SmithRx – a next-generation pharmacy benefits management (PBM) company – announced it closed a $60 million Series C financing round. This builds on the company’s $20 million Series B round raised in 2022. Led by Venrock, the latest funding positions SmithRx to continue reducing pharmacy benefits costs for small and midsize self-insured businesses.
SmithRx is continuing to deliver on its commitment to paradigm-shifting cost savings through innovative programs like Autoimmune Savings and Low-Cost Insulin and partnerships with Mark Cuban Cost Plus Drug Company and Amazon Pharmacy, along with others.
KEY QUOTES:
“Medications in the U.S. cost too much because the overall system is broken. At the core of this broken system are pharmacy benefit managers that drive up the costs. As a result, Americans can’t afford the drugs they need. The SmithRx model provides access to lifesaving and innovative drugs at low cost to patients. We use technology to simplify and create a viable path forward for plan sponsor clients, patients, brokers, and manufacturers.”
– Jake Frenz, founder and CEO of SmithRx
“Currently, the pharmacy sector ecosystem is riddled with, and frankly built on, misaligned incentives. As a result, costs are high and transparency is low. SmithRx’s radically aligned, and therefore unique, PBM platform ensures the best savings possible in the most transparent way for every employer, regardless of size.”
– Bryan Roberts, a partner at Venrock
