Truveris, a health IT analytics business that seeks to help employers, labor unions, and consumers reduce what they pay for prescription drugs, has closed a $25 million Series D round, according to a news release. The company will use the funding partly to boost staff by 20 percent by the end of the year, according to Jeff Ignaszak, Chief Marketing Officer at Truveris, who emailed responses to questions regarding the fundraise.
McKesson Ventures led the Series D, but Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures also took part in the round. So far, Truveris has raised $62 million.
Most of the new hires the company expects to make will be in sales, marketing and account management.
The company’s flagship app, OneRx, is aimed at the consumer market and is used to compare prices for branded drugs with generics and to see pricing with and without insurance.
Truveris used its cloud-based data analytics platform to create an online market where pharmacy benefit managers compete for business, said Ignaszak.
Ignaszak noted that it also works with employers and labor unions seeking to not only cut costs but also track the performance of their pharmacy benefits plans. He credited the company’s technology with helping the State of New Jersey save $1.6 billion in prescription drug spend over a three-year period.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Truveris also works with pharma companies to design, execute and monitor patient access strategies to improve prescription fill rates and medication adherence.
Photo: gerenme, Getty Images
