Alchemy, a provider of in-house pharmacy programs, has raised $31 million in seed financing, led by Andreessen Horowitz (a16z) Bio + Health, with participation from Magic Johnson, Sandberg Bernthal Venture Partners, and Banc of California. The funding will support Alchemy’s mission to provide physical, clinical, and digital infrastructure for clinics, focusing on serving HIV and Hepatitis C (HCV) patient populations.
Alchemy partners with Federally Qualified Health Centers (FQHCs) and STD and Ryan White clinics to develop pharmacy programs that enhance patient care, improve health outcomes, and optimize financial results for clinics. The platform’s first implementation in Oklahoma City tripled patient reach at Equality Health’s pharmacy.
Magic Johnson, an investor and supporter, shared that the company’s commitment to eliminating barriers to care for underserved communities resonated with him on a personal level. He emphasized the significance of addressing unmet needs in HIV care.
Alchemy’s founders have over 18 years of experience in building HIV access programs in Africa. Peter Park, founder and Co-CEO of Alchemy, noted that the biggest barrier to HIV medication access in the U.S. is the complexity of navigating the pharmacy system, an issue Alchemy is tackling by combining clinic and pharmacy services in one location.
With this new funding, Alchemy plans to expand its platform to 20 states within the next year and introduce a mobile clinic and digital platform to streamline operations. Julie Yoo, General Partner at a16z Bio + Health, highlighted the importance of technology-driven solutions to improve pharmacy access for vulnerable communities.
