![]() This article was initially published in April and has been updated to reflect additional funding for Medly, NowRx, and Truepill, and Capsule's expansion.Ĭapsule is a New York City-based pharmacy startup that offers free two-hour delivery. Read on to see how the startups are looking to shake up the way we get our prescription drugs and how they're faring amid the coronavirus pandemic. The core business has to be dispensing and delivering drugs. We focused on startups that own a pharmacy, owned a pharmacy, or place an emphasis on delivery. Truepill's July funding was shortly followed by an additional $75 million funding round in September.īusiness Insider took a look at some of the pharmacy startups aiming to make getting prescriptions more convenient. In July alone, Truepill said it raised an additional $25 million, Medly raised $100 million, and NowRx closed its $20 million round. In the past, numerous delivery-based startups have tried to crack the market only to close or shift strategies.Įven so, a number have managed to grow their footprints and raise additional capital amid the pandemic. Pharmacy chains like CVS and Walgreens, for instance, make hundreds of billions of dollars in revenue. To be sure, startups that stand to pick up momentum amid the pandemic still make up a relatively small piece of the US's massive prescription-drug market. Read more: Pharmacists at CVS and Walgreens describe nerve-racking interactions with potentially infected customers as locations are overrun during the coronavirus pandemic Startups like Capsule have expanded their prescription delivery services into new cities, while some like Truepill are taking on additional funding from investors. The massive market has attracted no shortage of startups looking to win customers with new approaches aiming to make it easier to dispense and deliver medications.ĭuring the early days of the coronavirus pandemic, new ways to get prescriptions took on additional importance, because consumers were looking for ways to stay home as much as possible. The US pharmacy market is a $335 billion business, according to federal data. For more stories like this, sign up here for our daily healthcare newsletter.Read on to see how eight pharmacy startups are looking to win a piece of the massive prescription-drug industry, and how they've fared amid the pandemic.Pharmacy startups in the meantime have been growing their footprints and raising new rounds of capital from investors.From big retail pharmacies like CVS Health and Walgreens to independent pharmacies, drugstores in the US have grappled with the rise of online startups looking to make it more convenient to pick up your pills.The $335 billion pharmacy business is ripe for disruption.Account icon An icon in the shape of a person's head and shoulders.
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