PharmaCCX is a Boston-based company that is developing a technology platform enabling pharmaceutical companies and payers to speed up pricing negotiations in order to get medication to patients in need faster.
Since it is difficult to price drugs given the combination therapies that are being increasingly used, PharmaCCX’s exchange will allow parties to confidentially express contingent commitments in order to trigger binding agreements and smart contracts when those relevant conditions are met. As a result, PharmaCCX’s model allows parties to explore both performance- and indication-based pricing.
Accel Partners has led a $3 million seed round of funding in PharmaCCX to help the company develop its proprietary technology platform and deploy in several European countries. Atlantic Labs, Green D Ventures, and several other investors also participated in this round.
Barath Shankar Subramanian, principal at Accel Partners, has joined PharmaCCX’s board in conjunction with the funding round. And health-tech entrepreneur Julia F. Bernstein also joined the board recently.
“We at Accel are excited to partner with the PharmaCCX team to help address market access issues across the globe and help bring therapies for serious and chronic illnesses quicker to market,” said Subramanian in a statement.
PharmaCCX was founded by Nathan Sigworth and Richard Bergstrom, both of whom have expertise in international pharmaceutical markets. Sigworth was previously the co-founder and CEO of PharmaSecure. And Bergstrom was the Director General of EFPIA and worked in regulatory affairs at Roche and Novartis.
“We are delighted to partner with Accel, Atlantic Labs and Green D Ventures, three investors with the right specialized expertise and resources to help us execute on our plans,” added Sigworth.