Southern Scripts Accelerates Expansion with Water Street Healthcare Partners
Pharmacy Benefit Manager Receives $100 Million Capital Commitment to Expand Unique Model Delivering Significant Savings to U.S. Employers
Jan 06, 2021, 07:01 ET
NATCHITOCHES, La., Jan. 6, 2021 /PRNewswire/ -- Southern Scripts announced today that it has received a capital commitment of $100 million from Water Street Healthcare Partners to expand its unique pharmacy benefit management (PBM) model that delivers significant savings to U.S. employers and maximizes members' access to medications.
To learn more about Southern Scripts' approach to helping employers manage their pharmacy benefit programs, visit https://www.southernscripts.net/what-we-offer.php.
Southern Scripts shared that Water Street, a strategic investor focused exclusively on health care, will:
- join Southern Scripts' existing investors, including founders LeAnn and Steven T. Boyd, to grow the company's transparent model and pass-through offering;
- invest its industry expertise and resources to expand Southern Scripts' suite of services, enhance its technology and extend its national footprint;
- ultimately support Southern Scripts with achieving its goal of delivering maximum savings and optimal health outcomes for U.S. employers and their members.
"Our partnership with Water Street is the next important step toward fulfilling our mission of being the leading disruptor of the PBM industry," said LeAnn C. Boyd, PharmD, founding partner and CEO, Southern Scripts. "Water Street deeply values our model centered around clear-cut pricing, no hidden costs, and disclosing and passing through 100 percent of drug rebates to our customers. Working together, we will enhance and expand our services to offer new and creative ways to lower employers' prescription costs and provide their members with best-in-class experiences."
Founded in 2011 by pharmacists dedicated to creating a truly different PBM model, Southern Scripts features a one-of-a-kind offering focused on customizable solutions that generate significant savings for its customers. A pioneer in pharmacy benefit innovations, Southern Scripts passes through 100 percent of drug pricing and rebates to its customers. It also offers a suite of services, including those focused on managing high-cost specialty medications and unique formulary strategies, which significantly reduce costs to both employers and their members without limiting access. The company is growing rapidly as more than 1,000 employers have enlisted its services to support their members.
"Southern Scripts plays a critical role in addressing rising prescription drug costs, one of the most severe health care pain points for U.S. employers. The company has an outstanding industry reputation for its commitment to providing customers with straightforward pharmacy benefit services that deliver results. We are honored that Southern Scripts' founders chose Water Street as their partner," said Ned Villers, partner, Water Street.
Dr. Boyd and the management team will continue to lead Southern Scripts. In addition to investing in the company, Water Street will provide strategic support through board positions. Steve Cosler, a Water Street operating partner and longtime executive in the specialty pharmacy and PBM industries, will join Southern Scripts' board and serve as lead director.
About Southern Scripts
Southern Scripts is a leading transparent pharmacy benefit manager. The company was founded in 2011 to simplify and streamline costs incurred by U.S. employers for pharmaceutical drug benefits. Southern Scripts offers a unique pass-through and transparent model that generates both meaningful savings and optimal health outcomes for its customers. The company serves more than 1,000 employers across the United States. For more information on Southern Scripts, visit www.southernscripts.net.
SOURCE Southern Scripts
