Truveris, a health technology company focused on lowering prescription costs for employers and their members, announced a $15 million Series E investment.
Existing investors Canaan Partners and New Leaf Venture Partners led the round.
what it can do
The company provides technology to help employers obtain lower drug pricing plans. Its software also allows sponsors to gain data-driven insights to reduce prescription costs, improve pharmacy benefit manager contract terms and increase medication access.
The funds will be used to support the company’s operational growth.
“There is now unprecedented attention on PBM practices and their impact on drug costs. For years, Truveris has been at the forefront of developing technologies to solve the most pressing challenges in PBM management and cost control. We, Directors of New Leaf Venture Partners “We are delighted to increase our investment in Truveris and expand our partnership to support the next chapter of the company’s growth,” general manager Vijay Lathi said in a statement. “
market Overview
The prescription benefits company raised $25 million in Series D funding in 2017.
Earlier this year, the company announced it would promote Garrett Fienberg serves as chief operating officer, Gregg DiPietro serves as chief commercial officer and Louise Shea serves as chief pharmacy officer.
Fienberg previously served as head of growth operations, DiPietro served as chief marketing officer, and Shea’s last role at the company was senior vice president of product strategy.
Other companies working to reduce prescription costs include Drug cost and telemedicine platform GoodRx, Waltz Health, Mark Cuban Cost Plus Drug Company, Amazon, and Transcarent (a healthcare platform for self-insured employers).
