of competitor Telepharmacy Concepts. TelePharm also named Michael Busch, founder of Medicine Shoppe International, chairman of its board.
