McKesson Ventures led the funding round with existing investors to advance the company’s data and insights capabilities, which help manage rising prescription drug costs
NEW YORK–(BUSINESS WIRE)–September 6, 2017–
Truveris, a healthcare technology company that pioneered cloud-based data analytics solutions for the $450 billion prescription benefits industry, today announced that the company has secured $25 million in a new round of funding to accelerate its growth strategies. The Series D round was led by McKesson Ventures, and included Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures.
“Access to affordable prescription drugs is a critical need facing all Americans,” said Faisal Mushtaq, President and CEO of Truveris. “This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications. The continuing support from our existing investors underscores their confidence in our strategy, technology, and the team we are building at Truveris.”
“Truveris’ data-driven platform enables employers to create a more symmetrical buying process for prescription drug coverage by demystifying pricing strategies in PBM contracts and driving more transparent competition,” said Tom Rodgers, SVP & Managing Director at McKesson Ventures. “It also helps Biopharma make smarter decisions about where and how it subsidizes patient assistance programs. The net effect of both is a win by improving access and affordability for payers including employers and consumers.”
Truveris Cloud-Based Technology Platform Spans the Entire Pharmaceutical Ecosystem
The Truveris technology platform aggregates data and insights from across the pharmacy ecosystem to deliver disruptive cost savings as well as patient access and affordability solutions for employers, unions, government entities, pharmaceutical manufactures, retail pharmacies and consumers. The company works with more than 350 customers including nearly 30 labor unions.
The Truveris TruBid® solution provides a level playing field where clients can understand and shop for pharmacy benefit manager (PBM) contracts so they can make smarter decisions about their members’ prescription drug coverage resulting in an average cost reduction of 11%. TruBid includes continuous bill review that analyzes every claim for accuracy of pricing and contract terms. The State of New Jersey recently used the Truveris platform to save $1.6 billion on its prescription drug benefits.
Truveris also supports more than 25 pharmaceutical brands with designing, executing and monitoring integrated patient access strategies that address ever-changing market dynamics. These solutions deliver unique programs that drive patient behavior, track performance and utilize real-time insights to improve prescription fill rates, drug adherence and patient outcomes.
The company also works with the nation’s largest retail pharmacies to improve savings opportunities for cash paying patients. Its consumer app, OneRx, allows both insured and uninsured users to instantly research drug and pharmacy prices to identify the drug offering and the best value to meet their medical needs.
About Truveris: Truveris brings transparency to the prescription drug ecosystem through data-driven innovations. Truveris’ platform offers customers – from the individual patient to employers, retailers, pharmacy benefits stakeholders, and manufacturers – the data and insights they need to effectively and efficiently manage rising costs and market access challenges. Visit www.truveris.com to learn more.
About McKesson Ventures: McKesson Ventures is a strategic venture firm backed by McKesson Corporation focusing on early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. health care landscape. McKesson Corporation, currently ranked 5th on the FORTUNE 500, is a health care services and information technology company dedicated to making the business of health care run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit www.mckessonventures.com to learn more.