SmithRx, a next-generation pharmacy benefits management (PBM) company, has successfully closed a $60 million Series C funding round, building on the $20 million raised in its Series B round in 2022. The latest financing, led by top Silicon Valley healthcare venture capital firm Venrock, positions SmithRx to further alleviate the costs of pharmacy benefits for small and midsize self-insured businesses.
Addressing the broken U.S. medication system, SmithRx aims to reduce costs associated with pharmacy benefits managers (PBMs) that contribute to the overall high costs of medications. The company’s model focuses on providing access to life-saving and innovative drugs at a lower cost to patients through the use of technology. SmithRx utilizes its platform to simplify processes, offering a viable solution for plan sponsor clients, patients, brokers, and manufacturers.
SmithRx continues its commitment to groundbreaking cost savings with programs like Autoimmune Savings and Low-Cost Insulin. The company has also established partnerships with Mark Cuban Cost Plus Drug Company and Amazon Pharmacy, among others.
Bryan Roberts, a partner at Venrock, highlighted SmithRx’s unique PBM platform, emphasizing its alignment with clients’ interests and commitment to transparency. The platform aims to ensure maximum savings for employers, irrespective of their size, in an ecosystem marked by misaligned incentives and high costs..
