Sempre Health Raises $15M in Series B Financing to Improve Medication Affordability
Program that reduces medication costs for patients with chronic disease also expands to serve patients nationwide
SAN FRANCISCO, June 15, 2021 /PRNewswire/ -- Sempre Health, the leading solution for behavior-based healthcare pricing, announced today the closing of $15M in Series B financing. The funding round was led by the Blue Venture Fund - a unique collaboration among Blue Cross Blue Shield (BCBS) companies, the Blue Cross Blue Shield Association, and Sandbox, to which thirty-five BCBS companies have committed over $890 million across four funds. UPMC Enterprises and existing investors Rethink Impact, LifeForce Capital and Industry Ventures also participated. This round of funding will be used to advance Sempre's two-sided network of payors and pharma manufacturers nationwide and further grow the number of chronic disease patients Sempre can help better afford and access their medications. Unlike traditional coupons and cash card programs, Sempre aligns multiple healthcare stakeholders to dynamically adjust a patient's out-of-pocket costs at the point of fill, based on individual adherence and benefit design.
"Sempre sits at a key intersection between payors, pharma, and patients," said Matt Downs, Managing Director of the Blue Venture Fund. "We are excited to partner with Sempre as they are uniquely positioned to tackle the challenge of patient drug affordability and adherence."
Data from one of Sempre's programs with a large pharmaceutical company suggest that this unique position really pays off. Patients opted in to the Sempre program at industry-leading enrollment rates, with over one in three invited patients choosing to enroll. Over a two year period, enrolled patients who were offered incentives to refill and pick up their diabetes medications on time, saved on average $300 per year on their out-of-pocket costs and filled on time at a rate of 94 percent. These savings and on-time fills directly support improved patient health and better outcomes for Sempre's partners.
"We are thrilled to work with this accomplished group of healthcare investors who understand our partners, our marketplace, and our commitment to help people afford and take their medications as prescribed," said Anurati Mathur, CEO of Sempre Health. "The significance and value of Sempre's distinctive approach has only grown given the current economic crisis we are facing due to the COVID-19 pandemic. We look forward to working together with Blue Venture Fund and UPMC Enterprises as we embark on our next phase of growth and continue to fundamentally change medication affordability and access in the United States."
About Sempre Health
Sempre Health works with leading health plans and pharmaceutical companies to reduce out-of-pocket costs for patients who refill their prescriptions on time. By combining technology, behavioral science, and dynamic pricing, Sempre Health aims to boost all of its members' medication adherence to exceed 80 percent of days covered -- the widely acknowledged gold standard. Doing so will dramatically improve the health of millions of people and save hundreds of billions of dollars in avoidable medical costs. For more information visit: www.semprehealth.com.
About the Blue Venture Fund
The Blue Venture Fund is a unique collaboration among Blue Cross Blue Shield Association, an association of Blue Cross Blue Shield companies, BCBS companies, and Sandbox to which thirty-five BCBS companies have committed over $890 million across four funds. The Blue Venture Fund invests in promising emerging companies of strategic relevance to BCBS companies and provides the portfolio with access to BCBS companies to deploy innovation at scale. Sandbox is an independent company that provides healthcare-related investment management exclusively for the Blue Venture Fund. For more information, visit www.blueventurefund.com.
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SOURCE Sempre Health
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