PrescriberPoint, a digital marketplace where Healthcare Providers (“HCPs”) can find all of the resources and support they need in one place to get their patients on therapy, for any FDA or OTC-approved medication, announced its Series Seed investment today. Eli Lilly and Company, Pfizer Inc., Adobe Inc., and Mastercard Incorporated participated in the round.
PrescriberPoint is creating a digital ecosystem based on a “pull” (vs. “push”) model where HCPs can access all the support they need from life science, insurance and pharmacy companies industry-wide, on their terms, in one place. Providers have access to product information, coverage and affordability details, and support to help streamline their prescribing workflow and save their practice valuable time.
Dan Cornwell, CEO at PrescriberPoint, said: “We are on a mission to get patients on therapy more efficiently by connecting HCPs with the right resources at the right time. We believe an industry-wide, aggregation approach is what HCPs need to deal with the incredibly fragmented and frustrating challenge today of working with so many pharmaceutical, insurance, and pharmacy companies to navigate coverage details and affordability options for their patients.
“We see what we’re doing as similar to what other innovative companies did in equally fragmented industries such as travel, real estate, automotive and financial services where ‘one-stop’ became the basis of a better customer experience. We are excited to work with our investors to bring this ecosystem to life and solve the challenges HCPs and their patients face every day.”
The American Medical Association reported that medical practices spend an average of two business days a week per physician prescribing therapies that have coverage restrictions and affordability challenges associated with them. This enormous administrative burden typically falls on doctors and their staff and often also delays patient care.
“Lilly is committed to helping patients get access to medications,” said Diogo Rau, Chief Information and Digital Officer at Eli Lilly and Company. “PrescriberPoint strips frustrating barriers healthcare providers face getting patients on therapy. Whether it is getting drug information, forms and resources, support for insurance and affordability restrictions, or even initial doses, PrescriberPoint reimagines a simpler, faster approach.”
The COVID-19 pandemic fundamentally shifted the way HCPs get information and support from life sciences companies by limiting in-person access to healthcare facilities. However, given the pace that new, truly breakthrough therapies are coming onto the market, providers still want to hear about these new treatments. They consider prescribing support from pharmaceutical companies and other institutions, if delivered in the right way, as helpful as ever.
Ryan Steinberger, Senior Vice President of Digital Partners and Product Management at Pfizer, added: “Pfizer is committed to transforming the way we engage with healthcare providers – a bold initiative requires cooperation from the entire life sciences industry. Pfizer’s venture capital group is excited to fund PrescriberPoint’s platform, leveraging technology so that we can deliver breakthroughs for patients faster and with more precision.”
“Adobe’s mission is to change the world through digital experiences. We’re proud to partner with companies across every industry to transform their business digitally and deliver personalized, impactful experiences to their customers,” said Hannah Elsakr, Vice President, Corporate Development, Direct Investing and M&A Integration at Adobe. “We are excited to invest in PrescriberPoint to support its vision to digitally transform healthcare and the patient experience with a one-stop prescription marketplace for healthcare providers and pharmaceutical companies.” PrescriberPoint plans to offer HCPs a highly personalized experience, matching the right digital experience to meet their needs at the right time.
Leigh Amaro, Senior Vice President of Enterprise Partnerships at Mastercard, also noted an alignment of purpose: “At Mastercard, we work to empower an inclusive digital economy. We see a strategic opportunity to work with PrescriberPoint to partner on new cross-industry solutions as well as supporting HCPs – many of which are small businesses that play a crucial role in the communities where they operate – to be better prepared for the digital future.”
With the rising cost of living worldwide, patients are at a greater risk of struggling with prescription costs. Oftentimes the biggest challenge many HCPs and their patients face is not that affordability options don’t exist, but in understanding and taking advantage of them.
To learn more about PrescriberPoint, sign-up for our webinar here.
About PrescriberPoint
PrescriberPoint is a digital ecosystem where HCPs can find all the resources they need to prescribe, all in one place. HCPs can access support from life science, insurance, and pharmacy companies and streamline their workflows to help get patients the medication they need and save their practice valuable time. You can find out more at prescriberpoint.com.
Originally announced January 31st, 2023
