SAN FRANCISCO, May 15, 2019 /PRNewswire/ -- Phil Inc., an end-to-end technology platform for distributing and managing specialty prescription drugs, today announced the close of the company's Series B $25MM funding round led by new investor GreatPoint Ventures, with support from Tarsadia Investments, Crosslink Capital and Uncork Capital. The funding will fuel company growth, with a focus on hiring technical talent and expanding geographic footprint.
Specialty medications treat complex conditions such as rheumatoid arthritis and HIV. In today's world, patients who take specialty medications, their physicians and pharmacies are beleaguered by antiquated communication models and manual workflows. Costs continue to balloon, while the quality of outcomes continue to decline. Enter Phil, a San Francisco-based prescription management software platform, offering a holistic approach to addressing pain points foundational to today's pharmaceutical network. Phil is founded on the principle that, while consistent access to recurring medications is a major user-experience issue, it cannot be solved with just a quick fix to any one point within the system.
"Phil offers a systemic solution for a systemic problem," says founder & 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."
While specialty drugs make up a small fraction of dispensed drugs by volume, they account for almost half of the cost associated with prescription drugs. By bringing efficiencies to the complex workflow required for this class of drugs, Phil is working to solve the most impactful aspects of prescription drug costs.
"The medical prescription industry and pharmaceutical supply chains are in desperate need of modernization," said 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."
The growing Phil platform currently connects over 36,000 prescribers in all major states with their patients and independent pharmacies across the nation:
- Patients benefit from price transparency and convenience
- Physicians enjoy workflow automation and an end-to-end view of the lifecycle of a prescription
- Independent pharmacies appreciate significant efficiencies from workflow automation
- Insurers/plans see higher adherence rates and lower costs due to paperwork automation
- Manufacturers see a low-friction distribution model, higher fulfillment rates and elimination of coupon abuse resulting in lowering overall costs to themselves and the system
The company is the only health-tech platform that connects physicians, patients and independent pharmacies with the goal of lowering systemic cost and improving outcomes for patients.
About Phil, Inc.
Phil is the only end-to-end technology platform that provides a modern-day alternative to specialty pharmaceutical distribution. Through it's platform that connects patients, prescribers, pharmacies and manufacturers, they lower systemic cost, improve patient outcomes and allow prescribers and pharmacies to focus on patient care. For more information on Phil, visit https://phil.us/
About GreatPoint Ventures
GreatPoint Ventures invests in early-stage companies solving problems that transform industries. From enterprise software to healthcare to life sciences, GreatPoint invests where it can add a meaningful advantage through its operational experience, network, and passion for building companies. The firm was founded in 2015 and is led by former Oracle President, Ray Lane, serial entrepreneur, Andrew Perlman and former Juniper Networks EVP, Ashok Krishnamurthi. GreatPoint Ventures is based in San Francisco, CA.
SOURCE Phil Inc.