By: Jessica Bartlett
ZappRx is planning to grow its specialty pharmaceutical management platform, thanks to a $25 million funding round announced today.
The funding round was led by Qiming US Healthcare Fund, a venture capital firm based in Seattle, and included participation from SR One, and GV (formerly known as Google Ventures). As part of the funding, Qiming US Managing Partner Mark McDade will join ZappRx’s board of directors.
Prior to the recent raise, the company raised $16 million.
Executives said that the investment would be used to accelerate the company’s growth by adding new providers to its platform, developing strategic partnerships, and broadening its IT platform.
“Now that the Series B has closed, our focus is on building out the commercial organization for ZappRx,” said said ZappRx Founder and CEO Zoë Barry. “This includes a national sales team, increased marketing support and additional product managers to help deepen our platform. In addition, our implementation and customer support team will scale to support all of our users.”
The company makes software that aims to simplify the management of the most expensive drugs, so-called specialty pharmaceuticals. That market has doubled to a $100 billion market in the last five years and is projected to reach $400 billion by 2020.
It's a multi-step, manual prescribing process for such drugs, filling out forms to enroll patients and notifying the drug companies and insurers. ZappRx uses a cloud-based platform to streamline the process, and says its platforms allow doctors to treat complex diseases in oncology, pulmonology, rheumatology, neurology and gastroenterology more easily.
A key component to the platform is the data analytics it provides for the pharmaceutical companies on which drugs are being prescribed to patients. “ZappRx’s platform provides insights into the prescription journey from prescriber through to patient as well as important information about when and why a drug was chosen at the time of prescribing,” Barry said.