SEATTLE, Aug. 25, 2020 /PRNewswire/ -- Seattle-based Prescryptive Health, a digital health company focused on improving the prescription drug market, announced the close of a $26 million Series A financing round. The round was led by Morningside Ventures and was joined by existing investors SeaChange Fund and Pallasite Ventures. Morningside's co-founder Dr. Gerald Chan has joined the company's board.
Prescryptive launched the world's first prescription intelligence platform powered by blockchain to democratize the prescription drug market, providing market participants access to unbiased information, pricing and choice. With Prescryptive's platform, patients receive the necessary information they need when it matters most—at the point of care. For the first time, patients know what a prescribed treatment costs, how much their insurance will cover, their out-of-pocket expense, and what lower cost alternatives are available. Most importantly, this information is delivered in real-time to their mobile device while they are engaged with their healthcare provider.
Today, Americans pay 30% more for prescription drugs than those in the rest of the world, and over 450 million prescriptions are abandoned at pharmacies each year due to cost. These distortions are the direct result of a system that limits transparency and choice, contributing an additional $300 billion spent annually on avoidable medical expenses. By providing individuals with the unbiased information they need, when they need it, Prescryptive is empowering them to make more informed decisions with their healthcare providers and to access more affordable medications.
"Our mission is to empower consumers to take control of their health. We are proud to have found a partner in Morningside who shares our passion for improving healthcare," stated Chris Blackley, CEO of Prescryptive Health. "Dr. Chan's dedication to entrepreneurship and innovation in healthcare will be a powerful influence for Prescryptive as we deliver on our mission."
About Morningside Ventures
Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. Its portfolio emphasizes spin-outs from universities. In 2014, the founders of Morningside made a gift to Harvard University which renamed its public health school the Harvard T.H. Chan School of Public Health. To learn more, visit www.morningside.com.
Founded in 2017 by former Microsoft commercial cloud veterans Chris Blackley and Kevin Young, Prescryptive is putting an end to the U.S. drug debacle with the world's first prescription intelligence platform. By delivering a simple, mobile experience that integrates in real-time with their benefit plan and provider, Prescryptive is transforming the prescription drug market by empowering consumers, cutting costs, and inspiring better health. To learn more about how Prescryptive is rewriting the script, visit www.prescryptive.com.