SAN FRANCISCO--(BUSINESS WIRE)--SmithRx, a next-generation pharmacy benefits management (PBM) company, closed a $60M Series C financing round — building on the company’s $20M Series B round raised in 2022. Led by top Silicon Valley healthcare venture capital firm Venrock, the latest funding positions SmithRx to continue reducing costs of pharmacy benefits for small and midsize self-insured businesses.
“Medications in the U.S. cost too much because the overall system is broken,” said Jake Frenz, founder and CEO of SmithRx. “At the core of this broken system are pharmacy benefit managers that drive up the costs. As a result, Americans can’t afford the drugs they need. The SmithRx model provides access to lifesaving and innovative drugs at low cost to patients. We use technology to simplify and create a viable path forward for plan sponsor clients, patients, brokers, and manufacturers.”
SmithRx continues to deliver on its commitment to paradigm-shifting cost savings through innovative programs like Autoimmune Savings and Low-Cost Insulin and partnerships with Mark Cuban Cost Plus Drug Company and Amazon Pharmacy among others.
“Currently, the pharmacy sector ecosystem is riddled with, and frankly built on, misaligned incentives. As a result, costs are high and transparency is low. SmithRx’s radically aligned, and therefore unique, PBM platform ensures the best savings possible in the most transparent way for every employer, regardless of size,” said Bryan Roberts, a partner at Venrock.
SmithRx is working to reduce complexity and cost by building a new type of pharmacy benefits manager (PBM). Combining advanced technology, a member-centric approach, and innovative cost savings programs, we are making prescriptions more affordable and delivering valuable simplicity, transparency, and savings to main street businesses. SmithRx is at the forefront of reshaping pharmacy benefits for small employers across the United States. Visit SmithRx.com.
Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock partners with entrepreneurs to build some of the world’s most disruptive, successful companies. With a primary focus on technology and healthcare, portfolio companies have included 10X Genomics, Apple Computer, AveXis, Check Point Software, CloudFlare, Gilead Sciences, Idec Pharma, Illumina, Intel, Millennium Pharma and Nest. For more information, please visit Venrock’s website at www.venrock.com and follow the firm on X at @venrock.