Healthcare-tech firm Truveris, known for their cloud computing and healthcare analytics services for the prescription benefits market has recently secured funding for future operations and expansion. The firm primarily operates for the prescription benefits industry, estimated at about $450 billion in total value.
Truveris’ secured funding round, dubbed the Series D Funding, is valued at $25 million. The funding initiative was spearheaded by McKesson Ventures, a San Francisco-based strategic venture capital fund aimed at providing funding to companies and businesses associated with the healthcare industry. McKesson lead the plan and funding totals, with additional funding from the other investors in the funding round making up the rest of the $25 million. These other investors include Canaan Partners from Westport , New Leaf Venture Partners &, Tribeca Venture Partners from New York, and New Atlantic Ventures from Virginia.
Truveris CEO, Faisal Mushtaq released a statement, saying that the strategic investment in the Series D Funding would allow the company to further grow and expand their services, letting them provide more organization, as well as consumers, with reduced costs and improved access to the prescription medications they need.
Tom Rodgers, the Senior Vice President and Managing Director at McKesson Ventures stated why the company took interest in Truveris, saying that the firms’service dealt heavily with the prescription drug aspect of healthcare. Truveris’ data-driven platform enables employers more agency and choice, as well as a more consistent cost pattern when dealing with prescription drug coverage, by giving them access to the prices of a wide range of products, driving transparent competition in the market. He adds that it also lets biopharmaceuticals make smarter, more informed decisions regarding the subsidizing of patient assistance and any relevant programmes.
He says that the biggest advantage provided by the cloud computing and healthcare firm is that it allows greater access and affordability to prescription pharmaceuticals for both employers and consumers alike.
Truveris cooperates with healthcare employers, labour unions, local and national government across the US, as well as pharmaceutical manufacturers, consumers and retail pharmacies in order to operate. The firm currently counts 350 customer organizations across the country, with 30 of which being labour unions.