Foundation Health is a company dedicated to redefining the consumer healthcare experience by empowering its clients to quickly develop and launch modern, digital-first pharmacy and telehealth solutions at scale. Pulse 2.0 interviewed Foundation Health founder and CEO Umar Afridi to learn more about the company.
Umar Afridi’s Background
What is Umar Afridi’s background? Afridi said:
“My career began on the pharmacy floor, where I spent a decade working as a pharmacist with some of the largest retailers in the US. Seeing firsthand the cracks and hurdles in the system, I co-founded and served as CEO of Truepill. The company’s success affirmed my belief in the transformative power of, and desperate need for, technology in healthcare.”
“Following my time at Truepill, I was eager to keep moving the needle and envisioned a venture dedicated exclusively to building cutting-edge consumer healthcare technology. From that idea, Foundation Health was born.”
Formation Of Foundation Health
How did the idea for the company come together? Afridi shared:
“The idea for Foundation Health came from candid conversations with founders, health plans, and pharma manufacturers. It became clear that there was a gap in the market for platforms that could facilitate direct-to-consumer experiences affordably, quickly, and at scale.”
“Additionally, key developments such as Blue Shield of California’s decision to drop CVS, mounting political pressure on PBMs, and the ongoing scrutiny of their role in escalating drug costs and hindering healthcare access, reinforced the urgency and importance of our mission.”
Favorite Memory
What has been your favorite memory/moment in founding the company so far? Afridi reflected:
“My favorite moments in founding the company have been engaging with potential customers and getting a deep understanding of their pain points. It’s incredibly rewarding to know that we’re creating something that aligns exactly with our customers’ needs and will make a tangible, immediate impact.”
Core Products
What are the company’s core products and features? Afridi explained:
“Featuring easy-to-integrate APIs and white-label products, we enable health plans to disintermediate PBMs and take control over pharmacy services, facilitate direct-to-patient experiences for pharmaceutical manufacturers, and empower digital health brands to easily launch innovative, on-brand experiences.”
“Our product suite encompasses three core B2B offerings:
1.) APIs for Telehealth Prescribing and Pharmacy Services: A tech platform that seamlessly connects clients to telehealth providers and a network of pharmacies to provide prescription mail order delivery, same-day delivery, compounding, specialty medications, veterinary medications, and durable medical equipment (DME).
2.) Virtual Pharmacy: Digital pharmacy SaaS product that enables any company to launch their own white-label, custom virtual pharmacy. Features include pharmacist support 24/7, a variety of delivery methods, and clear, transparent pricing that allows patients to choose between cash or insurance. Expandable options include telehealth and clinical services such as brand-to-generic switching and MTM to help improve adherence and, ultimately, health outcomes.
3.) Virtual Direct-to-Patient (DTP) Service: A complete solution for pharmaceutical manufacturers to launch products direct-to-patient. Fully white-label and customizable to deliver an intuitive, delightful patient experience end-to-end. DTP enables manufacturers to remove the middleman, set affordable pricing without rebates, and seamlessly get medication to those who need it.”
Funding
After asking Afridi about the company’s funding, he revealed:
“We announced the closure of a $6 million seed funding round on March 11, 2024. We’re proud to be backed by industry leaders Garry Tan (CEO, Y Combinator), Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures, and PageOne Ventures, with support from angel investors Paul Johnson (Lemonaid) and Meghan Fitzgerald (Grey Ghost Advisors).”
“The funding enables us to accelerate product development, onboard customers currently on our waitlist, and continue engaging with new customers to ensure we deliver precisely what the market needs. We are thrilled by the initial demand for our products.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Afridi assessed:
“The total addressable market (TAM) that Foundation Health is pursuing encompasses the entirety of the global healthcare landscape. Unlike traditional models inhibited by physical operations, our partnership-based approach means we’re not constrained by geographical boundaries. As we continue to evolve, we envision our platform seamlessly integrating all facets of healthcare, both virtual and physical.”
Differentiation From The Competition
What differentiates the company from its competition? Afridi affirmed:
“I believe that our technology, price point, and speed to market truly set us apart.
1.) We are singularly focused on technology. We’re not a pharmacy or provider group, and we’re not doing complex custom builds. Instead, we’re laser-focused on creating an innovative, robust SaaS solution. We’re continuously refining our products to deliver new features and provide best-in-class functionality and performance. Our vision is to grow Foundation Health into the definitive tech platform for powering and managing complex consumer healthcare operations globally.
2.) Traditional multi-month, multi-million dollar builds are the enemy of innovation and progress. We’re deeply committed to delivering cost-effective solutions, optimizing both the affordability of our technology and the services we provide. Our services can be implemented within days, offering unparalleled speed-to-market for our clients at substantially lower costs than alternatives.
3.) Patients need affordable, accessible healthcare solutions now, which is why every offering in our SaaS suite is intentionally built for speed and scale.
Future Company Goals
What are some of the company’s future company goals? Afridi concluded:
1.) Empower every health plan to establish its own virtual pharmacy, lowering costs and enhancing accessibility and convenience for its members.
2.) Support every pharmaceutical manufacturer in creating D2P experiences, fostering direct relationships with their patients, and improving the overall experience.
3.) Enable startups to easily access pharmacy and telehealth services, supporting their growth and innovation within the healthcare industry.
