- Phil — an end-to-end technology platform for distributing and managing specialty prescription drugs — announced it raised $25 million in Series B
- This funding round was led by new investor GreatPoint Ventures.
Phil, a company that built an end-to-end technology platform for distributing and managing specialty prescription drugs, announced it has raised $25 million in Series B funding led by new investor GreatPoint Ventures.
Tarsadia Investments, Crosslink Capital and Uncork Capital also participated in this round. With this funding round, it will fuel company growth with a focus on hiring technical talent and expanding geographic footprint.
Currently, patients who take specialty medications for treating complex conditions such as rheumatoid arthritis and HIV along with their physicians, and pharmacies have to deal with antiquated communication models and manual workflows. Phil helps solve this problem by providing a modern-day alternative to specialty pharmaceutical distribution.
“Phil offers a systemic solution for a systemic problem,” said Phil founder and 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.”
Through its platform, the company connects patients, prescribers, pharmacies, and manufacturers in order to lower systemic cost, improve patient outcomes and allow prescribers and pharmacies to focus on patient care.
One of the biggest reasons why this important is because while specialty drugs make up a small fraction of dispensed drugs by volume, they account for nearly half of the cost associated with prescription drugs.
By bringing efficiencies to the complex workflow required for these class of drugs, Phil is working to solve the most impactful aspects of prescription drug costs. The Phil platform connects over 36,000 prescribers in all major states with their patients and independent pharmacies across the nation.
As a result, patients benefit from transparency and convenience and physicians enjoy workflow automation and an end-to-end view of the lifecycle of a prescription. Plus independent pharmacies will see significant efficiencies from workflow automation and insurers/plans see higher adherence rates and lower costs due to paperwork automation. Plus manufacturers see lower friction distribution models, higher fulfillment rates, and elimination of coupon abuse resulting in lowering overall costs to themselves and the system.
“The medical prescription industry and pharmaceutical supply chains are in desperate need of modernization,” explained 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.”
