Founders: Sid Viswanathan (CEO), Umar Afridi
Spear : 2016
Headquarter: San Francisco
Funding: $257 million
Evaluation: $1.6 billion
Key technologies: N / A
Industry: Health care
Previous appearances on the Disruptor 50 list: 0
When billionaire investor Mark Cuban launched his Cost Plus Drug Company in early 2022 to sell generic drugs online at affordable prices, he turned to Truepill to fill and dispense prescriptions.
It was a watershed moment for the San Mateo-based behind-the-scenes digital health service, founded in 2016 to transform the $400 billion pharmaceutical business in the United States.
This comes as the fast-growing direct-to-consumer healthcare market becomes more competitive with increased pressure on price transparency and telemedicine becomes more popular.
Rather than competing with a slew of start-up pharmacies such as PillPack and Capsule, acquired by Amazon, which preyed on retail customers, Truepill’s initial concept was an efficient pharmaceutical distribution center. Today, with rapidly growing revenues and a market shift towards telemedicine and increased demands during the pandemic, Truepill has grown aggressively, hiring 800 new employees, compared to just 257 the previous year.
Truepill also launched a virtual pharmacy in 2021 – a break from its roots in 2016 as a mail order service handling orders for birth control, hair loss, erectile dysfunction and other therapeutics. Its e-commerce platform for healthcare entities enables the fulfillment of prescriptions and over-the-counter products. Truepill Pharmacy has shipped over 10 million prescriptions.
The company also partnered with digital health startup Sesame Care to launch SesameRX to offer generic drugs for $5 for a wide range of common medical conditions, and launched its own diagnostics business. This unit offers 3,000 home tests for common health conditions as well as Covid-19 tests.
To grow its digital healthcare strategy, Truepill has raised $256 million. It raised $142 million last October at a $1.6 billion valuation in Series D venture funding with existing investors Initialized Capital and T1 Platform, following a $75 million raise. dollars in August 2020.
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