Phil, a San Francisco-based startup offering a platform to connect stakeholders in the pharmacy ecosystem, has raised a $25 million Series B funding round. It was led by GreatPoint Ventures, and Tarsadia Investments, Crosslink Capital and Uncork Capital also participated.
According to a news release, the company plans to use the money to hire technical talent and expand its geographic footprint.
Phil’s offering unites patients, prescribers, pharmacies and manufacturers. Here’s how the tool works: Patients ask their doctor to send their prescription to Phil, which will then text patients to ask for their insurance and delivery information. The company accepts most commercial insurance plans. Next, patients receive their medication, which is typically delivered in one to three business days. Individuals can also use the platform to schedule refills.
“Phil offers a systemic solution for a systemic problem,” said company founder and CEO Deepak Thomas in a statement. “Because the underlying challenges in this space are experienced not just at the pharmacy but extend to other stakeholders including prescribers and manufacturers, Phil aims to address these issues as a whole.”
The San Francisco startup works with more than 36,000 doctors, and its network spans all 50 states.
It has numerous goals, including helping patients get better price transparency, enabling manufacturers to see higher fulfillment rates and letting independent pharmacies benefit from workflow automation.
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.
“The medical prescription industry and pharmaceutical supply chains are in desperate need of modernization,” said GreatPoint Ventures managing partner Andrew Perlman in a statement. “GreatPoint is excited to back Phil’s novel approach to the distribution and management of specialty drugs. We believe Phil’s platform significantly improves access and affordability of important medications for patients.”
Other companies working in the prescription space include PillPack, which Amazon acquired last year, and Alto Pharmacy, which nabbed $50 million in December. PillPack packages patients’ medications by time of day and sends them in the mail, and Alto Pharmacy offers patients same-day delivery seven days a week for prescriptions.
Picture: Ligorko, Getty Images
