Phil Inc., an end-to-end technology platform for distributing and managing specialty prescription drugs, today announced the close of the company’s Series B $25MM funding round led by new investor GreatPoint Ventures, with support from Tarsadia Investments, Crosslink Capital and Uncork Capital.
| SAN FRANCISCO, May 15, 2019 /PRNewswire/ -- Phil Inc., an end-to-end technology platform for distributing and managing specialty prescription drugs, today announced the close of the company’s Series B $25MM funding round led by new investor GreatPoint Ventures, with support from Tarsadia Investments, Crosslink Capital and Uncork Capital. The funding will fuel company growth, with a focus on hiring technical talent and expanding geographic footprint.
Specialty medications treat complex conditions such as rheumatoid arthritis and HIV. In today’s world, patients who take specialty medications, their physicians and pharmacies are beleaguered by antiquated communication models and manual workflows. Costs continue to balloon, while the quality of outcomes continue to decline. Enter Phil, a San Francisco-based prescription management software platform, offering a holistic approach to addressing pain points foundational to today’s pharmaceutical network. Phil is founded on the principle that, while consistent access to recurring medications is a major user-experience issue, it cannot be solved with just a quick fix to any one point within the system. “Phil offers a systemic solution for a systemic problem,” says founder & CEO Deepak Thomas. “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. We are thrilled to partner with GreatPoint Ventures, Tarsadia Investments and returning investors to benefit our customers across the healthcare industry.” While specialty drugs make up a small fraction of dispensed drugs by volume, they account for almost half of the cost associated with prescription drugs. By bringing efficiencies to the complex workflow required for this class of drugs, Phil is working to solve the most impactful aspects of prescription drug costs. “The medical prescription industry and pharmaceutical supply chains are in desperate need of modernization,” said GreatPoint Ventures Managing Partner, Andrew Perlman. “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.” The growing Phil platform currently connects over 36,000 prescribers in all major states with their patients and independent pharmacies across the nation:
The company is the only health-tech platform that connects physicians, patients and independent pharmacies with the goal of lowering systemic cost and improving outcomes for patients. About Phil, Inc. About GreatPoint Ventures
SOURCE Phil Inc. |
View original content to download multimedia:
