CA-based SmithRx secures $60M in series C round funding. This achievement, building on their $20M Series B round in 2022, is a testament to their collective commitment and effort to address a critical issue: the broken system of prescription medication management, often exploited by traditional PBMs.
They exist to transform this landscape, ensuring that prescription medications are not only accessible but also fairly and affordably priced.
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At SmithRx, they are dedicated to supporting employers and individuals in accessing medications at the lowest cost available, simplifying the broken system that is pharmacy benefits, and empowering their users within a system that can often be overwhelming and opaque.
This new round of funding, led by Venrock, marks a significant moment for us. It fuels their ongoing initiatives that have already made a mark in 2023.
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They have launched transformative programs like Autoimmune Savings and Low-Cost Insulin, and established key partnerships with industry leaders like Mark Cuban Cost Plus Drug Company and Amazon Pharmacy. Each initiative is a step towards a healthcare system that is more accessible and transparent.
With this funding, they will continue to revolutionize the member experience. Their investment in technology is not just about efficiency; it’s about creating meaningful, empathetic connections with their customers and members. They are also enhancing their pharmacy product, delving even deeper into their exploration of the most cost-effective pathways to medication.
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Their investments are a pledge to the well-being of every individual who trusts them with their healthcare needs. They are not just investing in technology or products; they are investing in people’s lives.
About SmithRx
Their goal is to make pharmacy benefits less expensive and complicated for individuals and employers in the United States. Benefits from pharmacies are flawed. Big PBMs’ unduly intricate monopoly are only beneficial to their business lines.
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For self-insured organisations, SmithRx is a transparent, pass-through pharmacy benefits manager. They run their business apart from pharmacies and insurance providers so that their incentives are entirely focused on their clients.
