NowRx, an on-demand pharmacy solution of sorts, just closed a $7 million Series A round via the SeedInvest crowdfunding platform. The company had previously raised a $3 million seed round.
As the on-demand industry flourished and NowRx co-founder Cary Breese surrounded himself with people from the pharmacy industry, Breese said it became clear to him that there was “no reason why [an on-demand pharmacy] can’t work.”
Launched in 2016, NowRx is a full-fledged on-demand pharmacy solution. Though, it’s technically more of an on-demand prescription medication startup that functions using what it describes as a virtual pharmacy. Since its launch, NowRx has delivered more than 50,000 prescriptions from 1,900 doctors. With 8,500 customers, NowRx does about $5 million a year in annual revenue.
NowRx, which is licensed to fill prescriptions in California and certified via the SureScripts pharmacy management software, enables doctors to electronically fill prescriptions for on-demand delivery in the San Francisco Bay Area (not, however, in the city of SF). Patients can then either request free same-day or one-hour delivery for $5.
With the additional funding, NowRx plans to expand outside of California late next year or early 2020. In order to do that, it will need to open new warehouses and pharmacy facilities.
Breese said he went the crowdfunding route because the terms are better, he didn’t have to give up a board seat, and there were no onerous entrepreneurial adverse terms.
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No matter what kind of medication you take, you’re probably accustomed to taking prescription medicine and feeling a twinge of annoyance when you have only one or a few pills left. Or, perhaps you’ve been in an even worse scenario and discovered you took the last pill yesterday.
NowRx aims to help people avoid that situation by delivering prescriptions to your door in one hour. Your doctor sends in the documentation, and you’ll get billed for the proper amount to the card on file.
The app also shows your copay to prevent surprises and allows you to track the order status.
“We are pleased to have been selected as a finalist for this year’s TripleTree iAwards,” said Cary Breese, CEO, NowRx. “The awards program provides strong validation of this historic opportunity to reconceive the $400 billion pharmacy industry, an industry that hasn’t been modernized for decades and is at the very core of the U.S. healthcare system.”
NowRx will allow you to order prescriptions on Alexa 9:01 AM ET Sat, 14 Oct 2017 | 01:16NowRx wants to make standing in line at the pharmacy a thing of the past.
This month, its users will have the option to order prescription medications via a virtual home assistant, such as the Amazon Echo or Google Home. A robot then registers to the request and dispenses the medication within minutes, and a car will deliver it within hours.
The Silicon Valley start-up claims that this is the first voice application for medication ordering.