The ongoing COVID-19 pandemic has brought change to every aspect of life. Most of the businesses are closed, employees are working remotely, and the economies worldwide have slowed significantly. While many sectors have slowed down, one industry that is busier than ever is the pharmaceutical sector.
As digital healthcare systems took center stage during the pandemic, numerous pharmaceutical companies worldwide have been raising funds to strengthen their digital infrastructure. A similar incident came into light when New York-based Medly Pharmacy has raised USD 100 million in a Series B round of funding. The funding round was co-led by Greycroft and Volition Capital.
According to sources, the fresh funding has enabled the company to penetrate the USD 500 billion U.S. drug prescription market. Currently, it is thriving on its existing user base of 15000 healthcare providers and 50000 patients. The company also raised an undisclosed amount in Series A round last year.
For the record, established in 2017, Medly Pharmacy serves the industry as a full-service pharmacy that validates and records insurance claims, coordinate prescription shipments, and assists patients to manage medication, side effects, and medicine refills.
The firm works in collaboration with five other five pharmacies across New York, New Jersey, Pennsylvania, Maryland, and Miami. It is now looking to expand its footprint across the United States.
According to sources familiar with the knowledge of the matter, Medly Pharmacy is not the only firm that has raised funding. In its competition, Truepill, with eyes set on expanding into telehealth has raised USD25 million in last week. Other competitors that have gathered more funds than Medly includes Medicin (works just like Whatsapp for remote medical care) and Tyto Care, offering a telehealth examination and diagnostic platform.
The behemoth Amazon is also on the list which recently acquired Pillpack, an online pharmacy in 2018.