AI-based pharmacy navigation platform Scripta Insights announced that it had closed $17 million in Series B funding led by Aquiline, bringing Scripta’s total funding to $42 million and demonstrating strong support for its mission from the investor community. This strategic funding comes on the heels of Scripta’s revenue surging over 100% in 2024, capping a notable year for the business.
Scripta’s easy-to-use Rx Navigation solutions include Rx Navigator for members and Rx Monitor for plan sponsors. And with Rx Navigator, employees and enrolled dependents on the health plan receive Personalized Savings reports via app, web portal, and mail, revealing all their prescription options. Rx Monitor supports Rx Navigator clients by providing unique analytics and insights for payers to monitor their Rx benefit costs.
The Series B financing round will fuel Scripta’s continued adoption and scaling of its platform in the self-insured market and TPA / PEO channels. It will also provide a capital infusion to support the company’s expansion in the health plan and Medicare Advantage markets. The funding round includes additional investment from existing investors such as Contour Venture Partners, Eastside Partners, and ReMY Investors. As part of the financing, Avery Klinger from Aquiline will join the Scripta Board of Directors.
Scripta Insights Eric Levin is a serial entrepreneur who has created or managed products that have sold more than $5 billion and been involved in over 32 mergers and acquisitions. He was part of the executive management team under “Shark Tank’s” Kevin O’Leary, responsible for growing The Learning Company from $60 million to over $1.2 billion in sales in just six years, ultimately selling to Mattel for $3.6 billion. In 2019, after meeting co-founder Dr. Paul Bradley, he turned his energy and expertise toward solving America’s prescription drug affordability crisis by co-founding Scripta Insights.
The Series B funding comes when the market is also experiencing heightened scrutiny from legislative, regulatory and legal entities regarding the lack of consumer choice in the prescription selection process. Adding to this challenge is the increased focus on the fiduciary duties of self-insured employers driven by ERISA lawsuits like the high-profile Lewandowsky v. Johnson & Johnson case.
Scripta’s Rx Navigation solutions include Rx Navigator for members and Rx Monitor for plan sponsors.
1.) With Rx Navigator, employees and enrolled dependents on the health plan receive Personalized Savings reports via app, web portal, and mail, revealing all their prescription options. And saving could be as easy as using a coupon, filling at a cheaper pharmacy, or switching to a proven therapeutic alternative if their doctor agrees. Members choose how to save. Scripta provides concierge support, guiding members through savings opportunities and alternatives and seamless onboarding and member engagement campaigns.
2.) Scripta’s Rx Monitor supports Rx Navigator clients by providing unique analytics and insights for payers to monitor their Rx benefit costs. And plan sponsors can contain their Rx benefit spend, optimize their benefits and support plan decision-making.
The company’s Rx Navigation solutions are driven by its software platform made up of two key components: Scripta’s Med Mapper, a doctor-driven proprietary clinical data set and rules engine that maps 17,000 medicines and medical devices to cost-efficient alternatives, considering clinical efficacy and focusing on health outcomes; and Scripta’s Savings Mapper, a proprietary recommendation engine that runs a payer’s benefit plan, PBM formulary, and Scripta’s Med Mapper against patient claims to identify savings opportunities and issue recommendations.
Scripta’s solutions integrate seamlessly with existing benefits systems. And they work within a client’s existing plan design and formulary, with all PBMs, and alongside any other Rx benefit cost containment solutions they may have in place.
Scripta’s 80+ clients have innovated their benefits offering, giving their members access to more affordable prescription options, guided support to understand their medication choices, and helping lower out-of-pocket costs. Customers include self-insured health plans and employers ranging from 3,000 lives to the Fortune 500 across industries, from energy and transportation to technology and healthcare, professional service firms, etc. Clients average a lifetime of 4.2 times ROI.
The company also has go-to-market relationships with 5 of the top 7 U.S. benefits brokers, including Arthur J. Gallagher & Co., McGriff Insurance Services, LLC/Marsh McLennan, NFP, and WTW, as these thought-leaders in employee benefits have embraced the role of Rx Navigation in filling a key gap in the market.
KEY QUOTES:
“Scripta has pioneered the pharmacy navigation category, bringing unprecedented transparency to the market, empowering members to comparison-shop for Rx for the first time and enabling plan sponsors to contain their skyrocketing benefit costs–without disrupting the existing PBM infrastructure. CEO Eric Levin and team have made huge strides in filling a critical gap in the benefits offering of America’s largest employers while gaining the trust of the broker community.”
– Max Chee, Partner and Co-Head of Venture at Aquiline
“We are changing the way people shop for prescription drugs in America. That may sound like a bold statement, but in the last year alone we’ve generated 78,000 prescription switches that have resulted in $29 million in prescription savings. We’re creating an America where access, affordability and adherence to necessary medicines are no longer barriers to positive health outcomes. There is no greater proof point than the fact that 93 percent of the drug switches driven by our clinical recommendations stay switched even after 12 months.”
“In this environment, it is more important than ever to have an unbiased third party who can credibly provide transparency tools and pricing analysis in support of ERISA-based fiduciary duty responsibilities and ACA compliance regulations. We are a completely independent company with unmatched clinical strength, a flexible platform and trusted results. Employers really appreciate the fact that our only business is helping plan sponsors optimize their pharmacy benefits and our client data is only used to help our clients.”
- Eric Levin, CEO, Scripta Insights
